Expats Can Now Retire In The UAE
On Sunday, the UAE Cabinet announced that expats over the age of 55 will be able to secure a five-year visa, provided that they certain requirements.
The meeting was chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai.
The proposal says that non-Emiratis over 55 can only retire in the country if they have an investment property worth at least Dh2 million, or financial savings of Dh1m, or an active monthly income of Dh20,000 or more.
The visa is only valid for five years, however, there is a “possibility” of renewal for those retirees who wish to stay longer and still meet the eligibility criteria.
In effect as of 2019, the law outlines requirements to qualify for the long-term visa such as having an investment in a property worth AED2 million, or financial savings of no less than AED1 million, or having an active income of no less than AED20,000 per month. #UAE— Dubai Media Office (@DXBMediaOffice) September 16, 2018
Paul Kelly, operations director of real estate consultancy Allsopp & Allsopp, is in favour of the decision.
"The UAE property market will benefit greatly as a result, with more expats investing in family homes," he says.
“Most expats have a money-making mindset when they move to the UAE with a short-term plan and goal before moving back to their home country. The Cabinet’s decision to enforce the long-term visa law now allows expats to look at the UAE with more longevity.”