5-year renewable visa plan for UAE retirees has property market primed for action
Dubai Tourism and the General Directorate for Residency and Foreigners Affairs announced on September 2nd a 5-year visa for residents and non-residents who qualify for retirement in the Emirate. All you need to know:
The majority of expatriates in Dubai are aged between 25 and 39 and account for about 90% of its population
Dubai ranked 1st in the MENA and 11th globally among the top 20 most popular destinations for venture capital investments
45% of UAE expat employees either have no plans for financial security post-retirement
Dubai Tourism and the General Directorate for Residency and Foreigners Affairs announced on September 2nd a 5-year visa for residents and non-residents who qualify for retirement in the Emirate.
This news is attracting global attention from investors who see this as creating a potential new cash-rich market for them in addition to having a solidifying position for the UAE as a maturing market.
This beacon for residents, businesses, and investment schemes is gaining traction locally, and one real estate has already taken notice.
But what are the details of the news and who qualifies?
Dubai retirement plan
Foreigners over the age of 55 will be eligible for a five-year renewable visa if they meet certain criteria and in its initial phase, the program will focus on residents who have worked in Dubai for more than 10 years.
In 2018, a similar plan, with fewer details, was enacted for Dubai residents only.
The majority of expatriates in Dubai are aged between 25 and 39 and account for about 90% of its population, but their residency is tied to employment, discouraging many from setting roots, and in turn investments, in the city, according to Bloomberg.
Eligible candidates should meet one of the following requirements: Either a monthly income of 20,000 Dirhams (approx. $5,445), savings of 1 million dirhams (approx. $275,000), or property ownership in Dubai worth 2 million dirhams (approx. $550,000).
They should also have a valid UAE health insurance. Retired expatriates and their spouses can apply for the five-year visa with the possibility of automatic renewal online, provided the retiree continues to meet the criteria.
The UAE already is attractive
With a local population of around 1 million, the UAE last year hosted more migrants than France or Canada, according to United Nations estimates.
The UN projects the country’s combined population will grow slightly over the coming decades, reaching 10.4 million by 2050 from just under 10 million this year.
Dubai was recently ranked 1st in the Middle East and North Africa region and 11th globally among the top 20 most popular destinations for venture capital investments for 2020, which validates the strengths of Dubai's investment environment and its success in creating new opportunities despite the challenges caused by the COVID-19 pandemic.
