10/23/2018

New UAE Residence Visa for Retiring Expats

Dubai has always been an excellent choice of investment for foreign residents who have long made a significant contribution to its economy and way of life. Exciting times are ahead as the UAE government plans to offer 5-year residency visa program to help open up a world of possibilities for expat population living in the country. The new retirement visa will give them the opportunity to earn a residence in any emirate and receive the same government benefits and incentives enjoyed by citizens of the UAE.

The new 5-year retirement visa will make it easier for them to stay on once their employment contracts come to an end. Over-55s from around the globe will also be offered a chance to move and invest in the UAE, under a scheme that promises five-year renewal visas to those that fulfil certain financial conditions. Other initiatives include visas for specialist workers and students, and investment in local education.

 

Who is entitled to the new 5-year retirement visa?

To qualify for the retirement visa, applicants must have, or invest in, at least one of the following:

• Dubai property worth Dh2,000,000 ($542,000)

• Savings worth at least Dh1,000,000 ($271,000)

• An active income of at least Dh20,000 ($5,417) per month.

As long as these requirements continue to be met, the visas will be automatically renewed.

 

What are the benefits?

This is great news for those workers who have made Dubai their home, many of whom feel a greater kinship with their adopted community than those they left behind, and would find the local way of life hard to give up.

Those looking to move and invest here are attracted to an effortless lifestyle with a wealth of leisure facilities, world-class shopping, golf courses and endless beaches. Year-round sunshine is also a huge factor, as are more practical concerns, such as unbeatable health care and the convenience of living close to an airport that connects thousands of cities around the world.

 

Where should investors be looking?

Dubai Properties has a range of premium properties for sale in several sought-after locations, and can advise prospective investors according to their individual needs and interests.

Prestigious destinations include JBR (Jumeirah Beach Residence), a 47-storey beachside tower with a breathtaking glass façade that allows every apartment views across to Palm Jumeirah, the Dubai Eye Ferris wheel and out to sea. From its 60-feet-high atrium to its infinity pool, the building has been designed with luxury and comfort in mind, and facilities include a state-of-the-art gym; shops, restaurants and cafés; and private beach access.

Real estate opportunities in the waterfront community of Jaddaf share the same attention to detail and elegance, and reflect the blend of traditional and modernity that marks the area, bordered by the emblematic Dubai Creek. Nearby attractions include the Ras al Khor wildlife sanctuary, home to more than 170 species of birds, and nature lovers will also appreciate the 210-metre-wide Dubai Wharf Green Wall, a calming vertical garden.

More green spaces are to be found around the destinations within DUBAILAND, with a range of options for keen golfers or equestrians. Dubai Properties has a portfolio of investment opportunities in this area, including the Mediterranean-inspired gated Serena community. Two-, three- and four-bedroom townhouses incorporate traditional Spanish and Portuguese design elements, and offer an array of recreational facilities.

To learn more about the various real estate investing options offered by Dubai Properties, or to speak to one of our experts about purchasing a retirement property, contact us today.

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