The upcoming revamp of the UAE visa regime, which is due to take effect in September this year, would undoubtedly benefit the country’s real estate market and result in a major surge in property purchasers.
The government of Dubai has launched a global retirement plan, “Retire in Dubai” where the government issues a 5-year retirement visa for the expats aged 55 and above. The visa can be renewed every 5 years. The plan was introduced for the resident expatriates and foreigners to enjoy the lifestyle of the Emirate.
The initiative is a combined effort by the Department of Tourism and Commerce Marketing (Dubai Tourism) and General Directorate of Residency and Foreigners Affairs (GDRPA-Dubai). The retirement visa is made available to only those who fall into the eligibility criteria. The expats can choose from any three of the financial requirements for eligibility, which is to be met not only for the initial stage of issuance but also during the time of renewal.
°Earning a monthly income of AED20, 000
°Savings of AED 1 million
°Owning a property in Dubai worth AED 2 million.
The Director General, Dubai Tourism, Helal Saeed Almarri, said that “The ‘Retire in Dubai’ programme focuses on enhancing Dubai’s position as an iconic global city and make it the world’s most preferred lifestyle destination”. This initiative is an effort to reinforce the Emirate’s status as a global tourism and lifestyle hub and provide a unique lifestyle for the retirees.
Such programmes will contribute to the Emirate’s economy and increase its global value. The city’s lifestyle is their major offering to the expats, it also focuses on increasing their foreign investment options as well.
The government of Dubai has always come up with such unique benefits for the residents and visitors of the Emirate. They aim to provide a quality life for the expats, with the lifestyle and infrastructure of the city. Dubai tourism has also incorporated new ideas to make their living experience heavenly.