Dubai has launched a retirement program for residents and foreigners over the age of 55, giving them the opportunity to enjoy the unique lifestyle of the emirate.
The launch of the retirement program was announced by the Dubai government under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The Department of Tourism and Commerce Marketing (Dubai Tourism) in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai) spearheaded the first retire scheme in the region.
Eligible applicants will be provided with a Retirement Visa which can be renewed in every five years. The retiree can choose one of among the three financial requirements to qualify in it and they are earning a monthly income of AED20,000 (approx. $5,500) or having savings of AED1 million (approx. $275,000) or the retiree can own a property in Dubai worth AED2 million (approx. $550,000).
Initially, the event will focus on UAE residents working in Dubai who have reached retirement age. The program offers an easy and difficult retirement option for long-term residents of the city who are familiar with the valuation of Dubai. Dubai’s proximity to the vast majority of its residents and homeland makes it a retirement destination for them.
“Dubai’s Retirement Readiness strategy will enable expatriates and international retirees to take advantage of the city’s open-door policy, tolerance, and outstanding quality of life and live in one of the world’s fastest-growing, culturally diverse cities.”
“With the continued support of our stakeholders and partners including GDRFA-Dubai, the retirement programme will contribute towards our tourism economy by facilitating frequent visits from families and friends of the retirees and increasing visitation from markets with a high retiree population. This will also have a wider effect of promoting Dubai as a retiree-friendly destination while highlighting the city’s unparalleled lifestyle and diverse destination offerings and experiences.”
The Retire in Dubai initiative is a part of a joint effort by GDRFA and Dubai Tourism to strengthen the Emirate’s priority tourism and lifestyle hub, to provide a unique lifestyle to retirees, and to enhance and enhance the country’s economic development and moreover global reputation as a business and investment hub.
Dubai has recently topped the Middle East and North Africa region. Dubai is the 11th most popular destination for enterprise capital investment by 2020 globally. Dubai Tourism, in partnership with its real estate partners Dubai Holding, Meras, Emaar and Emirates
NBD has put together a range of banking options to help retirees get an asset that suits their lifestyle and these opportunities are only available for the retirement visa holders.
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