Dubai announces Retire in Dubai scheme
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 Dubai Government has launched Retire in Dubai, a global retirement program that offers resident expatriates and foreigners aged 55 and above the opportunity to enjoy the emirate’s distinctive lifestyle.
The first such scheme in the region, Dubai Tourism worked with its partners to develop key propositions for retirees covering healthcare, real estate, insurance and banking. Eligible applicants will be provided a Retirement Visa, renewable every five years. The retiree can choose between one of three financial requirements for eligibility: earning a monthly income of AED20,000 (approx. USD5,500); having savings of AED1 million (approx. USD275,000); or owning a property in Dubai worth AED2 million (approx.USD550,000).
In its initial phase, the programme will focus on UAE residents working in Dubai who have reached retirement age. The programme offers long-term residents of the city who are familiar with Dubai’s value proposition an easy and hassle-free retirement option. Dubai’s close proximity with the native countries of a large majority of residents makes it a convenient retirement destination for them.
Helal Saeed Almarri, Director General, Dubai Tourism, said: " 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 the wider effect of promoting Dubai as a retiree-friendly destination while highlighting the city’s unparalleled lifestyle and diverse destination offerings and experiences."
Dubai was recently ranked first 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 pandemic.