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Thu 3 Sep 2020 07:44 AM

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Dubai launches retirement programme for over-55s

Retirement visa available to resident expats and foreigners who meet one of three financial requirements

Dubai launches retirement programme for over-55s

Eligible applicants will be provided a retirement visa, renewable every five years.

Dubai has launched a retirement programme for resident expatriates and foreigners over the age of 55.

Retire in Dubai, the first of its kind in the region, is being spearheaded by Dubai Tourism in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai).

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 ($5,500); having savings of AED1 million ($275,000); or owning a property in Dubai worth AED2m ($550,000).

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.

Dubai Tourism, in collaboration with its real estate partners Dubai Holding, Meraas and Emaar, and Emirates NBD, has put together banking options that will enable retirees to own a property that fits their lifestyle. The options will be available only to holders of the Retirement Visa.

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