Are you starting to wind down your working life or beginning to think about your life in its later stages? Just recently The UAE Cabinet approved a law to provide special residency-visa privileges for expat retirees over the age of fifty-five years for a period of five years, with the possibility of renewal, according to specific conditions.
What does this mean for you?
Before this law was approved, as soon as your working visa ended you had a maximum of 30 days to leave the UAE. Now you can stay an extra 5 years after your working visa is over, with a chance to renew.
What are the conditions?
Under UAE law all ex-pats must hold a valid health insurance policy as there are no national benefits provided by the government. This makes the utmost importance for residence’s to have a sustainable source of income to cover living expenses and unforeseen issues after leaving work to retire. These crucial criteria protect the UAE economy by ensuring only a positive impact on the local property market and stability.
As well as this, the Government has just dubbed their ‘Golden Card’ scheme where “exceptional” professionals are granted permanent residency. This will see around 6,800 including investors and exceptional doctors, engineers, scientists and artists benefit from the scheme under the first round of applications.
“We launched a new “Golden Card” system to grant permanent residency to investors and exceptional doctors, engineers, scientists and artists,” Sheikh Mohammed said.
This new system guarantees the continued success of the UAE’s booming economy, by incentivising critical career holders to remain working in and benefiting the Emirates and allows expats to look at Dubai as a home rather than a temporary plan.
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Most likely you have spent a good few years working and living in Dubai making friends or even starting a family, all while enjoying the tax-free landscape for workers and residents. Dubai is also set for great things listed below.
Did you know that if you have been living in the UAE for 5 plus years you can transfer your UK pension and draw down the whole sum of money without any UK income tax? - Speak to one of our advisors today so we can create a bespoke strategy for you.
Dubai is set to be among the top 10 countries by 2021 in food security this will be ensured under all circumstances by investing in technology-based food production and supply of food promoting international partnerships and enforcing regulations to enhance nutritional intake and reduce waste.
The UAE under Sheikh Mohammed launched Dubai Clean Energy Strategy. This plan aims to produce 75% of its energy requirements from clean sources by 2050, this plan also aims to make Dubai the global centre of clean energy and green economy.
Another great reason to retire in Dubai is its extremely diverse culture, the country is home to hundreds of different languages and cultures making it a melting pot of curiosity and learning, English is the most widely spoken language especially among the 8 million ex-pat strong community.
We all like to feel secure in our surroundings and Dubai is the safest country in the Middle East due to its strict laws 42% of the population of Dubai Central Prison are there for failing to pay debts.
Dubai plans to be the best country in the world for healthcare. In January 2016, Sheikh Mohammed launched Dubai Health Strategy 2021. This strategy aims to the highest quality medical care to all residents, something to consider when you finish working and aim to relax peacefully without the worry of illness.
Here at Ai Investment group we love living and working here and all the great people we get to meet every day and are so excited to see what the next 50 years bring to this once beautiful but empty landscape.
If you have any questions regarding a saving plan or if you need help with a pension or if you need any further help or have any questions we have a dedicated team on hand to deal with your requests.