Dubai being a retirement destination,helps boost real estate industry

factors of the Dubai retirement visa plan

Dubai is the business capital of the Middle East and thousands of foreigners visit the Emirate due to different reasons. The real estate industry was booming before the COVID-19 pandemic, but the virus outbreak has led to a fall in demand. As the industry is evolving, it is expected that more foreigners will again aim to get a home in Dubai for spending a relaxed time!

Dubai has some of the best plans & programs for retiring professionals coming from different corners of the world. The ‘Retirement in Dubai’ program is the first of its kind partnership between the Dubai Tourism department & the General Administration of Residency. This initiative is available for Dubai’s sizeable expat population. Dubai Retirement Visa will ensure that you can think of settling in Dubai for peaceful retirement life.

Dubai’s 5-year retirement visa is meant for expats older than 55 and is introduced by the Government to boost the emirate’s property market & the overall economy. The law is meant to provide relief to the expats living here in the UAE as it gives a sense of security to those nearing the retirement age. Come to Dubai and start your business to shape your future in the right way!

Here is a look at some of the factors of the Dubai retirement visa plan before applying to the new scheme –

1. The retirement program is currently offered in Dubai and it is not limited to ex-pats who are already residents of the place.
2. Also, applicants above the age of 55 years who retired in other countries can apply to the ‘Retirement in Dubai’ plan. Enter UAE on a visit visa and then provide evidence of meeting the required financial condition. Contact the concerned authority for details in the requirement process.
3. The retirees can also apply for a residence visa if a property is purchased using a loan. Also, submit the approval from Dubai’s land department or NOC from the banks.
4. Also, the retirees who own commercial or residential property in Dubai can apply for the scheme with an investment of AED 2M and more.
5. Applicants should have the knowledge that residents are not allowed to open a company based on a retirement visa in Dubai. Are you planning to take a loan from the bank? It will depend on the bank’s decision and also the relevant authorities.

As the property prices are going down heavily in Dubai, such kinds of plans will surely promote investment. The property developers in Dubai are offering flexible plans, coupled with low prices to live in the country. The trend suggests that over the last few years, people over the age of 50 are buying properties in Dubai & it has declined by about 40 percent.

Dubai’s retirement visa plan is meant to entertain all the ex-pats in the emirate and also foreigners looking for settlement in the region. Reach out to real estate experts in Dubai and get all the relevant news related to settlement in Dubai after retirement.