On Thursday, September 3, 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, has launched a global retirement program, Retire in Dubai that offers resident expatriates and foreigners aged 55 and above the opportunity to enjoy the emirate’s distinctive lifestyle.
The first of its kind in the region, Retire in Dubai is spearheaded by the Department of Tourism and Commerce Marketing (Dubai Tourism) in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai), showcasing the Emirati city as the world’s preferred retirement destination.
Dubai Launches Global Retirement Program “Retire in Dubai” for Foreign Residents
To stay ahead of the competition, Dubai Tourism has worked with its partners to develop key propositions for retirees covering healthcare, real estate, insurance, and banking.
For the full details of the offerings, designed to help retirees enjoy a happy and fulfilling life, and all information necessary to start the application process, can be found on www.retireindubai.com.
Those eligible to join the program will be provided a Retirement Visa that is renewable every five years. The retiree must have any of the three financial requirements for eligibility:
- must be earning a monthly salary 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).
During its initial phase, the program will target UAE residents working in Dubai who have reached retirement age. The program offers residents who are familiar with Dubai’s value proposition an easy and hassle-free retirement scheme. Dubai’s close proximity to the native countries of a large majority of residents makes it a convenient retirement destination for them.
According to His Excellency Helal Saeed Almarri, Director General, Dubai Tourism, the Retire in Dubai program is based on the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to further enhance Dubai’s position as an iconic global city and make it the world’s most preferred lifestyle destination. 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.
For his part, His Excellency Major General Mohammed Ahmed Al Marri, Director-General of the General Directorate of Residency and Foreigners Affairs (GDRFA) in Dubai said that the retirement program highlights the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to boost Dubai’s position as a prominent destination on the global investment map.
In a recent study, Dubai 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, confirming its strength as a business hub and its investment environment.
ALSO READ: Cost of Living and Monthly Expenses in Dubai: An Honest and Practical Guide