Planning to retire in the UAE? Read our latest post on retirement options available in the UAE.
The United Arab Emirates has always been a standing haven for expats from across the globe. Those over 55 years old can now elect to #retire in the #UAE with a renewable five-year #retirement #visa.
The directive by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, had the equitable focus to make the UAE a popular and chosen retirement destination.
The retirement drive came as no surprise when it was first announced in 2018, there was a flourishing movement of residences who wished to call the UAE home. #Expats from around the world make up for more than 80 percent of the country's population, where in 2019, the UAE hosted more migrants than France or Canada, according to the United Nations World #migration report 2020.
The retirement visa is morphing the UAE’s economic landscape from a place where expats came to only work and eventually leave, to where they now have an opportunity to settle and make an indefinite life in the country.
To obtain a retirement visa, the candidate must be over 55 years old, must hold a UAE medical insurance and meet one of following four criteria’s, in #Dubai, UAE or the wider #emirates;
Earning a monthly income of AED 20,000
Have savings of AED 1 million held in a UAE bank
Own a property worth AED 2 million
Combined savings and property valued at AED 2 million
While it might be rather premature to see the full effects of the initiative, it is an exciting time to be living in the UAE. The retirement visa will bring optimism by bringing families together but also allows financial benefits and favourable circumstances for companies who meet the needs of this new market.
Interested in Company Formation in the UAE?
Synergy Gulf prides itself on providing impartial, efficient and exceptional service levels to ensure secure structures that match clients’ exact requirements are delivered quickly and efficiently. We specialise in the following service areas:
Company Formation in the GCC
Limited Liability Company (LLC)
Free Zone Entity
Representative Trade Office
Professional Service License
Labour Department Registration
Immigration Departure Procedures
Staff & Family Visas
Local Partnership Services
One of the most frequently incorporated commercial entities in the UAE is a Limited Liability Company (LLC). Under the law a limited liability company must have one or more local partners (shareholders) who must be a UAE national or a UAE company. The local partners are required to possess a minimum of 51% shareholding in the LLC.