A new law decree will allow you the option of retiring in the UAE but here’s what you should know
17 September 2018| Last updated on 23 December 2018
Residents in the UAE have become excited by an announcement made this week by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.
For those who have lived in the UAE for years on end but have always wished to stay in this beloved country for their retirement, only dreamed of such a thing.
But as of yesterday, all expats aged 55 years old and over who wish to settle down post-retirement in the United Arab Emirates can finally do so – given that they can secure a five-year retirement plan.
Most expats moving to the country have to obtain a visa of some sort, which guarantees their stay in the country for a period of time until it gets renewed – causing the UAE to be a home to over 200 nationalities with Emirati nationals only accounting for 20% of the whole population.
And now those non-Emirati nationals can finally make a permanent home in the country.
How can I be eligible to retire in the UAE?
With over eight million expats living, working and studying around the UAE – the ones approaching their retirement period can now settle down starting from 2019.
Regulations in the UAE state that individuals must retire between the age of 60 – 65 and with no valid working visa, most choose to go back home.
However, details of the decision have revealed the following:
- Expats must obtain a five-year retirement plan and will be accepted if they meet a series of requirements.
- Expats must either: have properties worth AED2 million, savings of AED1 million or an active income of more than AED20,000 per month.
- Expats must also have a valid health insurance policy – as they will not benefit from national retirements given by the UAE government.
What other plans are to be implemented in the UAE?
Another decision made by his HH Sheikh Mohammed bin Rashid is to reduce the electricity fees for factories based in the UAE. This decision was based to support the sustainable industrial sector and to preserve the environment.
Effective from the start of the third quarter of the year, this plan hopes to sustain the country’s growth and reduce any dependency on liquid fuel that is not environmentally friendly.