The UAE Cabinet has announced that upon retirement, expatriates over the age of 55 will be granted a five-year retirement visa if they meet a set of clauses which include either having properties worth at least AED 2 million, a minimum of AED 1 million in savings or an active income of more than AED 20,000 per month. The law is said to come into effect starting next year.This announcement paired with the earlier announced 10-year residency visa and 100% ownership of foreign companies, is expected to boost the real estate transactions.
Apart from encouraging retirees to buy properties in the UAE, the move will also promote younger professionals and investors from across the world to invest in the region and truly consider the country as their second home.
As the new law provides an opportunity for property owners to extend their stay with a five-year visa post-retirement, more retirees are expected to take advantage of this specific clause than all the others, because of the ROI, financial benefits and the peace of mind that comes with owning a piece of real estate in one of the most popular countries in the world.
Analysts say it is a refreshing initiative by the UAE government which will create more buyers for the property sector, resulting in an increase in sales and development endeavours.
Announcements like these prove how the government of the UAE is committed to build a country that stimulates growth with emphasis on the improvement of lives so that anyone can confidently call the UAE as ‘home’.