Last week His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai launched the five-year “Retirement in Dubai” programme, a first-of-its kind partnership between Dubai Tourism and the General Administration of Residency and Foreigners Affairs. Under this initiative retirees from around the world can apply for a retirement visa in Dubai. But the initiative is equally attractive for Dubai’s sizeable expat population. Elaine Jones, executive chairman of Asteco Property Management says the “Dubai-expat retiree” is now a growing section of the population.
From a real estate perspective, the Dubai Retirement Visa represents a significant opportunity for retirees worldwide to improve both their financial returns and quality of life, explains Roche. “Even the average London homeowner, for example, can move to Dubai or Abu Dhabi with enough to spare to buy an income-generating apartment. Investment property in the UAE earns higher gross yields than European countries – on an average, one-and-a-half times that of London. Without tax, net yields are even higher
For a five-year Dubai Retirement Visa, you will need to have a monthly income of Dh20,000, savings of Dh 1,000,000 or ownership of a property worth Dh2,000,000.
Source – Gulf News – Read the full article here