The Dubai government has introduced
“Retire in Dubai”
The Dubai government has introduced“Retire in Dubai”
The Government of United Arab Emirate (“UAE”), introduced Economic Substance Regulations (the “Regulations”) on 30 April 2019 vide Cabinet Resolution No. 31 of 2019 supported by Ministerial decision no. 215 of 2019 (the “Guidance”) and Frequently Asked Questions (“FAQs”). The Regulations and Guidance were followed by Cabinet Resolution No. 58 of 2019 designating Regulatory Authorities and Relevant Activity Guide (the “Guide”) providing additional guidance on the Relevant Activities(RA) and their associated Core Income Generating Activities (“CIGAs”). On 10 August 2020, Government of UAE has amended the Regulations and the Guidance vide Cabinet Resolution No. 57 of 2020 (“amended Regulations”) and Ministerial Decision 100 of 2020 (“amended Guidance”) respectively, effectively nullifying Resolution No. 31 of 2019, Ministerial decision no. 215 of 2019, Cabinet Resolution No. 58 of 2019 and amending the Guide and FAQs. Key amendments / changes have been discussed hereafter. Further, the amendments /changes shall apply retrospectively from 1 January 2019.
Apart from these, a valid UAE health insurance is also a must to avail the scheme. A retired expatriate and their spouse can apply for the visa and they will have to meet the minimum criteria not just the first time, but at the time of renewal as well. Dubai Tourism is collaborating with the General Directorate of Residency and Foreign Affairs to develop the program. According to Helal Saeed Al-Marri, Dubai Tourism’s director general, the initiative has been introduced to “further enhance Dubai’s position as an iconic global city and make it the world’s most preferred lifestyle destination. The retirement programme will contribute towards our tourism economy by facilitating frequent visits from families and friends of the retirees and increasing visitation from markets with a high retiree population,” he said. The initiative is expected to yield positive results for the economy of Dubai. Sectors that include real estate, retail, tourism, healthcare, hospitality, entertainment and finance are likely to benefit from the introduction of retirement visa in Dubai.
“5 year retirement visa is a novel approach initiated by the government of UAE that will permit expats to continue their stay in the emirate. They need not go back to their home country, which will be beneficial not just for the individual, but the economy as well. Many of the expats who work in Dubai, have spent a significant portion of their lives here and has got used to the high quality of life the city provides. Hence, an opportunity to stay back here will be welcomed whole-heartedly” Dubai has been taking numerous steps to improve the lives of expats residing in the emirate. The comfortable & luxurious lifestyle coupled with excellent infrastructure is one among the many factors that attracts residents and expats alike to this ‘safe haven’.