Dubai Lures Wealthy Retirees

Dubai Lures Wealthy Retirees

Dubai has launched a new program to attract foreign adults nearing retirement amid an exodus of expatriates in the Middle East due to economic turmoils.

The new «Global Retirement Program» will make foreigners over the age of 55 eligible for a five-year renewable visa if they meet certain requirements, according to a statement from the Dubai Media Office.

The requirements include a monthly income of 20,000 dirhams ($5,445), savings of around $272,260 and a property in Dubai worth $544,520.

The initial phase of the program will focus on United Arab Emirates (UAE) residents working in Dubai.

Stopping the Exodus

UAE’s economy contracted 0.3 percent in the first quarter and the second quarter is widely believed to be worse, driving an exodus of foreigners which make up about 90 percent of Dubai’s population.

Previously tied to employment, the loosened obtainment of residency status aims to hopefully reduce flight of people and capital.

[The Global Retirement Program] will contribute toward our tourism economy by facilitating frequent visits from families and friends of the retirees and increasing visitation from markets with a high retiree population,» said Mohammed Ahmed Al Marri, director-general of the General Directorate of Residency and Foreigners Affairs in Dubai, in the statement.