88.5 % of Dubai’s population are expatriates, many of whom would love to spend their golden years in the city they spend many years working.
Unfortunately the UAE made it very difficult for people over the age of 60 to remain in the Emirates.
Experts said a growing number of expatriates are investing in businesses or establishing free zone companies as a loophole to allow them to continue living here after retirement.
To live in the UAE legally after retirement age, usually 60, foreigners must either setup a consultancy company, obtain sponsorship through a family member or dependant, or become a resident in the Continuing Care Retirement Community.
In the UAE companies are allowed to force their expat workers to retire at the age of 60 and after that they have 30 days to exit the country after their employment visa is cancelled.
So, many expatriates looking for an alternative to an employment visa, such as the investor visa which does not have any age limit and costs around 3,500Dirham.
If the expats over 60 wish to stay in the UAE or have a residency visa, the investor visa – or a company – is the best way.
A growing number of people were looking for this type of visa, especially those who wanted to avoid returning to home countries that are in turmoil.
This phenomenon is productive and positive for the continued growth of the country.
Expatriates who have been in the UAE for a long time consider it as their own home, with family and children willing to settle here, and they are ready to invest their life time savings there.