Thursday, October 1, 2020
International

Many expats to remain in Dubai due to rising UK house prices

Real estate experts expect many expats to remain in Dubai since high house prices in Britain could make it “difficult” for them to return home

Real estate experts expect many expats to remain in Dubai as they come close to the end of their careers since high house prices in Britain could make it “difficult” for them to return home.

The UAE cabinet approved a ground-breaking law to provide special residency-visa privileges for expats retirees over the age of 55 years for a period of five years, with the possibility of renewal, depending on specific conditions.

London-based head of international sales at property firm Savills, Hugo Thistlethwayte said this will be extremely helpful, particularly for British expats who are coming to the end of careers spent in the Middle East or Far East.

Hugo said that for those who have not retained a home in the UK, high house prices could make it “difficult” for them to return to their home base.

The international sales head added that many will look for an alternative that allows them to continue to enjoy the lifestyle they have enjoyed throughout their careers. Hugo said that Dubai would be a good choice destination and they expect the visa extension to add to its appeal.

Irish-born Nikki, 45, said she has lived in Dubai for nine years and now ran a health and beauty firm. She sees the UAE as her home, and would like to remain after finishing work.

The UAE remains a huge draw for thousands of residents due to its combination of great weather, tax incentives, and lifestyle choices.

The system includes a five-year renewable visa for pensioners over the age of 55. In order to apply, the retiree must own a real estate investment worth Dhs2 million ($544,510), have financial savings of more than Dhs1 million ($272,255) or proof of income of more than Dhs20, 000 ($5,445) a month, according to state-run WAM news agency.

Under UAE law, all expats must also hold a valid health insurance policy. Should an individual choose to call the emirates home following retirement, no national benefits are provided by the government.

Applications for the visa scheme are set to start next year.

Important:
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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