When Dubai announced the new retirement visa program on September 2, 2020, the news was analyzed in different ways by different media outlets based on different editorial agendas. But what the program means as a matter of fact for expat retirees themselves as potential property investors, remained largely overlooked. Particularly in terms of what the Dubai real estate market and the UAE economy collectively, have to offer them. Let's unpack what the new retirement program offers expat retirees based on facts. As a retiree who’s eligible for a retirement visa, if you invest in a property in Dubai you will be:
1. Injecting investment capital into one of 2020's top 25 trusted economies globally, as Kearney's latest Foreign Direct Investment Confidence Index reveals, which is a trend-setting and respected index worldwide. The UAE ranks 19th globally, better than, India for instance, which happens to have the second-largest group of investors in Dubai real estate. To an Indian retiree in Dubai, this means that reinjecting their savings into the Dubai market is going to provide them with the financial security that they need post-retirement, as opposed to sending investment capital back home for example.
2. Owning a property in a tax-free, investor-friendly global city and, the Number 1 most transparent real estate market in the Middle East & North Africa, as JLL’s authoritative Global Real Estate Transparency Index shows consistently. In other words, capital invested in Dubai will not only be generating healthy returns for you but will also be shielded from tax burdens in a tax haven.
3. Cementing the achievements of your life with a crown jewel on top, by owning a property in a world-class luxury market & a top tourism destination. This means that if you invest in a holiday home for instance, sustainable demand for your asset is a factor that you can, safely, take for granted long term.
4. Benefiting from dynamic & flexible, yet decisive & reliable governance. For example, the UAE government was praised by Time Magazine recently for having implemented one of the best global responses to the COVID-19 pandemic. The Dubai real estate market as a result, was able to manoeuver the shock of the pandemic relatively unscathed.
5. Spending serene retirement years in a safe city with a low level of crime. Dubai is the Number 1 happiest city in the Middle East and the 21st happiest globally, as the latest World Happiness Report reveals.
Obviously, investing in a foreign country and considering owning a property overseas and retiring abroad are all major decisions. It is safe to say that the implications are a major deciding factor. And when it comes to the implications of owning property and retiring in Dubai, multiple factors align to make the case for it as a strong rival that has what it takes to compete with countries like Spain, Malaysia, and Costa Rica, especially thanks to the quality of life it provides overall, in addition to the remarkable dynamism and flexibility of its government and laws.