With Dubai’s year-round sunshine, consistently high safety rankings, and an incredible mix of diverse cultures, it’s no wonder why people choose it as their ultimate retirement destination. With the introduction of the new Retirement Visa, it is now easier than ever to plan your retirement and succession, and we’re here to walk you through it.
According to the UAE’s new Retirement Visa rules, to qualify for a 5-year residency visa with the possibility of renewal, you must fulfil the following requirements.
- You must be at least 55 years old
- You must have valid UAE health insurance*
- You must fulfill one of the following financial criteria:
- Option 1: AED 20,000 Monthly Income OR
- Option 2: AED 1 million savings OR
- Option 3: AED 2 million property OR
- Option 4: A combination of Options 2 and 3 valued at least AED 2 million
Now that you’re aware of the criteria for the Retirement Visa, it’s time to think of what comes after: planning for your retirement and succession. A professionally-crafted succession plan is crucial for any business when it comes to seamlessly transferring operations, and benefits everyone involved while avoiding any legal complications.
An emerging trend in the region has seen families and closely-held businesses opt for trust structures or the formation of a foundation to ensure a seamless succession plan. You can learn more about the role of foundations in succession planning here.
The option of crafting a will is also available for expats, but it’s important to make sure that it is recognized by local authorities. According to the UAE’s Sharia Law, a will drafted by a non-Muslim is recognized by the local courts upon the death of the testator, only if the will is duly notarized by the Public Notary in UAE. The will shall be translated into Arabic and must provide all the details pertaining to the assets of the testator along with bank account details. The will must be registered before the Judicial Department of the relevant Emirate.
On the other hand, in light of new laws in the UAE, expatriates living in the UAE the option to choose the law that would be applied to their inheritance in order to ensure the stability of the financial interests of the foreign investors in the country. For an expatriate’s will involving their real estate property in the UAE, the UAE laws will be applied. It’s important to have the right paperwork in place to avoid a time consuming and costly process in the case of transferring real estate assets after death.
Expat non-Muslims can secure their assets with a will via the Dubai International Financial Centre (“DIFC”) Courts, which established their Will Service in 2015 and have registered over 6000 wills since. Moreover, retirees can enjoy a discount of 35-45% on will registration fees.
Feeling overwhelmed by the processes? Sit back and enjoy your retirement plans as we do the work for you. At Sanctuary, our experts have a comprehensive understanding of local laws and legalities to create a bespoke strategy for your future. Our team helps you pick out the perfect path to secure your assets and makes sure your retirement is worry-free. Get in touch today to get started on your tailor-made retirement plan.