Case Study: Retiring in the UAE

When considering any type of relocation, the more information you can gather the better. That is why we filmed a series of case studies with PCD Club as a helpful guide for those looking at the UAE as their next home. In this video, our Managing Director and co-owner Marie O’Neill sat down with PCD and Matt Duncan, Partner and Head of Private Wealth at Druces to discuss her top tips on those considering retiring in the UAE.

Example Scenario: A retired oil executive who has worked in the GCC and wants to retire in the UAE

Case Study Overview: Charles Smith, originally from the UK, is a 60-year-old oil industry executive who recently retired. His lengthy career included over 25 years working in the GCC. He is married to Sarah and has three adult children (30, 27 and 24) who currently live in the UK. Charles and Sarah will continue visiting the UK, but would like to make the UAE their permanent home.

Assests: Charles has three rental properties worth £900,000 and a pension plan in Guernsey worth £750,000. He also has an offshore investment bond wrapper worth £1 million in the Isle of Man.

Marie: We are seeing more and more clients who are interested in retiring to the UAE. The quality of lifestyle it offers is very appealing to those who want to make the most of retirement. Previously however there weren’t many options available to people over 50, even those who have worked in the UAE, or the region, for many years. Now the UAE has introduced a Retirement Visa which makes it much more straightforward. Here are some key things to bear in mind when considering this type of move:

• The retiree will need to meet one of the three criteria associated with Retirement Visa:
  • A regular monthly income of AED 15,000
  • AED 1 million investment in a property in the UAE
  • AED 1 million investment in a fixed deposit account in the UAE
• If you are making a single application, Charles would then be able to sponsor his wife and they would both have residency for five years before a renewal is required
• Another option is to apply for the Golden Visa, which would give Charles a ten year visa (and the same for his wife as his dependent)
• For the Golden Visa, he would need to have one of the following:
  • AED 2 million in a UAE property
  • AED 2 million in a UAE fixed deposit account for two years
• Although Charles and Sarah might be very familiar with the UAE, we can provide them with support from our relocation consultants to find a property that suits their needs and to take them through the different benefits of specific locations and communities
• Our team will also be able to help with all of the processes associated with the move including utility connections, opening bank accounts, getting driver’s licenses, pet relocation and any shipping and/or storage of possessions that might be needed
• Once we have all his documentation, the visa process can take between two and four weeks to complete

If you are interested in finding out more about retiring in the UAE or relocation services across the Middle East, please get in touch with our team today on info@eerme.com or +971 (0)4 421 1819.