Saving Money & Retiring in Dubai
Retire in Dubai
If anyone says Dubai is a great place for saving money, don’t believe them. Unless you put in a lot of effort to save money, you won’t be successfully thrifty in Dubai. Dubai is a place for high maintenance people, offering everything under the sun at quite affordable prices.
You can earn a tax-free income and in most cases, the salaries are higher than what you would get in your native country. But, the expenses can be equally high, if you give into the many temptations. Shopping malls are laden with goods of all kinds and often, you can find designer goods for half the price you’ll usually pay.
Usually, when people find employment abroad, their first priority is to earn enough so they can save money for children’s higher education and save more money for their impending retirement. For those who come to Dubai in search of riches, the emirate offers immense earning potential. If you can manage to save at least 1/3rd of your monthly salary and don’t get into unnecessary debt through heavy credit card and loans utilisation, you can save quite a lot of money by the time you reach 60 years of age, which is the stipulated retirement age in the UAE. What you earn from working in Dubai for 10 years will be equal to what you would earn in 20 to 25 years in other countries.
While Spain and Cyprus are popular as retirement destinations, some people have chosen Dubai in the United Arab Emirates. If you already have saved enough money for a fulfilling retirement, you can opt to buy a small villa in Dubai. Since 2001, Dubai has been offering freehold property ownership to expatriates, which allows foreigners to settle down in Dubai in their own property. A residency visa is issued to the property owner, which can be renewed every five years. This facilitation is to provide retirees and others who buy Dubai property with an appealing option to live permanently in Dubai.
