Dr. Shams Tabrez Siddiqui is one of the 3 residents who bought homes in the city to secure their future (From Khaleej Times)
Some expats are investing in the UAE as the ‘ideal place for retirement’
The Dubai Government recently announced a new savings scheme for expats working in the public sector. This has made expatriates hopeful of the trickle-down effect on the private sector, inspiring many to choose the place for retirement.
However, a recent survey global consultancy Mercer, reveals that many expats in the UAE don’t do enough to ensure a steady post-retirement life.
Nevertheless, some residents are actively investing in their future. Khaleej Times spoke to three such expats on investing and retiring in Dubai.
Golden visa holder, Dr Shams Tabrez Siddiqui, Founder and Managing Director, Crossroads Group of Dental Clinics and his wife who is also a dentist, started thinking about investing in a residential property three years after setting up their practice in the UAE.
“I have been living in Dubai for the past 13 years. As expats who came to the UAE to work, we always had it clear that the place where we work would be the place that we will call home. Most people come to the UAE with the intention to stay for a short period and keep renewing their visa upon expiry. For us, our goal had always been to make the UAE our nest.”
He added: “We have two properties. One is a flat on Sheikh Zayed road which was bought with the intention of making a passive income, and the other is land in Al Furjan, which will have a villa. The construction for the villa has already started and we aim to live in this place soon.”
He reiterates that Dubai is a safe haven, making it one of the most preferred destinations for expats across the world to choose it as an investment option.
“I have observed that people from around the globe who can afford it, opt for an early retirement to come, and settle in the UAE. For us, Dubai is a great place to live, work and retire. The government policies, procedures are simple and transparent as against any other country in the world. In addition, the government has always been a step ahead in introducing initiatives which make investing a seamless process.”