More expats are investing in businesses or establishing free zone companies in order to continue living in the UAE after retirement, said reports. To live in the UAE legally after retirement age, usually 60, foreigners must either setup a consultancy company, obtain sponsorship through a family member or dependant, or become a resident in the Continuing Care Retirement Community, according to a report by the Middle East branch of law firm Stephenson Harwood.
Companies can legally force expat workers to retire at the age of 60, after which they have 30 days to exit the country.
Now more foreigners are setting up firms to stay in the country into retirement age, according to a report in The National. "We see many expatriates looking for an alternative to an employment visa," Laxmy Nair, at Diamond Business Management Consultants in Dubai, told the UAE daily.
"Many people are coming to us as a company formation consultant and we provide them with solutions, such as an investor visa. Investor visas do not have any age limit so if they wish to stay here or have a residency visa then having an investor visa or company is the best way to stay.” A three-year investor visa costs about Dh3,500, in addition to any investment.
"I always suggest people come forward and set up a business of their own if they want to stay on in the UAE,” said Nair.
Source: Arabian Business