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What to Expect when Retiring to Dubai

By: Move Forward

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Retiring to Dubai has become an option for many since the city state has enjoyed a period of prosperity making it among the most modern cities in the world. Tourists from all over the world have come to the Pearl of the Middle East, not only to do business but also enjoy the fruits of their labor in their later years.

Retiring to Dubai is best for those living off a pension as the state does not impose taxes on its citizens and residents. Since it earns so much from oil and gas, there are no income taxes, sales taxes, capital gains taxes or withholding taxes. Only banks and oil companies pay taxes on locally sourced income while importers pay 4% taxes with many goods exempt from taxes. This in itself provides a favorable haven for those retiring to Dubai.

The local populace and foreigners, such as expat retirees, are entitled to health care provided by the government funded system for free or at low cost. There are four government hospitals, a number of private hospitals and the prestigious Dubai Medical Center that supports this system of healthcare. Though private healthcare is expensive, the quality is very good as the medical professionals and practitioners in the country have been brought to the country attracted by high salaries and great facilities.

There are many issues as to the property market in Dubai owing to the current worldwide financial crisis. This has made the country a buyer’s haven especially for those opting on retiring to Dubai. The crisis also has affected one major industry in the city and that is shopping in Dubai. The lack of taxes and import duties has kept the prices low for many commercially available goods in the country. As many goods pass through the ports of the country, many more duty free goods have become available. The problem though is the lack of income as well as skyrocketing prices due to the credit crisis making for those with pensions has the income to live comfortably in the country.

The cost of living in the country has gone up since the onset of the worldwide financial crisis. This has made those retiring to Dubai experience a bit of a shock when it comes to personal finances. The prices of leasing an apartment has doubled but the foreign exchange rates have allowed many expats some measure of costs. Also, public transportation is quite impractical so you need to factor in maintaining a car in your overall costs of retiring to Dubai. As for food, there are limited choices since it is a strict Muslim country but there are reasonable prices available once you are able to find them when you start living in the city.

All in all, retiring to Dubai is quite a tall order to live up to and this was echoed in a post at the Expat Forum which said, “it is quite clear that Dubai is an expensive city so you should factor that in your choice of a retirement haven. Living accommodations are expensive. So is private education if you have children who are still studying. Entertainment is expensive. On the other hand, there are advantages such as the fact that there are no taxes. If you have the means, however, you will find Dubai extremely entertaining and exciting, with its beaches, beach clubs, bars, restaurants, gold clubs, modern malls and traditional souks.”

Article Source: http://depositarticles.com/

This article has been provided by Jose Marc Castro, the online editor at the Expat Forum.com- the primary online community for expats. The site also provides information and advice on matters such as Retiring to Australia.

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