16% plan to migrate; 11% ‘don’t know’
DUBAI 19 October 2017: New research has found that 9% of expats plan to remain in the UAE when they retire.
This contradicts the belief that all expats leave the UAE once they hit retirement. There are strict rules in place for expats regarding their ability to retire in the region, with some property and business owners perhaps looking to receive residency status.
Some 16% of expats plan to retire somewhere other than their home country or the UAE, with 11% not sure yet where they will retire.
But the majority – 64 per cent of expats working in the UAE – plan to return to their home country when they retire, said the research from Old Mutual International and Quilter Cheviot.
A breakdown of the data shows that 75% of North American expats plan to return back to America when they retire, 62% of European (excluding UK) expats plan to return to Europe when they retire, and 52% of UK expats plan to return to the UK when they retire.
This highlights the need for expats to choose savings and investment solutions which are suitable and portable back to their home country, said Paul Evans, Head of Region, Middle East & Africa, Old Mutual International.
For example, with so many UK expats stating their intention to return to the UK, there is a very clear need for a portable investment solution to enable them to take their savings home in a tax efficient way.