We’ve all given it a thought every now and then of what it would mean to start fresh. Did you? Well, we bet you did, and there is nothing wrong with this. The past few years have been anything but ordinary, and we believe that it’s safe to say that they have been pretty eye-opening and mind-blowing. The pandemic has people shifting focus now that we’re getting close to its end. We are trying our best to leave the fear and terror behind. We want to get back to what we used to call a normal life – or at least as close as possible to what we used to call normality.
It’s only fair that a lot of people these days are thinking about relocating and starting over again, especially in a much safer and sunnier place. Following more than two years of gloomy nightmares that managed to change reality and freedom as we used to know them, relocating and starting over seems the best way to turn the page. Check out the most critical issues that this life transition involves.
The best reasons to move to a new location
Especially after retirement, people are giving much thought to relocating. There’s even a survey from the TransAmerica Center for Retirement Studies that found the fact that almost 40% of retirees have reported moving following their retirement. Usually, people are motivated by more reasons before taking such an important decision in one’s life. There are various benefits and advantages, both emotional and financial/material, before someone makes such a decision. Check out the best reasons to move and start a new life.
Starting fresh and enjoying a brand new adventure in your life
It’s important to note the fact that retirees are often moving someplace new in order to lower their costs of living. But this is not the only reason for which they are taking such am an important step in life. Moving, especially after retirement, also means that people have a chance to start the next phase of their lives in a brand new home. Leaving behind the comfortable and familiar surroundings might seem like the scariest thing out there. If you are truly open to an adventure in a new location, the fact that you will meet new people and see new things will make up for all that you are leaving behind. Sometimes it’s good to enjoy a fresh start.
When you move and change location, you probably took this decision because you might have more spare time on your hands, and this can be used to devote to your interests. You might also find places that are better suited to those interests.
Before you move, it’s pretty useful to think about the kind of place in which you would want to spend the rest of your life or at least a part of it. There are more official resources that can help as you identify potential homes that feature the amenities which are important. These are transportation, access to health services, affordability, and more.
Lowering the costs of living
One of the best reasons that people say they take into consideration before changing locations is the cost of living. Obviously, you would want to move somewhere less expensive compared to the previous location. The whole idea behind this is to reduce expenses and enjoy your retirement income more. But it’s imperative to note that moving somewhere else can help people maintain the same quality of life but with less money. Once you understand this, you are good to go.
Main factors to consider before relocating
But, before you move, there are a few things worth taking into consideration. Check out the three factors that you definitely have to consider before relocating.
Choose the location where you want to live
Choosing the location where you want to live following your retirement is a big deal; thus, it’s definitely a big decision. This may turn out to be the place where you will live for the rest of your life, so you definitely have to put all your efforts into it. It’s definitely worth taking the time to know where you will be the happiest. Most retirees are moving to warmer locations (such as the ones in UAE) where they can enjoy lower to zero taxes.
Climate, surroundings, amenities, medical care
You should definitely move to a location that has your favorite climate. You have to decide whether you want to live an endless summer or you rather live somewhere where you can experience all the four seasons. You should also take into consideration the ways in which the weather affects your ability to have fun. Maybe you’ll want to lounge all day on sunny beaches, or you might want to hike through snowy mountains. It’s all up to you, but these are factors worth considering. Medical care is another essential factor that you have to think of when you decide to move abroad. It’s important to analyze medical care access, quality, and healthcare costs.
Let’s take UAE, for instance, because it’s one of the most loved locations that people choose. When you say UAE, you say freedom. The advantages that the location offers people make it one of the best choices for retirement. Here, the rent and living expenses are not what you expect – you can live here hassle-free and maintain your wealth without spending more than you can afford. The healthcare system is also one of the most advanced in the world. The country flaunts state-of-the-art healthcare facilities, and some of them are the best in the region. It’s highly important to note that residents, including expats, can access state health services at a 50% reduced rate if they purchase a health card. These are aspects that people should highly consider before making their final decision.
Considering moving costs and financial benefits
Before you move, you should also consider the costs that such a decision involves. You have to make sure that you definitely understand the ways in which relocation will be affecting your income. You definitely have to think about things from a financial perspective as well. We strongly advise you to choose a location that is crypto-friendly. Why? Well, because, as we already revealed in previous articles, crypto means the future of finance, and it’s important to live in a location that understands this. We were referring to the UAE above – the nation is also keen on crypto, and this is essential.
UAE understands the benefits of allowing the use of crypto in 2022. Digital assets are the safest option that people have regarding purchasing goods and making payments. Using crypto in order to buy a property in the UAE, especially for international buyers, turns out to be really cost-effective. It’s good to note the fact that using crypto costs less on international transfers and payments compared to the traditional ones. Banks are charging massive fees, but using crypto brings hassle-free aspects involving extra charges. With crypto, you can make instant transactions and low prices.
Purchasing real estate properties in the UAE using crypto is an amazing choice thanks to its cost-effectiveness but also saving extra energy and time that the process usually requires. Acquiring possessions and settlements of the properties is a tough process otherwise.
Prepare for the second citizenship or residence
This is probably the most important step when you decide to move abroad. It’s a step that cannot be eliminated, and this is the reason for which we are dedicating it a big chunk of our article.
How to prepare for your second citizenship or residence – best tips
We bet that your main goal is to go somewhere where you are treated best. This is what the ideal immigration scheme is all about in the end when someone decides to get a second residence or second citizenship.
While applying for a second residence or second citizenship can turn out to be a hassle, there are some things worth considering before making this decision for the best results.
Anyway, before you get on with it, you first have to understand the difference between a Visa, a second residence, and second citizenship.
Visa vs. second residence vs. second citizenship
In order to perfectly understand the difference between a Visa, a second residency, and citizenship, it’s highly important to perceive the Visa as the key that allows you to legally unlock the bordering doors that are sealing a country and walk in there. It’s also important to note that a Visa’s validity varies, and this depends on the country or the territory that you will arrive in. For instance, for some Visas, there are 30-day, 60-day, and even 90-day visas – while other countries might give off a more generous 180-day visa.
Regarding the citizenship/residency issue, it’s important to highlight the differences between second citizenship and second residency. They have similar advantages:
- You will have the ability to travel without a visa.
- You will be able to live in the country without any schedule restrictions.
- You will receive the privilege of opening bank accounts as a local.
- You will be able to work and do business in that particular country.
- You can add in any dependents under certain conditions.
It’s also important to note the fact that if you only opt to become a second residence holder, you may not be able to enjoy the right to vote. More than that, you probably will not be able to enjoy proper national insurance where you choose to live.
Having a second residence or citizenship can turn out very beneficial, especially if you want to have a backup just in case things go wrong in your birth country. Take the Russia/Ukraine case, for example.
We’re seeing massive geopolitical tensions stemming from the war between the two countries. It’s no wonder that people are leaving these countries as soon as possible.
Ukrainians are fleeing for the safety of their lives, and the Russian people are going away due to the harsh actions of their president.
Following the sanctions that Russia has been seeing, the Russian people are being punished. In case you don’t know, the largest credit cards networks, Mastercard and Visa, and PayPal, which is the internet payments giant, have recently said that they suspended services in Russia. This means that the credit cards issued by the Russian banks will not be working outside the country anymore. Such a terrible event is an example of the importance of being able to spend your wealth safely.
Best five tips and tricks to get ready for relocating
- Changing the traditional mindset
When you change your location, you might end up in a country where you would be treated differently due to their culture and different ways. You have to be ready for such a thing and change your mindset in order to be able to mold your expectations according to the location where you are. Let’s say that you’re moving to the UAE thanks to the great benefits that come from relocating here.
If you are applying for a second residence or citizenship in another country, you have to be ready for all the challenges that come with this new adventure in your life – you definitely have to change your mindset.
The UAE currently has one of the strongest economies in the Middle east. An amazing aspect of living here is that all income is tax-free. In other words, residents see huge financial freedom here. And if you take this benefit, combined with extraordinary economic stability, all these make UAE a great place to retire to. Here, you will find pretty much every fun activity that you can think of and all the glitz and glam that you could ever desire. Considering that the majority of people living here are foreign-born expats, Dubai and UAE, in general, is a multicultural location that welcomes people of all nationalities.
2. Getting ready for the fees
If you are applying for a second citizenship or residence, you should also be aware of the fact that you might have to get out of your pocket a lot of money for all kinds of fees. There will be all kinds of administrative costs involved in this whole move. These sums will vary depending on the country of your choice.
You will have to deal with lawyer fees, application fees, and more expenses that may occur. These can include medical bills for biometrics or for getting a new driver’s license there.
3. Molding your mind like the ones of bureaucrats
When you decide to apply for a second citizenship or residency, in order to ease this process, it could turn out helpful if you view things from the other side of the looking glass. This is what more experts are saying. You should get used to thinking like a bureaucrat at the table who will process all the necessary paperwork, check all data, and pass on the baton to the very next stage.
4. Saving money
Saving money is extremely important at all times. This will turn out useful, especially if you want to move. You can save money in your bank or set some alternative wealth aside, such as cryptocurrencies. These are vital these days as we have already explained.
The industry of digital assets has been growing in popularity. Probably the most important and relevant thing about this is that it’s been mostly happening in times of crisis for humanity. Just think about it. Since 2020, when the pandemic struck the planet, cryptos have been showing their resilience.
Digital assets have been flourishing despite market volatility and geopolitical tensions. Bitcoin has definitely gained its status as a hedge against inflation, and it managed to become a safe haven for a lot of people. Crypto, in general, has been showing strong signs that it’s maturing, and the continuous mass adoption of digital assets and their underlying tech that we are seeing today is the best argument that supports this. Crypto and blockchain represent the future, and you should definitely pick a country that prefers to ride the wave of innovation rather than hide from it.
It’s also important to note the fact that you have to have a fat bank account in order to show the authorities that you can sustain yourself in their country and that you will not turn out to be a financial burden for them.
5. Updating official documents
Before you leave for another country, you have to make sure that you have your medical and criminal records updated. You have to make sure that all your paperwork is updated and verified as well.
The government in the country of your choice will want to make sure that you at healthy and that you will not be spreading any kind of sickness wherever you are going. Thus this is pretty understandable, thinking about the last couple of years and what we’ve been through with the novel coronavirus pandemic.
These are all things that have to be taken into consideration in order for you to be well prepared for moving to another country.
Why you should consider retiring in Dubai
The last section of our article refers to Dubai and the UAE in general and the reasons for which we advocate for relocating there.
Living in Dubai can become anyone’s dream come true. You can make such a location your dream forever home, and with the help of professionals and experts, this is possible these days.
According to official reports, it’s been revealed that the UAE government has launched a new initiative that allows foreigners over the age of 55 to settle within the country.
The same notes reveal that residents under this Visa will have to obtain their own health insurance policy. It is also important to note that they will have to meet at least one of the following financial criteria:
“Earn a minimum monthly income of AED 15,000
Hold a minimum of AED 1 million in cash savings in a UAE bank account in a three-year fixed deposit
Own a property worth at least AED 1 million within the UAE.”
As a conclusion, “this new visa will allow retirees to live in the country for five years, which will automatically be extended.”
Overall benefits of living in Dubai
There are all kinds of social, financial, and spiritual benefits of living in Dubai. You’ll be enjoying your highest spirits all year long thanks to the weather there and the overall upbeat energy that you can find in UAE.
You will be able to spend every day soaking up in the sun and relaxing under the sun’s golden rays.
The strong economy that Dubai has will turn out to be your new best friend. All income here is tax-free, and this means that residents have greater financial freedom while they live here. This is mixed with economic stability, and all this makes Dubai the best choice for you.
As we mentioned above, the fact that Dubai and UAE, in general, is a crypto-friendly location is fundamental in 2022 when it’s vital to be in control of your own wealth.
The lifestyle in Dubai is fantastic as well, and if you decide to retire here, you will never get bored. Also, the multiculturality will impress you for sure. Dubai is a genuinely multi-cultural melting point.
It’s also important to note the fact that Dubai is one of the safest countries in the world, and the crime rate here is shallow. The streets in Dubai are safe, and people are able to walk around even at night without any worries.
The ease of getting a Visa for Dubai
Obtaining a Visa for moving to Dubai is not as difficult as it may seem in 2022. There are specialized companies such as Crypto Expat, which are eager to help their clients move there and, who knows, maybe even start a business and enjoy all the benefits of developing it in the UAE.
The UAE has to offer enormous and growing business stability, huge markets, steady growth, a tax-free regime, and all kinds of investor-friendly processes. It’s great to know that all kinds of innovative business models can be created in the UAE. As we already explained, the fact that the location is crypto-friendly is vital, and this is the safest option that people have here for making payments and doing business.
Spending your wealth and purchasing properties in Dubai
More and more people choose to spend their wealth in Dubai, and a lot of individuals see the many reasons for which real estate is a great choice. Speaking of crypto, digital assets allow the buying of any property in the UAE safely, easily, and quickly. All the usual traditional hassle of buying a property can disappear by buying real estate with crypto for the ones interested. Among the benefits of using crypto in the UAE, there’s the ease of use and the high safety of transactions as well.
With the help of blockchain, after the payment is approved, there will be an instant transfer of the property, and people can enjoy their purchases without delays.
Using crypto to buy a property in the UAE, especially if you are an international buyer, will turn out to be extremely cost-effective.
Using crypto costs less on international transfers and payments compared to the traditional ones. Usually, banks charge hefty fees, but when you use crypto, you will not have to bother about such aspects involving extra charges. Cryptos make instant transactions possible at low prices.
Business in Dubai – getting into real estate
Dubai is one of the world’s busiest entrances to business, tourism, and trade. One noteworthy thing is that Dubai is ranked 1st regionally for ‘Ease Of Doing Business.’ All of this is due to the outstanding governance and policies implemented by the government.
More than that, it’s good to know that Dubai has a strong track record for securing foreign direct investment. The city managed to become the preferred global FDI destination for more than 70% of Fortune 500 companies.
Regarding real estate investments in the UAE, we have to mention the massive charm that is associated with this investment hotspot – the city is a tax-free haven, and it’s open to investors all over the world. More than that, Dubai has already been ranked as the 7th safest destination in the whole world for tourists, residents, and citizens.
Dubai maintains affordability, but at the same time, its status as a luxury destination offers investors a high return on investment. Owning a home in the exciting Dubai is a pretty fantastic thing, and you can also receive a residency visa for your real estate investment.
there are a lot of reasons for which you should consider relocating before or after retirement, and we’ve covered most of them above. You also have some of the best arguments for doing it in Dubai. The most important thing to remember is that you should focus on the essential factors we’ve already mentioned in this article before making the most educated choice when getting your second residency or citizenship. This is the best way to be able to enjoy exciting lifelong results.
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