Seeking advise from the community on migration
Posted by hardcrusher2@reddit | expats | View on Reddit | 13 comments
37 Male Bangladeshi national but bright up in UAE since childhood making me a long term expat.
Like every other expat this has been home for me, which has helped my family grow, giving us a safe environment to live in, good lifestyle.
But it started hitting me real bad that I'll still be an expat and when it's time to retire I would have no place to go to, or be forced to go to my native country to which I have no connection.
I work at a Bank, married with no kids, my spouse is Indian, all is well so far, but worried about the future, would not have pension being an expat. I am trying to save up, but thinking of migrating to a country where my remaining years of service towards the company and economy of that country does give me returns when I retire.
Just feeling a little lost, so reaching out to the community for your insights.
Thank you guys in advance
Agreeable-Hand-6056@reddit
This is actually a really common situation for long-term expats, especially in places like the UAE.
Someone I know was in a similar position and ended up speaking with a few firms to understand what their options were long term. What stood out from that is that it’s usually not just about picking a country and moving, but having a clear plan around residency and potential citizenship.
That’s what seems to make the biggest difference when it comes to long-term stability and retirement.
Nasha210@reddit
You are rightfully worried. Migration will make your life significantly harder for the next few years, then eventually you will settle in a place where you get a passport that allows you to live there forever. The lifestyle will never be the same but the longer you wait the harder it will be. Also, as a BD you probably won’t be let back in the UAE once you cancel and leave.
Steps- maybe save enough to get a golden visa, secure your self for 10 years here. See if you can somehow buy a passport. Maybe invest in BD or see where your wife and you can live there.
hardcrusher2@reddit (OP)
Thanks for the suggestion..
Have started saving up.. golden visa is still just a retractable visa, if you don't have an income not sure who how will one survive with the cost of living just rising up.. sometimes it feels im late and taking such step and starting from scratch is a risky move, and at times feels like it's never too late, risk = opportunity.. not sure which direction to take..
zyine@reddit
Do not impregnate your wife. Stay childfree forever, or at least wait until after you move to another country.
hardcrusher2@reddit (OP)
Not planning on kids at all.. we both wanna live our lives together and not face the dilemma of where and how to live once the visa/employment option reaches it's Life cycle..
zyine@reddit
Excellent
Careful-Inside-3835@reddit
Honestly I also grew up in the UAE like OP although I’m younger. I recently migrated from there to a new country and it’s been hard asf. I would caution you from trying to live anywhere else because you need to. You are better off saving and retiring comfortably back home.
hardcrusher2@reddit (OP)
If you're ok telling.. Where have you moved to? How long it's been?
FinestTreesInDa7Seas@reddit
I wouldn't rely on a golden visa as a means of living abroad for the remainder of my life unless I had a significant amount of money.
These golden visa programs often require you to maintain an investment or real estate ownership with minimum value requirements. If your investment or real estate falls below that threshold, you can lose your visa.
For example in Greece you can get a golden visa by purchasing and maintaining ownership of real estate worth more than 250k euro. But this visa only lasts 5 years. You can continually renew it as long as you maintain that real estate ownership.
So it would be unwise to rely on that visa for the rest of your life if you only have 250k euro saved, because if you ever needed to sell that house, you lose your visa if you can't replace it with another house of that minimum value. So if sudden inflation, or other economic factors resulted in you suddenly having much less money available, you don't have the option of selling your house and renting.
Another thing to think about is that these golden visa programs can add new restrictions or requirements without notice. You might suddenly be responsible for something new to maintain your visa, and you might not be able to keep up with the obligations over the years.
hardcrusher2@reddit (OP)
Agree.. the golden visa may mainly benefit people with money but holding weak passports..
hardcrusher2@reddit (OP)
Thanks guys for you insights... My home country is not an option, already considering India, to invest in a property and try to pay off while having an income source in AED.. trying to figure out how much to to save, how to increase savings, migrating to a country where the remaining work life may account for pension, etc.. just exploring here to understand through other's experiences..
lucylemon@reddit
Best if you start looking at what retirement options you have with the money you will be able to save.
I would also see if you visit your home country and your wife’s home country to see if you might like it and start building connections.
yeahthatsnot1@reddit
You're not an expat if you're living somewhere for decades, you're an immigrant.