Living in malta - any advise on living here full time?

If your pension isn't adjusted annually to compensate for inflation you will eventually have to supplement it with some other source of income. You might be able to get by on 1200/month in 5 years time but not in 15.

Hi,

Do you have a property in the UK? - if so, why not rent it in the future to provide extra income on top of the pension.

Advice on living in Malta full time? - we'd need more details really. If I had some spare cash saved, I'd open a bar/restaurant for tourists. It's a competitive market, but imagination can make a big difference in that area.

Why Malta? Have you traveled a lot in the forces?

This forum is a goldmine for information to those wishing to relocate in Malta. Most questions are covered here, and a search can reveal the answers to almost anything, and the long time members can often point you in the right direction to answers should your searches prove unhelpful.

David

lambada wrote:

If your pension isn't adjusted annually to compensate for inflation you will eventually have to supplement it with some other source of income. You might be able to get by on 1200/month in 5 years time but not in 15.

Agreed, and your service pension will not be indexed linked until you are 55.

Hi
my pension is index linked so goes up annually with inflation

Hello

no there's no house in the uk

ill have about £35000 when i get out lump sum so nit enough to buy a bar

I suggest you find a job even if it's just part time.  Not only for the extra income but also to keep yourself occupied.

oh, nobody mentioned

but don't buy, just rent
atleast for first 6/12 ,months until you see if you really like malta and town you'r in

good advice

you could rent a bar/shop ..some places are from about 20 euros a day so  if you wanted to open somewhere for a year to try it you could .

agree with the rent housing option as well

I could try renting for a year or so i guess.

i have been coming to the island on and off for past 10 years and still love the place and always look forward to coming back.

what is the cost of living like here for car tax and other taxes'?

I am ex Forces and live here but I also have another 2 pensions which I would say you would also need if you are not going to work. Why Malta?
If you start answering that question in your own mind that may help you prioritise your needs and if you can afford to do what you want to do.
Also do not buy here; ever!
Good luck. Per Ardua!

mbanarch wrote:

Hi
my pension is index linked so goes up annually with inflation

Hi

I think you'll find it isn't (not until you are 55)...........(source: Warrant Officer, retired)

MikeInPoulton wrote:

mbanarch wrote:

Hi
my pension is index linked so goes up annually with inflation

Hi
I think you'll find it isn't (not until you are 55)...........(source: Warrant Officer, retired)

Mike, mine was but I got a slightly reduced payment until I was 55 as I commuted as much as possible.

Oh well ill have to live on 1200 euros instead
being rent and mortgage free in sure ill manage until in 55.

Hi Mick,

Sorry to hi jack the post but it must be something about being from York !!

You say never buy, why is that ?The field Marshal and I are moving to Malta next year( we know the place very well and have previously checked out the areas we would like to live in etc) and can afford to sell here in York and do a little part time work and live of our considerable savings until pension kicks in. I can take at 55 but will wait until 60.

The plan is to rent for a couple of Months and buy in that time so we can gage a good property in an area of our choice which seems sensible as advised by others on the forum. Just a little concerned as why not to buy ?? Any ideas would be appreciated.

Thanks

Carl

redmik wrote:

MikeInPoulton wrote:

mbanarch wrote:

Hi
my pension is index linked so goes up annually with inflation

Hi
I think you'll find it isn't (not until you are 55)...........(source: Warrant Officer, retired)

Mike, mine was but I got a slightly reduced payment until I was 55 as I commuted as much as possible.

Sorry Mick but there are only two types of Service Pension....AFP75 and AFP05 and I suspect you were on AFP75 and as such the same as mine. The rules are quite simple - retirement at 38/16 point for officers or after having completed more than 22 years reckonable service (other ranks) qualifies for an immediate pension. Any pension taken before age 55 (commuted or otherwise) remains static until the retiree's 55th birthday, it is then increased - at that point - to include all the RPI increases since retirement to age 55 so although the index link catches up it is not payable until age 55. Therefore, someone having a pension of say £15000 at age 40 (22 years service) will still have £15000 a year at age 54. At age 55 the pension is then increased to include the total of all the previous years RPI and if that was an average of say 2.5% per year, then the increase is about 45% over the 15 years therefore realising a pension of about £21500 (ish) per annum. (Pension figures made up for illustrative purposes - for those others reading this).

I took full commutation in 2004, received the same pension until I was 55 and now my pension has been increased and is indexed linked.

Junkyard Angel wrote:

Hi Mick,

Sorry to hi jack the post but it must be something about being from York !!

You say never buy, why is that ?The field Marshal and I are moving to Malta next year( we know the place very well and have previously checked out the areas we would like to live in etc) and can afford to sell here in York and do a little part time work and live of our considerable savings until pension kicks in. I can take at 55 but will wait until 60.

The plan is to rent for a couple of Months and buy in that time so we can gage a good property in an area of our choice which seems sensible as advised by others on the forum. Just a little concerned as why not to buy ?? Any ideas would be appreciated.

Thanks

Carl

Rent for a longer period would be my best advice - do more reccys and view how they build properties - theyre poorly built badly designed and built cheaply and then sold expensive  - be aware that once you buy you may find the area is not what you thought and it then can take a long long time to sell to move on... only my opinion but best to be safe than sorry.

toonarmy9752 wrote:

Junkyard Angel wrote:

Hi Mick,

Sorry to hi jack the post but it must be something about being from York !!

You say never buy, why is that ?The field Marshal and I are moving to Malta next year( we know the place very well and have previously checked out the areas we would like to live in etc) and can afford to sell here in York and do a little part time work and live of our considerable savings until pension kicks in. I can take at 55 but will wait until 60.

The plan is to rent for a couple of Months and buy in that time so we can gage a good property in an area of our choice which seems sensible as advised by others on the forum. Just a little concerned as why not to buy ?? Any ideas would be appreciated.

Thanks

Carl

Rent for a longer period would be my best advice - do more reccys and view how they build properties - theyre poorly built badly designed and built cheaply and then sold expensive  - be aware that once you buy you may find the area is not what you thought and it then can take a long long time to sell to move on... only my opinion but best to be safe than sorry.

I too would agree with this. My sister-in-law has had an apartment for sale in Mellieha for over 2 years with only a smattering of Maltese people interested (and then they bid her in the bollox for it) - she now rents it out over the Summer months to get something back.. The Maltese, themselves, are becoming more used to renting property ( as it's cheap(ish)) and as toon says - if you find, after 7 or 8 months, that the area was a mistake then you could be stuck there for a while (unless you give it away, so to speak).

York must have a booming rental market, and if It were me I would hand over the house to a management company and the rental income received would be more than enough to cover rent in Malta and probably your utilities (if you play it right).

Again, if something drastic happens in your life (who knows the future) you could be back in your own property within 6 months and still have retained your collateral.  I'm not saying this is for you, however, do think of all options available to you (and the Field Marshall of course)

Good Luck

Mike

Thanks Mick, the advice you gave is what we have assessed etc, you are right York is a booming rental city and we have given thought to renting it out, just not sure if its for us. We are in Malta in October for reccy of properties and want to see a lot in St Paul's and Qawra areas. Let you know how things go but certain we are heading over next year ! Get accommodation and part time job and hopefully all set.

Thanks

Carl

good luck but take a lot of care - and dont rush any decisions