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Last activity 24 July 2011 by georgeingozo

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moggy

Just a few 'new boy starter' questions if anyone would be kind enough.

I'm a British passport holder and am looking to retire in Malta, are there restrictions on the length of time i can reside there. What are the requirements for opening a bank account. I'm not wealthy but have some modest savings, are they taxable and would my pension be taxable. 

I'm single, have lived the past thirty years without the need of supermarkets, prefere local ones, i enjoy cooking, dont smoke but like a beer over the weekend.
I know this is not easy to answer but could someone give me a rough idea of the cost of living per month based on the above(excluding acommodation) Basically for food and electricity or gas. 

Thanks for your time

Toon

As an EU national and as long as you can prove that you can support yourself and having savings and pensions etc would suggest this - you can stay as long as you wish. as for tax payable thats entirely down to your own personal circumstances etc sources of income etc.. I would suggest doing a little research on whether you wish to maintain your current UK account as it is now, with income going into that and transferring or having the payments direct to a malta account, Their are a few hurdles to think about - sometimes to your benefit sometimes not... am sure others here will guide you on that score.

Opening a bank account here is simple enough - just be aware that when you do and you start transferring your pensions cash etc etc then you could be  subject to the usual exchange rate mechanism of banking rip offs. could be upto 4%. Requirements for opening are much the same as UK... an address and id card mainly, but your british passport would suffice initially until you get your malta id card (necessary after three months anyway) main banks here are HSBC & Bank Of Valletta.....if you bank already with hsbc they may be able sort one out for you before you get here, complete with cards etc

Costs of living is a difficult one to assess - but we think the living costs here are reasonable - in many cases cheaper than UK, but some things are expensive particularly known branded goods. If you convert to Italian and / or malti foodstuffs then you should be fine - theres not much you cant get here.

Utilities (elec and water) probably for someone on their own safe bet would be 40-50 euros per month - gas bottles are 16.60 euros per bottle (winter you can easily use a bottle or so each week for heating - if you have gas cooking then a bottle can last between 4-6months).

hope this helps a little

moggy

toonarmy, many thanks, i appreciate the fact that people such as yourself are willing to answer the same or similar questions over and over again. As i left England some years ago i have no bank account there, the good news is it's HSBC who handle my pension, i'm currently in Cambodia where I teach, and to be honest the charges are not too bad so that should't prove to be a problem.
If i lived closer i would come over and check things out for myself, however. So to finish could i trouble you with just a couple more questions. When you say 'prove you can support yourself' do they, the authorities, have a minimum figure they work on ? I would have no income other than my pension, plus my modest savings.
Hurdles to think about ?

On a personal note I left England in 1967 and since then have lived in bed-sit's, hotel rooms, guest houses and beach huts, and survived on rice, noodles, bananas and coconuts ha ha, so i'm not seeking anything other than a very simple peacefull end to my day's.

Once again i REALLY do appreciate your time, I owe you a beer, wonder if they sell Newcastle Brown Ale on the Island ?  I was weaned on the stuff and always mention the fact when people tell me i've lead a wreckless livestyle. Regards, and thanks again moggy.

Toon

i have private messaged you Ok

ricky

Hi moggy,

Toonarmy probably sent you the same info as PM so it might be a repeat.

According to the Uniform Residence Permit info EU pensioners fall under the category of self-sufficient persons which means having a capital of at least 14.000 € or a weekly income of 84,95 € and must be covered by sickness insurance.

The weekly amount is equivalent to the level of Maltese social assistance and in no way enough for a foreigner to live on in Malta even with a very frugal lifesytle.

If you receive an UK state pension you should  be able to switch your health care entitlement to Malta and be entitled to the same as Maltese citizens.I hope you are receiving a little more than the basic UK weekly pension.

There are many posts about cost of living on the forum so if you look them up and just add up your own projected lifestyle you will get an idea .

Cheers
Ricky

georgeingozo

Uniform Residence Permit is for non-EU citizens - EU pensioners need to apply for Ordinary Residency permit - self sufficient version

"wonder if they sell Newcastle Brown Ale" - yes

moggy - I'll PM you a link for EU citizen moving to Malta, covering the following

1. An EU citizens legal rights - residency, working, students
2. what sort of residency is available ?
3. what do I need to apply for if I want to reside in Malta ?
4. do I need to apply for residency before coming to live in Malta ?
5. do I need an accountant to apply for residency ?
6. do I need health insurance ?
6.1 Do I qualify for public health cover, and if I do, what cover do I have ? Are prescriptions free ?
7. can I work in Malta ?
7.1 How much is income tax ?
7.2 How much are social security contributions ?
8. where do I apply for my residency permit ?
9. where can I get the OR application form ?
10. where do I apply for my ID card ?
11. what documents do I need to apply for OR ?
12. can I vote in Malta ?
13. buying a property FAQ
14. renting a property FAQ
15. Importing a vehicle FAQ
16. What's the procedure for importing/exporting a pet ?
17. Can I use my driving licence in Malta ?
18. Long term residency permit

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