retirement in cyprus

lainie


Joined: 04/04/2009
Posts: 37

Message Posted:
04/04/2009 12:58

Hello, im in the stages of selling my property in the uk and viewing props in nrth cprus with a view to retire there.I have noted that i need to have an income of £.6.000...however my pension falls short of this amount,can anyone advise me on this problem

lainie

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
04/04/2009 13:27

It depends on what capital you have outstanding from your property purchase in the TRNC. Although interest rates have fallen here in the TRNC they are still way above the UK and investing in a high interest account will provide you with extra income. But you need to do your sums and provide yourself with a financial buffer zone just in case you have any major expenses etc.

AJ

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
04/04/2009 14:37

There are several thread on this theme and in truth there is no laid down figure of income or savings.



I know this from experience when friends had their residency renewal back heeled. When asked the question "how much do we need", the reply is a shrug of the shoulders.



However I would suggest an income of £6k would not be adequate in any case. There have been several discussion on the topic of cost of living and taking into account all cost ie water, electric, taxes, rates, insurance car, food etc a figure of around £10k was closer to the mark.



I seriously think that you should come over here, sit down with pen and paper and work out the costs of living here.

spider


Joined: 03/01/2009
Posts: 5527

Message Posted:
04/04/2009 16:07

best bet would be to invest the money from the sale of your property,and Rent.at least for a time..like back home we have had to tighten our Belts too.

Its not one big party,going out most nights to the Bars.or dinking alone at home either.

Good luck.and i would say,just do it..life is much to short.x









Spider,x

flowerfairy


Joined: 17/09/2008
Posts: 1277

Message Posted:
05/04/2009 09:17

I agree Spider,

I'd rather be skint over here in the sun (well, rain today), than in UK

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
05/04/2009 09:53

you also have to remember that medical treatment needs paying for here, no free nhs if you get sick.

something to consider as you reach retirement.

i agree with cyprusishome that 10k plus would be an acurate figure and on that you won't be living the high life!

think very carefully before making the move, and don't buy but rent for at least the first year. then you will know if the trnc is for you or not.

waddo


Joined: 29/11/2008
Posts: 1966

Message Posted:
05/04/2009 10:47

Rent!



It leaves your capital free and you free to come and go as you please as well - noisy dogs - move - construction starts next door - move - had enough of the place - move. There are lots of plus's and minus's to buying/renting/leasing so be very sure before you make up your mind.



We lease and are very happy as no problems waiting for permissions etc but with hindsight I would have sold in the UK, put my money in a safe place and rented out here - best of all worlds. Income required would be around the 10K mark as said earlier but don't expect the continuous holiday for that sort of income.



All that said, would not change it for the world, wonderful place, magic people, no stress (unless you go and search for it) and sun most of the year.

johnboy


Joined: 19/05/2008
Posts: 170

Message Posted:
05/04/2009 10:58

most problems here seem to stem from either being let down by your builder or lack of cash.



ideal situation (imho) is to rent for 12 months to have a good long look around to get a feel for the place.

hannah-antrim


Joined: 12/08/2008
Posts: 42

Message Posted:
05/04/2009 21:22

We both have a pension of 16k maybe a little more depending on the rental of our own house. We are thinking of renting for a year to see how things go. I take it from previous reviews 16k would be ample for a year renting???



hannah

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
06/04/2009 08:36

hi hannah

we own our house and would say 10-12k a year at present for living costs.

it would depend on what you are renting!

lainie


Joined: 04/04/2009
Posts: 37

Message Posted:
07/04/2009 13:39

WOW,Thanks for all the info,i feel that ive been led up the garden path by developers! telling me that i could live on my pension plus the equity from the the sale of my home in the uk.

The renting seems to be favourable,to be honest ive really been put off at coming at all.

many thanks for all replys......lainie

elkiton



Joined: 15/03/2009
Posts: 514

Message Posted:
07/04/2009 16:01

Having lived here in a villa for a year now, to have the same standard of living as I had in the UK takes £12 - 14K net for us both. That assumes you have no mortgage and a car.....this figure accounts for every penny of living including pool water, winter fuel etc etc and leavs us with £100 in our own pockets monthly for personal items / smokes/ booze. Note we are not saving anything.



I am actually considering in 2 years time selling the villa, setting up a very long term rental agreement, then going on the road for 9 months of the year to burn the capital up, say 3 months in Sydney, 3 months in NY etc.



Having my time again, I would have rented, not bought and led a nomadic life in my dotage, unfortunately it took a few years to realise that I no longer really needed the Englishman's castle, but heigh ho, traditional thinking is hard to overcome after a life of property ownership, well the bank actually owned it lol



Dont be put off, far too many grump chops here



TonyE

lainie


Joined: 04/04/2009
Posts: 37

Message Posted:
07/04/2009 16:37

thanx....mate,good advice will look down the 'to rent' rd.Have a good day x