Julesprivate

Hi

I have been coming to Malta 4-5 times a year for the last 10 years or so, I love the rock and enjoy the Mediterranean approach to life.

I have just (10 minutes ago) been offered a role in Malta on a (3 year) fixed term contract basis.

The salary is pretty good (for Malta) but obviously significantly less than my typical rate in the UK (roughly 40% of my UK rate).

I am still confident that I can make it work financially, but to do so I'd have to sell the house in the UK and my cars/bikes too, although I'd look to bring one of the bikes over as I like it far too much and it'd be ideal in Malta.

It's the nature of the contract that concerns me, I hadn't initially realised that the role was a contract, through a third party (Castille) and that leaves me a little concerned with the longer term implications.

If I make the move, the aim is to do so for the rest of my life, not just 3 years, so that's a bit worrying, although TBH most of my Maltese friends seem to change jobs quite often so maybe it's not that big a deal.

I am also unclear on what the residency status would be if I am contracted rather than "employed", I don't want to get into a situation whereby if I lost my job (unlikely but possible I guess) I'd also lose my residency status - does anyone know what the situation might be there?

This has been a dream of mine for a long time, now that it has the real potential to happen it's become very real, and a little scary. Although it shouldn't as I served in the RAF for 13 years and spent 9 of them overseas, this is a little "different".

I noticed that rental prices have gone up a bit lately, but they're still pretty good (comparatively).

I probably ought to give a little more info just to clarify things. I am married, my wife works here in the UK (I am self employed), she'd be giving up her job to come with me and looking for something when in country. We are in our early 50s, have had a very good standard of living in the UK but we'd be looking to "start over" in Malta and just lead a comfortable life in a better climate - kinda like a lot of Brits like to do.

Any words of wisdom for us?

T.I.A.

Jules

angie_329

my input would be.... don't burn your bridges....just yet.

An option could be for you to come over and try out the contract/work.. ( contracts in malta are not worth the paper they are written on as it takes years to go through courts for litigation) Or come over for a few days to look into things further.

selling up in the UK now with the very low pound rate and converting your assets into euros may leave you stranded if you want to return in the future.

Rents are very high and have risen significantly in the the last three years, its very hard to find good property.. the adverts and online may indicated lots of things at reasonable prices but you will find they are ' no longer available'.

Residency- under EU rules you can be self sufficient, self employed, (very high SS contributions compared to UK) student, or employed so no issue whether you have the work or not. there is the reciprocal health agreement with the UK also.

Also think about your uk state pension and any other pension....

Moses2013

The question should always be "How easy would it be for you to get another job that pays the same if they don't extend the contract". No Malta expert but on any smaller island you have the issue that things can get hard very quickly. You can't just commute to another city and if investors turn away from Malta what then?


As mentioned by angie_329 Take into account, pensions and how much money you'd end up compared to UK etc. If you're better off in the UK and can save, might mean a few years less work and earlier retirement.

Julesprivate

Thanks for the replies, things have changed a bit since my first post, I have received a second offer for a different role in Malta, on a bit more money and "permanent" (but I take on board the view on what that actually really means especially in Malta).

I currently have an RAF pension (I became a pensioner in 1997 at the bright old age of 32, it's been paying out ever since) that pops up in value in 3 years (despite me not paying in to it any more) and I have another couple of "frozen" pensions that will probably between them provide me with sufficient income for Malta, especially alongside my wife's NHS pension - but that's a good 10+ years from now.

This second offer is for a role that involves travel to work in the UK every month, for a week. Unfortunately I'd still need to sell up in the UK to make it work BUT there'd be sufficient spare income to start a proper saving fund.

Financially - this is risky I admit BUT it's also more to do with a lifestyle change and a better work/life balance.

I work in a very stressful environment, and I have done for much longer than I should, it impacts every aspect of my life and this is a chance for a fresh start.

I am still undecided, and I expect I'll have to come over for 3-6 months on my own anyway, just to get the house sale sorted so there should be time to decide it's all a mistake just before those bridges get burned!

HKG3

Have you think of downsizing? Sell your current home in the UK to buy a smaller place elsewhere in the UK?

Julesprivate

I did consider it but in all honesty the way things have gone here this last week I think I am done with the UK, it's been hell, stressful and just plain dreadful.

House valuation was a lot less than I'd hoped, now contemplating bankruptcy and making the move..

angie_329

I just thought of someone in the british residents association in malta who has many years experience in business and various industries in Malta. if you would like to contact him when you are next in malta or by phone I can pm you his name.

re your house,,, though now it may be less than you thought, UK property is always a good investment long term. would you be able to rent it out for a year or two instead?

Julesprivate

Had an additional couple of estimates done so it's not as bad as I'd thought, so that's one less thing to worry about LOL.

I'll be flying over in just over 2 weeks to start the new job..

Blimey this all happened very quickly..

angie_329

Happy Landing!