New rental income

[13roman58]

With the rise in the minimum wage again, the requirement for renters is now over £30K !!!

[benjaminbutton]

That's what they want I believe......... A mass exodus as we are not the big spenders we once were. Today I went into what was once a very popular place for morning coffees. I went in at 11.05 left at 11.55 and only two customers.

[EnjoyingTheSun]

That's what they want I believe......... A mass exodus as we are not the big spenders we once were. Today I went into what was once a very popular place for morning coffees. I went in at 11.05 left at 11.55 and only two customers.

It would be interesting to know what % of these developments actually sell and if those that sell how many of the purchasers have any intention of living here. I can see a lot buying a potential bolt hole & then forgetting about it. Not much money there being spent to swill around the economy.

[Tanky]

Re the new rental income. I have read the NEW amount required for residency, for people renting and Immovable property people + the high income people etc etc. Some of these figures are quite staggering . Please could someone tell me if the quoted figure, for eg those used in the last BRS email to it's members, are per person or for a couple. Thanks I look forward to reading your replies. Tanky

[Keithcaley]

...Please could someone tell me if the quoted figure, for eg those used in the last BRS email to its members, are per person or for a couple. ...

My experience is: -

One person per property who applies for 'residency' has to show the requisite funds/income in their name (can be a joint Bank account, as long as their name is on the account) and that person then acts as the 'sponsor' - when the other person or persons apply, they have to demonstrate their relationship to the 'sponsor', but are not asked about their income at all.

I hope that this answers your question.

[Kanonier]

Got it in one, Keith.

[Tanky]

Hi Keith. Thanks for the explanation. That is very relieving. I can now afford an Effes. Tanky

[13roman58]

I have been shown a BRS new descion that over 60 and receivcing a UK pension that minimum requirment reduced to 10K

[EnjoyingTheSun]

I have been shown a BRS new descion that over 60 and receivcing a UK pension that minimum requirment reduced to 10K

I think it’s more important that the government agrees it & relays that agreement to the relevant people in charge of processing residencies. Is that for state pensions or private pensions or both?

[waddo]

Is that myth for Property Owners or High Incomes? Or don't they care?

[13roman58]

Is that myth for Property Owners or High Incomes? Or don't they care?

Waddo, from what I saw its directed at 'High income' catogory.
A pension private or state ,paid in the UK, to over 60,s. One times the min wage not 3.
Some good news for those who rent/lease.

[waddo]

It would be good news indeed if it was more than just a BRS decision! I have to wonder if it may end up as just another “Gentleman’s Agreement” based on a handshake as previous over 60’s failed agreement was?

Is this a decision taken in agreement with the TRNC Government or just a BRS idea and wish?

[13roman58]

From what I was shown this has been agreed with the goverment.

[waddo]

That would make a lot of people happy and let many able to sleep at night again! Not knocking the BRS as they do try to do lots for the good of their members - BUT - I will only cheer when I can see it in print from the TRNC Government.

It would be really good if the BRS released a Government statement to the effect that this new system was in place, with the agreement of the wishes of the BRS, to all - in the same way as they have recently contacted everyone over the future of the TRNC!

Call me a pessimist if you wish - lol, but I have learnt to have little trust in Governments Worldwide!

Living in hope as normal - but hope is not a plan1

[alphamike]

Thanks for that 13roman58.

I really do hope that this is true, it really will put a lot of peoples minds at ease. I've spoken to several people over the past few weeks, who are talking about selling up. Not because they want to, and they can afford to live here, but their pensions do not cover what the govt. wants in their bank accounts.

As Waddo says, I'd like the government to spell it out in black and white, so that we all know what's what, and so would the relevant authorities who deal with residency. Until then, it really is just a hope.

[kerry 6138]

http://www.muhaceret.gov.ct.tr/ikamet-b ... -%C4%B0zni
Website currently says 3 x min wage

[13roman58]

http://www.muhaceret.gov.ct.tr/ikamet-b ... -%C4%B0zni
Website currently says 3 x min wage

Apparently its now posted on the BRS website.

[gates]

Let’s hope by interfering they don’t make it worse as that’s what happened last time

[Hair Cut]

https://brstrnc.com/docs/Changes_To_Cri ... icants.pdf

[kerry 6138]

https://brstrnc.com/docs/Changes_To_Cri ... icants.pdf

Cant open link maybe members only.

[EnjoyingTheSun]

https://brstrnc.com/docs/Changes_To_Cri ... icants.pdf

Thanks for that. It is still a little bit vague as to whether the pension needs to be showing going into a TRNC bank account or just the lump sum. For us we have the money paid into U.K. banks & use it to fill up our Revolut cards as & when. Actually paying it into a TRNC bank each month would be awkward & quite expensive. Although it is sensible progress, as long as the people at the police station are aware & something official gets put down in writing from the government.

[alphamike]

https://brstrnc.com/docs/Changes_To_Cri ... icants.pdf

Cant open link maybe members only.

Try again, it wasn't working earlier for me either, but is now.

[Proudsprey]

https://brstrnc.com/docs/Changes_To_Cri ... icants.pdf

Cant open link maybe members only.

Try again, it wasn't working earlier for me either, but is now.

Woohoo ... my wonder woman reaches 60 this year, so she will have to be the main applicant and sponsor me - as I am just a sprightly 55. Hopefully the BRS and the Govt can get this into effect before then
Downside .... have to make sure she stays alive longer

[waddo]

ETS, not too expensive. Our pensions are all Government and taxed at source in the UK, then paid into our Revolut UK account. I transfer lump sums of £3000 as required into my Turk Bank account here via "Fast Cash" which costs me £30 per £3000 transfer - that £30 is taken off the £3000 so I receive £2970 into my GBP account in Turk Bank - I can live with that as I figure having my pensions paid into my Turk Bank account directly from the Government providers (who will only pay my pensions in Turkish Lira) costs more than that. Worth a thought?

[EnjoyingTheSun]

ETS, not too expensive. Our pensions are all Government and taxed at source in the UK, then paid into our Revolut UK account. I transfer lump sums of £3000 as required into my Turk Bank account here via "Fast Cash" which costs me £30 per £3000 transfer - that £30 is taken off the £3000 so I receive £2970 into my GBP account in Turk Bank - I can live with that as I figure having my pensions paid into my Turk Bank account directly from the Government providers (who will only pay my pensions in Turkish Lira) costs more than that. Worth a thought?

Thanks for that Waddo.
Btw how did you read that BRS notice, that the pension had to be seen going into a Turkish bank account or might that just be the lump sum?

[waddo]

ETS - Yes - lol. A bit confusing but not too worried about it as neither of our state pensions will meet the current 1 times minimum wage anyway. We do have sufficient savings in Turkish Bank to cover the lump sum and we can show all of our P60's (at last a use for them) to the police to confirm we are receiving pensions. My plan B is simple and I will just "Fast Cash - apparently now called Fast Money" sufficient funding to cover the monthly income requirements each month until I have renewed residency and then go back to plan A till we get our finances sorted out after Nationwide closed our accounts.

Should work ok but if not we can't be any worse off than we were before the news from the BRS was leaked by someone with integrity and honour!

[Proudsprey]

ETS - I read it as either. Dependent on whether you're using savings or monthly income for your application.
Either way, the having to show 6 months local bank accounts causes a divide. Fine and welcome for those renewing their residency but, for instance, if I was a non-resident landing in TRNC, I would have only 90/180 days. Even if I could open a local account on my 1st day (and somehow managed to grease the wheels to get a Police appointment), I wouldn't be able to supply 6 months bank statements. I would have to leave the TRNC until the 180 days expires. In that time, why would I either leave savings or income go into a local bank that I couldn't access for 3 months??
This assumes that I've got the visa rules right of course lol.

[waddo]

ETS - Apologies - Been into Turk Bank this morning to make sure of all facts and I have got it a bit wrong - but no worry! The charges for using Fast Money are as follows: £1-£500 costs £10 + £0.30 for tax, £501-£1500 costs £20 + £0.60 for tax AND £1500-£3000 costs £30 + £0.90 for tax. Screws my plan of transferring £1000 a month as I am too tight to pay £20.60 to shift £1000. Instead I will transfer £3000 every three months and see if the Police are happy with that. If not then there will be another way I am sure. Sorry for getting it wrong to start with.

[EnjoyingTheSun]

ETS - Apologies - Been into Turk Bank this morning to make sure of all facts and I have got it a bit wrong - but no worry! The charges for using Fast Money are as follows: £1-£500 costs £10 + £0.30 for tax, £501-£1500 costs £20 + £0.60 for tax AND £1500-£3000 costs £30 + £0.90 for tax. Screws my plan of transferring £1000 a month as I am too tight to pay £20.60 to shift £1000. Instead I will transfer £3000 every three months and see if the Police are happy with that. If not then there will be another way I am sure. Sorry for getting it wrong to start with.

Thanks for the update Waddo, please let me know if the quarterly plan is ok?