Author Archives: danielleteboul

One Pass

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For expats that have been Singapore for a while, like myself, I’m sure that you have noticed that there has been a change in how easy it is to obtain employment, passes or visas to work here in Singapore. Particularly, a couple of years ago, the rules around Dependants Passes were changed, meaning that dependants of those on Employment Passes could no longer get a Letter of Consent to work. This was devastating for many, meaning that, as soon as their spouses contract ended, or Employment pass was due for renewal, they too had to quit their jobs, rendering them a stay at home spouse. The only way around this, which I know many have taken up, was to set up their own business and either get themselves an Employment Pass, or a Letter of Consent to work. 

However, this comes with many challenges, such as business costs, and the need to hire a local above a certain salary. I can understand why many chose to leave Singapore during this time, because a dual-income household is obviously going to be better than one in most circumstances. 

But now there is a new pass that allows for flexibility and means that dependants can work, just like Dependants Passes used to be! This is the One Pass, or the Overseas Networks and Expertise Pass. I thought it would be a great opportunity to write about this pass, some of the requirements, and the application process, because most people I know are not even aware about this pass. 

What Is A One Pass?

This pass is very similar to a PEP, or Personalised Employment Pass, with some extra added benefits. You can either apply for yourself, or get your company to apply for you, and has a longer duration than a PEP, of five years. The good thing about the One Pass though, is that it has subsequent renewals, also for five years. Of course, there is certain criteria that needs to be followed, such as a fixed monthly salary of at least $30,000 for the last 12 months or have been offered a job in Singapore by their future employer for at least $30,000 a month. There are special considerations, which I will come onto later, but this is the main route to be eligible for this pass.

Those on a One Pass are not restrained by the Compass and Fair Consideration Framework Advertising requirements, meaning that you don’t have to wait for the job to be posted for a certain amount of time and do not have to fill out the self assessment tool based on your age, experience, et cetera like you do for Employment passes. Flexibility is a massive bonus for this pass, meaning that you can work for multiple companies at any one time, and your pass or visa is not tied down to your employment in Singapore. This also means that if you change jobs, you don’t need to reapply for this pass.

Special Considerations 

 As I previously mentioned, there are ways that you can qualify to outstanding achievements, meaning that you don’t necessarily have to earn a minimum of $30,000 a month. If you have made outstanding achievements in either sports, arts and culture, or academia and research, the salary criteria will be waived. Of course, this is subject to individual review by MOM and other necessary agencies.

What if I Set Up a Company?

Of course, if you want to set up a company, and under the One Pass, you can do so, but many will say that it is very unlikely that you will be receiving $30,000 a month salary from a new business! That’s okay, because the renewal criteria for this pass allows leeway for this. If you’ve started and are running a company in Singapore, you need to employ at least five locals, and they need to be earning at least $5000 a month, your One Pass will be renewed under this criteria instead of the $30,000 a month.

Family

Family members independence were one of the main reasons I decided to write this article because this will allow you to continue to have a dual-income household, without your spouse having to search for their own Employment Pass or S Pass. Your spouse may have a Dependants Pass with a Letter of Consent to work in Singapore under the One Pass. This is great for not only the spouse, but also employers because those on a Letter of Consent do not have to meet S pass or E pass quotas and their salary can be a bit more flexible. It also means that you can get a Long-Term Visit Pass for parents, step children, and even common-law spouses. Of course, if you have children of your own, it’s no issue putting them on a Dependants Pass.

Thing to Take Note 

There are some key differences between this pass and Employment passes, Personalised Employment passes, Entre or Tech passes. For example, Entre, Tech and Employment passes may only be valid for one to 2 years, with Personal Employment passes normally being valid for three years. Of course, the One Pass is mainly targeted at high-income earners, such as executives who have a long track record in that industry, or outstanding individuals in arts and culture, sports, science and technology, or academic research.

Personalised Employment passes require a minimum salary of $22,500; this isn’t too much of a large gap between the One Pass at $30,000, but of course it can be seen as a very large jump if you are on an Employment pass. This path offers many flexibility options that regular Employment passes don’t, meaning that you are not tied to one employer, you can work freelance or work for multiple companies at one time, including starting your own business. This is very similar to a Personalised Employment Pass, but you cannot renew a Personalised Employment Pass.

Why is it Good?

The best thing about the One Pass in my opinion is definitely the Dependants passes for spouses.

In my opinion, this will encourage high-income earners to move to Singapore because they do not have to think about their spouse having to be a stay at home partner if that’s not what they want. I have known many people to leave Singapore because their husband or wife cannot find a job here that will give them an SPass or EPass . This completely takes away that stress and means that those on a one pass can make a smooth transition to Singapore and have a dual income whilst residing here!

I hope you found this useful, by no means am I a recruitment or visa specialist, but I know many people that have gone through this route. If you’re interested in finding out more have any specific questions, feel free to reach out!

How NRIs Can Make The Most Of Their Time In Singapore

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A recent study by the Ministry of External Affairs Consular Services showed that NRIs (non-resident Indians) make up 24% of Singapore’s ‘non-resident’ population, which is currently at 1.4 million. Even though this group is referred to as ‘non-resident’, they are living and working as professionals in Singapore. This means that they are not considered as tax residents in India. Many of my clients come from this demographic, and as such, I felt it would be best to share some of the topics we discuss, namely, what they can do whilst they are living and working in Singapore to make the most of their time here.

  1. Saving

I will admit that Indian bank accounts have great interest rates- general public interest rates can be as good as 7.85% per year, and this often puts many NRIs off saving or even investing in Singapore, because they feel that the rate of return is low in comparison. However, there are many factors that have to be considered, which I believe makes Singapore a good place to build wealth. The first is that the Singapore Dollar is a stable currency. INR continues to depreciate against SGD by 3-4% per annum, with an inflation rate of 5.69%, meaning that rupees purchasing power will become less and less as the years go on, meaning that saving in INR and Indian bank accounts may not be as beneficial in the long run. The SGD is among one of the few stable and most traded currencies globally. It is regarded as a safe haven asset that also hedges against currency risk.

Not only that, the Singapore banking system is not only safe but simple; the Monetary Authority of Singapore esures tight regulations, but it doesn’t mean more bureaucracy. It is quite simple to transfer money around or even overseas from Singapore. This is in contrast to India, where there are still a lot of tedious processes in place, especially when it comes to selling a property as an NRI, or moving money out of the country.

2. Tax Relief Opportunities

This may be one of the most attractive reasons for NRIs to plan their finances in Singapore. There are many different kinds of taxes in India, whether that be direct or indirect. Direct taxes include things like income tax, capital gains tax or gift tax, with indirect tax including customs duty, value-added tax and service tax. This tax-heavy system can eat into your bank interest rate or your investment rate of return. In Singapore we have no capital gains tax, low income tax in comparison to other countries, and lots of tax reliefs, such as the SRS scheme (check out my articles on this topic here https://danielleteboul.com/2023/08/10/why-should-expats-open-an-srs-account/).

Source:

India Today Web Desk

New Delhi,UPDATED: Feb 1, 2023 14:14 IST

3. Investing

Speaking of capital gains tax and SRS accounts; there are many great investment opportunities here in Singapore. For example, in India, offshore funds are restricted. This means that many clients I encounter have excellent domestic portfolios (and don’t get me wrong, India is one of the champions of emerging markets, so it’s a must in someone’s portfolio!) but it is not diversified in terms of geographical location. Not only does that increase your investment risk, but it also means that you as an NRI are only having a small piece of the pie. In Singapore, so long as it is regulated and approved by MAS, you are not restricted to the funds you have. You can have access to regional, global, US, European, emerging market funds. And all of this is incredibly convenient, flexible and cost-effective. It’s pretty much the best of both worlds because you have the safety of Singapore, with the unlimited upside potential of global assets.

4. Being Of NRI Status

Being an NRI definitely has more perks than being a tax paying resident in India, such as all the previous things I have mentioned. Not only that, it means that whilst you are an NRI, you do not have to pay taxes on foreign investment or gifts received from relatives. This of course changes when you are back to being a tax paying Indian resident, with 20% tax on foreign capital gains. This is why it is crucial to make the most of your NRI status whilst you are earning in SGD. Ideally, you can build up a nice pool of assets and savings whilst overseas, and then once you retire or settle down in India, you can plan your finances accordingly following Indian tax ruling. The fact is that not every Indian will get the chance to become and NRI, and the Indian government has allowed many concessions for NRIs living and working overseas, to encourage globalisation. It is best to make the most of being an NRI, enjoying the stable and strong currency of SG, whilst enjoying offshore investment returns.

At the end of the day, we cannot avoid tax, and with many NRIs (60%) still preferring to retire in India, tax is inevitable. But, there is a window where this doesn’t have to be the case. Singapore is a capital gains haven! Why would you pass up on that opportunity!

Fixed Income Leaders Summit

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Towards the end of 2023, I had the honour of speaking at the Fixed Income Leaders Summit in Singapore.

I also shared my thoughts on the bond market and how investors can handle market volatility.

Check out the video and write up here:

https://fixedincomeapac.wbresearch.com/blog/mastering-wealth-management-in-market-volatility-bond-risks-and-inflation

Update On Taiwan

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Only one week after I posted about all the elections in 2024 and what this could mean for global geopolitics, Taiwan has elected Dr William Lai as their president.

This may make things difficult, as Lai has vowed to protect Taiwan from China’s aggression. Xi Jinping has labelled Lai as a troublemaker and obviously would not want Lai to threaten his One China policy. Moreover, tensions have risen after the US congratulated Taiwan on the result- something that China claims goes against the US’s unofficial relationship with Taiwan.

Washington also used phrases like ‘diplomacy’, ‘partnership’ and ‘shared interest and values’, which has of course annoyed Beijing even more. The relationship between Lai and Xi Jinping is so bad that William Lai is not allowed to travel to Mainland China or Hong Kong! The two have not been in communication since 2016. Will this mean that China will increase its economic pressure on Taiwan? Will they threaten military force like they did in 2022? Whatever will happen, it’s clear that tensions will surely rise, as Lai is pro Taiwanese independence.

Of course, the result of the US election will greatly affect China and Taiwan, also, so we will monitor closely as the situation unfolds.

A Political Year For 2024

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2024 may be the biggest election year ever, with almost half of the globe voting! At least 64 countries, plus the European Union will be voting and holding national elections. This is a massive year for global politics, so I thought I would discuss some of the notable elections and ones that interest me (don’t worry, I shan’t talk about all 64!).

US

This one probably makes us groan, and I’m sure we’re all bored of hearing about Trump & Biden, but this is arguably the most important election out of the lot. The US is the largest global power, and this election could see a change in USA’s relationship with North Korea, China, Russia and their stance on the ongoing conflicts in Gaza and Ukraine, depending on who wins. Also this is probably the only one where one of the candidates was a previous president who got impeached twice?

Taiwan

I feel like the whole world has been holding their breath when it comes to Taiwan & China, and this election will be no different! The winner of the Taiwanese election will have a tricky balancing act with China, and it’ll be interesting to see if Beijing continues its hold on the island, and whether the imminent threat of invasion will remain.

North Korea

This is interesting, because I didn’t even know the Democratic People’s Republic of Korea had elections (?!). I’m sure the Kim family, who are seen as somewhat deities in North Korea, don’t have an opposition party? What’s even more interesting, is that every election has been given a ‘freedom & fairness’ score (with 0.00 not being free nor fair at all, with 1 being the most free and fair), and North Korea scored higher than a lot of countries! I thought it would score 0.00, but it scored 0.14, which was higher than Venezuela- which I also expected to be low! Countries that scored 0.00 were Syria, Mali, Chad and South Sudan.

India

This election will be one to watch; not only is this election the largest in the world, but India is a rising global power and one of the most populous countries on the globe. The outcome may change not only domestic policies, but also regional politics, particularly concerning China. It may also escalate (or hopefully deescalate) the country’s rising Muslim/Hindu tensions.

Russia

Shockingly another country that’s free & fairness is not at the bottom of the list (although it is above North Korea)! But I don’t think anyone will be shocked when Putin is re-elected and the current trajectory of Russia’s geopolitics continues- i.e. the war continuing.

EU

Sadly, we’ve seen a surge in right wing parties in Europe, and I’m wondering if this will continue into 2024? It seems that a lot of centre-right parties will maintain their current positions, with even far-right parties gaining traction. The main points for discussion will of course be how the EU navigates conflicts, such as in Ukraine and Gaza, along with its green policies and the EU budget. Deficit Rules were suspended during the pandemic, meaning that members were allowed to borrow whatever they wanted to support their citizens, but this is set to be scrapped in 2024, with Deficit Rules being reinstated. Will this create tension between members?

Indonesia

I don’t have a tonne of opinions on this, but I thought it was interesting to note that Indonesia’s elections are only being held over one day! That’s the largest single-day vote, and I wonder how they are going to pull that off in such a large country that has some very remote locations.

Ukraine

Even though Ukraine is under Martial Law, which normally prohibits elections, there has been talk of these elections continuing, as a mark of democratic health. However, this may prove to be too challenging to organise during a war, with safety being a main concern. Either way, Zelenskiy is set to run for a third term, and he will probably win, with his ratings still remaining very high. However, parliament would have to change the law so that Ukrainiens can vote from overseas.

UK

The outlook of British politics has been bleak for a while now, and with the Conservative Party being in power for the past 14 years, some believe that Labour will win the next election, which Sunak has said will be held this year. This is conflicting for me- whilst I am desperate to see the Conservative Party go, and end their reign of austerity, I’m not convinced that the Labour Party will do a better job. Not only that, I have found myself shocked at every vote and election result in the UK for the longest time. None of us thought Brexit would happen, and how naïve we were to think that we would remain. So I’ve learnt to never think that the obvious flaws of the current party, means that they won’t be re-elected!

Whilst this may be the biggest election year ever, it may also be the most challenging for democracy, with many elections being carried out unfairly, or with risk of danger. Not only that, shock decisions and outcomes may shake the geopolitical framework as we know it. It’s going to be an interesting year for sure.

For the full information on the freedom & fairness score, check out Our World In Data: https://ourworldindata.org/grapher/free-and-fair-elections-index and for the full list of elections, along with dates & scores, check out this great article by Time: https://time.com/6550920/world-elections-2024/.

Why Cash Is Not ACTUALLY King!

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Over the past year or so, we have seen a rise in interest rates and fixed deposits have offered quite attractive returns. Some may be inclined to put all their savings into these guaranteed bank deposits, but is this a smart decision?

I have spoken to many in the past year that are putting off investing because they find fixed deposits more favourable. They believe (which is true) that investments, such as equity and property, is uncertain. So they would rather pick the safer option of fixed deposits. Whilst I do agree it is always a good idea to have liquid cash and sufficient savings, I do believe that your excess money is better off growing elsewhere.

Cash Cannot Beat Inflation

When you put your money in a fixed deposit, you will only gain the guaranteed amount, never any more. Whilst some see this as a good thing, in periods of high inflation (like over the past couple of years), your cash is losing spending power. And inflation is a problem that will always be there; it is not something we can ignore, and historically bank deposits have not battled inflation in comparison to equities.

Lock Ups & Opportunity Costs

In order to receive the guaranteed rate of return of a fixed deposit, you quite often will have to fulfil a tenure. I will admit that these days you can find fixed deposits with quite short tenures, but this often means that inflation may have eroded your guaranteed returns, leaving you with net zero or even negative gains! This also means that you are exposed to reinvestment risks; you as an investor may not be able to reinvest the cash you receive from a matured fixed deposit at the same or better rate again. This shows that bank deposits are good for short-term situations, but have more cons over the long-term. In contrast, historically, investing in equities or bonds have proven to grow capital and protect yourself from inflation.

‘Safe’ May Not Really Be Safe

It has become more apparent recently that the chance of a bank defaulting may not be is minute as we once thought- just look at Credit Suisse, Signature Bank and SVB to name a few. This means that your ‘guaranteed return’ may not actually be guaranteed. Banks are covered by the Deposit Protection Scheme, but take note that generally these limits are not very high. This means that if you have anything more in a fixed deposit, or indeed in a bank account, and the bank folds, they are only obligated to pay you up to that limit, nothing more. To avoid this, it may be a sensible idea to spread your cash across different institutions, not leaving all your assets with one bank. Investing in portfolios can also help you diversify risk, whilst having access to possible high returns, and holding up against inflation long-term.

If anything, market volatility has proven to us that a few key financial principles, such as planning long-term and diversifying to mitigate risk, are very important guidelines to follow. Whilst fixed deposits seem attractive short-term, they expose you to reinvestment risk, and are therefore only beneficial for short-term savings. Focusing all your financial planning on one bank or indeed one savings account, means that you are not diversifying, and not only are you at risk if the bank defaults, but you are also missing out on possible higher returns you could be getting from investment. Cash may be key for every-day living, but it is definitely not king when it comes to successful, long-term planning.

2023 Reflection

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Whilst I am a big advocate for looking forward, I have learnt over the past year that reflection is just as important. So, I thought that it would be beneficial to look back over the past year and think about all the challenges and accomplishments I have experienced.

Personal Challenges

I’m not going to dwell too much on this topic but I feel that it’s important to highlight because I have not had a perfect year- whilst my professional life has been a success story, I have had my own crosses to bear in my personal life. I recently lost someone very close to me, only a few weeks before Christmas, and this has made me remember even more that family is most important and we should cherish these moments that we have.

Many people have commented that I seem fine on social media and that I’m still going to work, so I must be ok, but this is truly not the case. Grief hits people differently, and I’m choosing to try to continue with the day to day.

Business Challenges

Of course, like the market, work life also has its ups and downs. Not only have we all struggled with the cost of living and the markets not recovering like we had hoped, but here in Singapore the job market has become extremely volatile. I’ve had lots of clients, and indeed friends, leave Singapore due to losing their jobs or finding better opportunities elsewhere. Luckily, I am still in contact with many and some have even returned to Singapore, but it just shows that nothing is certain, not even our jobs, which is why it is so important to plan, have emergency savings etc.

On top of this, as many may know, during the first half of the year I was feeling quite deflated about my work situation; I felt that I was frequently made to choose between work and my personal time, and I felt that I was neglecting other parts of me. If you have read my reflection post when I turned 30, I think you will understand a bit more. I was starting to feel like there was a glass ceiling too; the holistic planning I was providing for my clients had gaps in, as I could only provide certain solutions. This made me feel like there must be something more, something better, so that I can be offering my clients the best service possible.

Business Successes

This actually led me onto many business successes. I truly believe that if there’s something wrong in your life that you can make an effort to change, you should do so. So that’s what I did. When I turned 30 I changed my mindset, sorted out my work-life balance, upgraded my skills and even changed jobs. Now I can provide my clients with even more support and advice that before, with solutions that are more suited to the expat transience we so frequently see in Singapore. Not only that, the level of support and resources that I am receiving now means that I can have a wider reach; I’ve recently had amazing opportunities such as speaking at conferences, hosting my own launch event, attending investment insight conferences and as of next year I will hopefully be joining an advisory board (more news to come)!

Of course I need to thank of all those that entrusted me with these opportunities to speak and share my knowledge, but this has also proven to myself that I can do it- that lul in the middle of the year was only temporary, and I am very excited for the upward trajectory I appear to be on for 2024. I’ve managed to empower and inspire others through my articles, videos and podcasts, and I can feel like I’m really making a difference.

Personal Successes

I feel like this positivity and new lease of life when changing jobs has created a domino effect, where things in my personal life have also been going well. I’m a lot happier and less stressed, which means that I am able to nurture and spend time working on my relationships. My friendships have grown stronger this year, I have travelled for some beautiful weddings, and I’m very blessed that my friends shared their special days with me, and I will be travelling home for Christmas to spend some quality time with my family.

Whilst this year has been far from perfect, I’m very lucky to have the life I have- I have wonderful friends, family and husband, my career is on the up, and whilst there has been a lot of sadness too, I’m ready to grieve and put the effort into healing.

I hope you took something away from this and it wasn’t just a self-indulgent exercise; I encourage everyone to reflect during this time of year and look forward to the year ahead!

Let’s Talk About Finance Basics For Young Women

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I’ve just finished my new ebook: Let’s Talk About Finance Basics For Young Women!

In this ebook, I’ll be delving into the socio and psychological consequences of financial literacy, along with how our upbringing could have affected our money mind. Not only that, I have a few strategies on how to discuss money without shame or judgement, along with some basic budgeting tips and what we should be saving for.

Feel free to read, share and let me know what you think!

lets-talk-about-finance-basics-for-young-women-2Download

My New Podcast! Expat Finances: The Go-To-Girl

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I’m really happy to announce that I have started a new podcast on Spotify! I noticed that talking about money, especially as a woman, is still seen as a bit of a taboo subject. I’m here to empower and impart my knowledge for other expats in Singapore, on how to successfully navigate personal finances.

Click on the link below to listen- I release new episodes every Monday so be sure to tune in!

Serenity Now! How Did Seinfeld Manage To Afford Living In New York?!

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“People don’t turn down money! It’s what separates us from the animals.” – Jerry

Seinfeld is one of my all-time-favourite TV shows. Most people were into F.R.I.E.N.D.S (not that there’s anything wrong with that), but I much preferred the self-deprecating jokes of Jerry, George (especially George), Elaine, Kramer, and even Newman (hello, Newman). If you’re unaware of the plot of the show, it’s a show about nothing- four friends living in New York, navigating their tragic love and work lives. But what I never understood is how Jerry, an a comedian working the club circuit, and Kramer, who is perpetually unemployed, could afford to live in Manhattan. Like my Sex & The City and Homer Simpson article, let’s explore that here.

“Who goes on vacation without a job? What do you need a break from getting up at eleven?” – Jerry

Let’s start by talking about Jerry. Whist Seinfeld in real life is a mega multi-millionaire, that’s not the case in the show. In the show, Jerry is a lesser known comedian- and in the 90s comedians couldn’t supplement their income as much as they do now with social media posts and advertising. The New York Times did a study and found that the income range for comedians varied from about $30,000 per year, up to $200,000 a year. Jerry would have been on the lower end of this spectrum, earning about $35,000 per year, Market Watch estimates. This is fairly low, considering that Jerry’s apartment, 129 West 81st Street, is very close to Central Park, and is thus a prime location. Right now, a one-bedroom apartment in that area costs $3,000 a month. If we work backwards inflation-wise, back in the 90s that would have been about $1,200 a month. This would mean that, after tax, deductions and rent, Jerry would have $14,271 surplus income annually.

“Jerry, just remember, it’s not a lie if you believe it.” – George

If you watch the show, Jerry’s lifestyle is not that frivolous, unlike Carrie Bradshaw. And we know that Jerry has the ability to save as in one episode he buys his dad a Cadillac, which back then would have been more than $30,000. Speaking of cars, Jerry also had his own car, which, considering he lived in central New York, is a big expense. He could have just used public transport like the Subway, as parking in NY is expensive. Jerry drove a BMW, which would have cost about $40,000 back then. So how did he manage to pay for two cars amounting to about $75,000 in total with only a $1,189.25 monthly budget?!

“I’m disturbed, I’m depressed, I’m inadequate. I’ve got it all!” – George

So, Jerry’s lifestyle is not too difficult to comprehend; most of his money goes on rent and his car and he doesn’t do too much else. He mostly eats at home or at that very cheap café and is generally a good saver. But what does baffle me is Kramer- Cosmo is either unemployed, is in the process of suing someone, or is running one of his various get-rich-quick schemes. He is Jerry’s neighbour, so how could he afford it?!

 “Do you have any idea how much time I waste in this apartment?” – Kramer

Kramer has almost had as many random jobs as Homer Simpson; Santa at a department store (which he got fired from for being a communist), a coffee table book author, a guy in police line-ups, the list goes on! All of these seem to not pay that much in terms of salary, and he turns down a lot of pay-outs from his lawsuits in exchange for things like free coffee or a billboard in Times Square. Why would Kramer pass up on so much cash if he has no stable income? This leads me to think…does he come from generational wealth?

“I’m speechless. I’m without speech.” – Elaine

I think the only valid conclusion I can come to is that Kramer’s father or his side of the family has left Kramer a lot of money. His mom works in a restaurant, so it’s probably not coming from her, but we don’t really hear anything about Kramer’s dad. Therefore, the only suitable answer I have is that Kramer’s dad is so rich that Kramer doesn’t care about money and can afford a decent apartment in central Manhattan and doesn’t need a job.

“You got a question? You ask the 8-ball.”- David Puddy

I will continue to review these shows that defy the laws of finance and budgeting, like Seinfeld, Sex and the City, and The Simpsons, but let’s not forget that the writers are very clever in smoothing out these questions by writing in things such as a rental cap, random relative’s inheritance or someone lending them money. But I do think it is funny how most of these shows are in the 90s and in New York, it almost makes me think, “Was it cheap to live in New York back then? Was the 90s just a wealthy time?” I guess until I invent a time machine, I will never know…