Category Archives: Lifestyle

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!

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…

Money Movies You Should Watch

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You would think that, because I think of money all day, I wouldn’t want to relax with watching a movie about money. Well, you were wrong! Because I absolutely love ‘Wall Street Movies’; they’re probably one of my favourite genres (much to my husband’s dismay because he hates them). There are so many money-related movies out there, such as Boiler Room, which I won’t be writing about here, but here is a list of some of the few I would recommend.

The Big Short (2015)

Of course I was going to write about this one; this is probably one of the most famous Wall Street movies out there, and it’s a deep dive into the US Housing Market Crisis of 2008. It follows the investors that bet against the US property market, hence the name, The Big Short. This movie can get a little complicated at times, as there are many factors and moving parts to what led up to one of the biggest financial crashes of modern times. Most of the characters portrayed are based on real people and one thing I love about this movie is the use of cameo appearances, such as Selena Gomez, Margot Robbie and Anthony Bourdain (RIP) to explain complex investment concepts into easy-to-understand analogies.

THE BIG SHORT, from left: Steve Carell, Ryan Gosling, 2015. ph: Jaap Buitendijk/©Paramount/ Courtesy Everett Collection

Rogue Trader (1999)

This movie is cool because it’s set in Singapore! This is the true story of Nick Leeson, a rising trading star in Singapore, who caused the insolvency of Bearings Bank. His whole job as a trader was to trade on behalf of the bank’s clients on the Japan Stock Exchange, and when he starts losing large sums of money, he starts to make very risky investment decisions to try and recuperate these losses. This movie does a great job at highlighting the importance of risk management; sometimes the big risks don’t pay off and the loss is insurmountable. Not only this, Leeson opens fake, unauthorised accounts and starts using those to trade. Him and his wife attempt to escape Singapore when they realise they are in legal trouble, but are caught in Frankfurt. Leeson was later deported back to Singapore and sentenced to 6 years in prison.

War Dogs (2016)

This movie is one of my favourites and is so underrated! It’s finance-adjacent, but I wanted to include it in this list because I think it perfectly shows how greed can blur the lines of morals. This true story follows two arms dealers on their journey from being small fish, to closing on a US Military contract of $300 million. I won’t spoil too much about this film, because I don’t think it’s as heavily watched as other films on this list, but this story involves a lot of forged documents, repackaging illegal ammunition to pass them off as legitimate, and smuggling guns across hostile boarders. It’s so funny, gripping and interesting, and it almost makes you think, ‘If given the opportunity, would I be capable of doing something like this?’. Of course, this all backfires on the pair and the following FBI investigation and legal proceedings are interesting, too, and you almost end up feeling sorry for this pair, at least I do.

Wall Street (1987)

The quintessential Wall Street movie (duh). I think this movie convinced a lot of people to become traders, even though it highlights people on Wall Street were cheating and breaking the rules in order to make a lot of money. One thing to take note is that this movie contains a lot of trading jargon and in depth investment talk, so maybe it’s best to watch some of the others, such as The Big Short, first. I really like these older movies that show how investments and trading was executed before digitalisation; the brokers actually had to call someone on the New York Stock Exchange to make the trade, whereas now it’s all online. It’s interesting to note that inside trading is not allowed; generally traders are not allowed to make investment decisions that they know will benefit them, if it isn’t public knowledge. Bud, one of the main characters in the film, does not disclose this insider information- very illegal. This is a great watch, a true classic.

American Psycho (2000)

Ok, hear me out, I know this is more of a thriller, and it doesn’t talk too much about finance, but everyone interested in money and investment should watch this movie. And yes, I also know it’s a bit of a bro-movie, but I think it’s great. Christian Bale plays a wealthy investment banker who is…you guessed it…a psychopath. This film shows how toxic and removed from reality the finance world can be. We’ve all probably seen the business card scene; I think this perfectly depicts how disconnected some of these people are; they care so much about these business-related things, and not so much on the real, human things. If you haven’t, please watch this movie.

The Wolf Of Wall Street (2013)

The ultimate ‘Finance Bro’ movie. This is the story of Jordan Belfort, a massive scammer who lost a lot of money for a lot of people. It shows the sketchy and shady side of Wall Street, showing how some brokerages didn’t care if their clients made money, because they made money off of transaction fees. It also shows how easy it was back in the 80s and 90s to sell someone a junk bond (low grade bonds) or penny stocks, by over amplifying the gain and not speaking about the risk. This of course wouldn’t be allowed to do now, and especially in Singapore, there are a lot of regulations in place. Jordan Belfort’s company, Stratton Oakmont, is a perfect example of a pump-and-dump scheme; the company artificially inflated the price of an owned stock through false and misleading positive statements, in order to sell the cheaply purchased stock at a higher price. Once you look past all the bro-stuff in this movie, it’s great.

There a tonne of other movies that I haven’t put on this list, including a Wall Street sequel decades later: Wall Street: Money Never Sleeps, but if I carry on writing about all these movies, I’d be here all day, and some of them I’ve yet to watch! On top of finance movies, I love watching documentaries about finance and investment events, so let me know if you’d like me to write a list of these!

F1 Weekend!

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It’s the F1 in Singapore this weekend! It’s an exciting time full of hype, hustle and bustle, and loads of things to do! I thought I would write a short post on all the great stuff happening over the F1 weekend- along with some important things to take note.

The F1 starts this Friday 15th September, and finishes on Sunday 17th, at the Marina Bay Street Circuit. The official race is on Sunday from 8pm onwards, with the Friday & Saturday sessions being the practice and qualifying sessions, respectively. If you’re looking for tickets, you may still be able to purchase them on the events official website, or from official 3rd party sellers. If not, I’ve seen loads of dedicated posts and threads on the various Singapore Facebook groups. Just use your own due diligence and beware of scams. Also, do note that you can’t book just for the race, or just for the concert, it’s an all-in sort of thing, so just make sure you’re buying the correct day.

For me, the most exciting part of F1 is the concert- Formula 1 get some really amazing live bands and acts to perform over the weekend. On Friday we have Jackson Wang; on Saturday the acts will be: Post Malone, Kings of Leon, Culture Club and The Kooks; and on Sunday we have King of Leon again, Groove Armada, Madness and Robbie Williams. This is a massive year for UK artists, with a lot of throwbacks I’m sure us Brits will appreciate!

Don’t forget that places like Marquee and Zouk normally do afterparty events, too, it’s bound to be packed!

The main F1 race is scheduled to end by 10pm on September 17th, so be ready for a spectacular firework display shortly after. If you’re not attending the F1, but just want to watch the fireworks, I would suggest getting there well in advance to grab a spot- the Marina Bay area is normally packed during the F1 weekend, so be sure to get a good spot if you want to see the pyrotechnics.

Not only that, there will be road closures during the F1 weekend. Affected areas are usually town and the CBD, across areas including but not limited to Bayfront Avenue, Esplanade Drive, Raffles Avenue, and Temasek Boulevard and Suntec. Be sure to plan your routes accordingly.

Are you excited or attending the F1 this weekend?!

What I Realised When I Turned 30

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A couple of weeks ago I turned 30 years old. Initially, the thought of being in my third decade was incredibly daunting; I was ignoring the fact that it was happening, avoiding making plans and just the overall fear and dread of hitting the big 3-0 loomed over me as the date approached. But now I’m a couple of weeks in, it doesn’t feel so bad, I have almost found a new confidence turning 30. So, I thought I would write a post listing all the stuff I stressed about that I am no longer losing any sleep over.

Looking and feeling ‘old’

This first one may seem so stupid, but I’m sure it’s something people get a lot when they turned 30. I was starting to feel like my face looked dull, and that I definitely looked my age (which in my head was old!). I felt like none of my clothes would suit me anymore, people would make comments about not dressing my age and I would have to transition in to more sensible, frumpy attire. This wasn’t the case at all; I didn’t wake up on 10th July 2023 all of a sudden being an old woman. It didn’t feel any different to being 29, or actually not even 28. I got up and went about my day as per normal and it wasn’t as scary as I thought. There were no looming thoughts of aging, my body clock ticking…any of this! The past few weeks I’ve actually being getting dolled up more, wearing heels more, and feeling overall more confident in myself.

I feel that, women especially, put a lot of pressure on ourselves to look and behave a certain way in accordance to our age. We shouldn’t waste so much of our energy thinking about it. We should feel empowered wearing, looking and acting how we want! Age really is just a number after all.

Not being ‘where I want in life’

I think this leads on from the previous point. For some reason 30 seems to be a huge milestone whereby I measured my life accomplishments. Anything not checked off the list by 30 seemed like a life failure to me and what followed by a wave of disappointment. In my head, I was approaching 30 not a homeowner, unhappy with my current job and feeling like my friends around me had achieved so much more. Whilst some of those things may be true, as I’m very lucky to have strong and successful friends, the rest wasn’t to be taken so seriously; I’m not a homeowner, not because of my own doing, but because of my circumstances being a foreigner in Singapore, it’s not that much of a big deal. And yes, I was unhappy at work, so I decided to make a change; a wealth management firm had offered me a prestigious role, which I decided to accept! I already feel so much better entering my 30s in a role that seems more dynamic, more professional and makes me happier.

My advice would be, to not let the little things get to you…but if there’s something big getting to you- change it! There’s no point sitting around miserable when you can actually make a change about these things.

Having to slow down

There seems to be this stereotype that women in their 30s need to slow down, not go out so much, not socialise so much, not focus all their energy on work and focus more on home life. I will not be doing that. If anything, being constantly busy with work gives me the adrenaline I need to keep me going throughout the week, it motivates me to strive to be better.

Priorities

Following on from that, I will be shifting slight priorities into my 30s. I will be focusing more on my close friendships, instead of trying to be mates with everyone. I will not be going out late into the night as much, as I will be waking up earlier and meeting more of my clients during the day. I will be spending the occasional weekday night at home, to meal prep and spend time with my husband, to ensure that the rest of the week goes smoothly. I will be enjoying my weekends doing what I want. And most importantly, I will not be worrying about what other people think.

Turning 30 doesn’t have to mark the beginning of the end, for me, it marks the beginning of a new chapter- new job, new apartment, new beginnings and opportunities! If I’ve learnt anything, it’s to not let external pressures get to me- I was too wrapped up in what I thought other people would think, or how I thought turning 30 is supposed to be, that I forgot how to enjoy myself and be grateful for all the things I have achieved and accomplished. Watch this space for more great things to come!

What Makes A Corporate Insurance Good?

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Many expats in Singapore have the privilege of being covered under their company’s insurance policy. This is a great perk to have; I’ve already written posts in the past on the benefits corporate insurance brings, such as covering pre-existing and outpatient costs. But there are some aspects that people seldom think about. In this article, I will explore these here.

Clear Limits & T&Cs

This point may seem very obvious but a lot of people simply think, I have company insurance, I’m covered. This is not always the case; company policies will always have limits. Sometimes, a company may not provide certain outpatient coverage (especially dental, as this tends to be more expensive). Sometimes, the claim limit for surgery may be insufficient. For example, the most common limit I see for company hospitalisation is $15,000. I went for a very minor surgery back in 2018 that cost close to $18,000. Medical costs have definitely risen since then, and my surgery was only a 30-minute procedure. So, you can see that $15,000 is clearly not enough to be covered for hospitalisation. Not only that, some policies may include a co-payment that you need to pay and cannot be claimed. Make sure that you are made fully aware of your company’s insurance limits and terms & conditions.

Fast Response

It’s all well and good having amazing claim limits, but if you don’t hear back from the agent or company for months on end, it renders worthless. Ideally, you as an employee should be able to talk to the company’s agent directly, instead of constantly having to use your HR as the middle man, and the agent should respond to you quickly in regards to claims status or understanding your policy further.

No LOG Complications

A Letter of Guarantee is very common both for company and individual policies. This letter acts as a kind of pre-approval so that the hospital can directly bill to the insurance company. However, I have seen some very strange clauses when it comes to LOGs, such as asking for notification weeks in advance, including if you are hospitalised due to an emergency. As you can imagine, it can be very difficult to get an LOG if you are being rushed to the hospital! And it would be unfortunate if this means you are unable to claim! Even if you have to pay for your emergency hospitalisation first, you should be able to claim later.

Personal Touch & Added Perks

This is something that many forget about- personal touch makes all the difference! Starting with the responsiveness of your agent in regards to claims, but also so much more. Did you know that many corporate policies offer free talks, classes and wellness perks for their clients? This could be anything from on-site health screenings, to doctor’s talks, to yoga sessions, and even financial empowerment seminars. If your company insurance is a faceless corporation, with none of these personal perks, you may be missing out.

Whilst sometimes your own company’s policy is out of your control, you can still take the initiative to find out more of what you are covered for. If you find that it is not enough or insufficient, then you can be proactive and have personal coverage, too. Moreover, if you are in the midst of applying for a new job, you know that there are certain employee benefits that you can ask for or look out for in your contract. Or you can share this article with new expats moving to Singapore!

What Should Expats Take Note of Before They Move To Singapore?

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When I first moved to Singapore, I didn’t really know much about the landscape here in terms of living and working. I had only visited the country via transit, so Changi airport was all I knew! Of course, the reason I chose to move to Singapore was because the pay was a lot higher than what I can get in the UK. However, I wish I did understand things before I moved here so I could make more of an informed decision. So, I’ve come up with this list, hopefully I can help some newbies who are considering to move here. 

  1. Flights

Of course, if a company is willing to relocate you over here, then they should try and cover some of the moving costs. When I first accepted my job offer, my company did in fact offer to reimburse my flight ticket. However, this was not enough to cover the full flight cost. If I remember correctly, I had to book with a budget airline direct from London; there are no direct flights from Birmingham, so that was an extra hassle for me to try and travel down there. We all know they’re a lot more expensive than they were pre-Covid, so look out and make sure that your company’s reimbursement is sufficient to cover these inflated flight costs!

2. Housing Costs

I’ve written a few articles now regarding how expensive housing has gotten in Singapore. In fact, a couple of days after I broke my last article, the government raised the additional stamp duty for foreigners from 30% to 60%! Not only that, rental has skyrocketed over the past year or so; so even though your salary might be higher here than your home country, your outgoings might be a lot more too. If you are offered a package that covers some or all of your rental costs, then I think that is ideal! Rental costs are the bulk of my outgoing expenditures each month.

3. Insurance 

I know I always go on about this, but it’s very important! I spend a lot of my personal insurance each month. When I first arrived in Singapore, my previous company gave me an allowance of $200 annually to cover insurance…let me tell you now, this is not enough. This only covered a fraction of the very basic hospital & accident insurance I purchased, let alone the additional life & critical illness insurance I later purchased. If a company offers an allowance to purchase insurance, make sure it’s at least in the thousand dollar range. But ideally, a company should provide you with a corporate insurance plan, that way you may have an opportunity to be covered for GP, specialist and dental, coverage that is normally not claimable on a personal insurance plan. Also, it’s good to know that it is mandatory for companies to provide foreigners on work permits and S passes with insurance coverage.

4. Annual Leave

I didn’t factor in how important this was when I accepted a job offer. In my previous company, when I was an English teacher, I enjoyed a lot of days off, because of school holidays et cetera. The tuition centre simply refused to open, meaning that we were unable to work. However, these days off went over our 14 days annual leave, meaning that we actually had to pay back the company the days that we did not work! This basically ate away into our bonuses. I wish I’d have found a better offer that didn’t absorb our days off in lieu this way!

5. Shares & Taxes

A lot of companies offer shares as part of their incentive. I think this is a great idea, as you basically have access to stocks (maybe even blue chips) that you wouldn’t normally have access to. However, a word of caution- and this has happened a few times with my clients; IRAS will tax you on these shares even if you haven’t cashed them out. Quite often, you are taxed when the shares are doing well and price high, then, the shares may plummet, especially during this economic uncertainty. So, you may be taxed on assets that are actually a lot higher than their current value! This could push you into different tax brackets altogether, meaning that your tax for that year will be quite costly!

6. Education Costs

As a foreigner, it is often incredibly difficult to get your child into a local school, they have to take several exams on a syllabus that they probably are not familiar with. So, for most expats in Singapore, their kids have to go to international schools. The fees for these schools can be very pricey, easily $50,000 or even more a year for some! So, factor this in before you make the move. Ideally, you can find a package that will cover some of these educational costs for you.

7. Dependent’s Pass

A lot of foreigners here are in fact trailing spouses, following their husband or wife for work. In the past, this was not so much of an issue, but over Covid, the government made it a rule that those on a dependent pass could not get a letter of consent to work. This means that if you are on a dependent pass, you may have to work remotely for your previous company overseas, or simply not at all. I do know some who have set up their own company to bypass this, but then another problem arises in having to hire a local and pay their CPF, regardless of how well your business is doing.

Some argue that Singapore is becoming less attractive for foreigners to live and work. I don’t necessarily agree with this statement, however, I think it’s key that you know all of these things to look out for and make an informed decision.

Is It Worth Buying a Property in SG if You’re an Expat?

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I think about this question a lot, as we all know the rental rates in Singapore have skyrocketed recently, and it pains me to pay more for rent than what some of my local colleagues pay for their monthly mortgage instalments. So I often think whether it is worth buying a property as a foreigner. However, there are many restrictions and extra costs involved are often put expat off buying property. Or, we can only buy private condominiums or landed property if it is in Sentosa. HDBs are completely out of the question, which, of course the more affordable option.

So let’s take a deep dive into whether it is worth an expat buying a property here.

One thing that does bring some foreign investors into buying property. Here is how stable and strongly Singapore dollar is. Even during the pandemic, the Singapore dollar continues to be stable, unlike some currencies in Europe and the US.  Last year, in 2022, foreign buyers made up 22.4% of all condominium sales in Singapore. This was quite a shock to me when I found this out, because Additional Buyer’s Stamp Duty (ABSD) for foreigners is at a staggering 30%! 

For example if I was buying a condo, as an expat, at S$1M my total Buyer’s Stamp Duty would be $24,600. Then my ABSD would be $50,000. So in total my costs for this condo would be $1,074,600! That’s a lot of extra cash to put down. And this isn’t even taking into account legal fees and other admin costs!

(Note that if you’re from the States, Iceland, Liechtenstein, Norway, or Switzerland, you don’t have to pay ABSD!)

In a lot of other countries, it’s very popular to flip your properties as a form of side income, or to do as a full-time business i.e., buying a property and selling it very quickly for a profit.

But in Singapore, if you plan to sell your home within the first three years of purchase, you will have to pay Seller Stamp Duty (SSD), which is 12% in the first year, 8% in the second and 4% in the third, so I think twice if you want to start being a home, flipper in Singapore! Your business may not be as lucrative as you think. 

Now, I think that a lot of expats don’t know in Singapore, is that we can actually apply for mortgages, normally with no issues. Usually the ratio is 75%, but can be as low as 55%. Do take note that the cash down payment is usually anywhere between 5% to 10%. However, although it doesn’t sound too bad, remember that interests are not exactly in our favour right now; you’re looking at our interest rate of about 3.65% – 4.25%, which means that if you are wanting to purchase $1 million property, your mortgage repayments could easily be around $7000 a month.

Looking at these numbers, I can look at it from both sides of the coin; this mortgage repayment is what a lot of people are paying as their monthly rental in Singapore. So if you are planning to stay in Singapore long-term, it’s actually a good investment because the property belongs to you, it’s not like you’re lining the pockets of a landlord by paying this in rent. But, if you’re only here short-term, perhaps it’s best just to suck up the large rental amount! 

The last thing I want to talk about, is the longevity of your home in Singapore. Unlike many other countries, whereby when you buy the property, it is yours forever, and you can use it as an ancestral property to pass down to your children et cetera, this may not be the case in Singapore. Most properties here are 99 year lease, including a lot of condos. Looking at PropertyGuru, it’s very difficult to find condos nowadays that are freehold. What I mean by this, is that it is owned by the buyer for life; it can be passed down generation to generation. If the property is a 99 year lease, then in theory, it has to be given back to the government after the 99 years is up. Not only does this mean that the property cannot be passed down multiple generations, but it also means that as a property becomes older, it can often lose its value, because buyers in the market know that at some point, it will have to be returned to the government. In my opinion, this is one of the reasons why a lot of expats are put off buying in Singapore. But now we see a lot more countries adopting this concept, especially with over population. And to be honest, I don’t think I would want to give my future generations an old dilapidated apartment, anyway. The buildings here are not like back at home, where they can last for hundreds of years, so to me, this is not much of an issue. If anything, I think it encourages the property market. It means that once the three years & SSD is up, you can sell your property and get a new one and upgrade.

So it’s kind of like a long-term flipping process. Instead of staying in one property that may become very rundown.

If I were to conclude on my thoughts as to whether it’s worth a foreigner buying a property here in Singapore, there are a few things. I do think it is worthwhile if they are planning on staying long time in Singapore, also because in future this could look good on their PR application as they are already rooted in Singapore. Moreover, I always think it’s good to be paying for your own asset, instead of paying rent to a landlord! And with rentals being crazy prices right now, it works out to be more cost-effective if you are going to be staying here in the long run, even with the additional taxes and stamp duty. However, if you’re wanting to use it as an investment property, and don’t really have intentions of staying long-term in Singapore, then it may be a better idea to look for properties elsewhere. Nearby Southeast Asian countries have less regulations in terms of the costing for foreigners, and the properties are larger and much more affordable, meaning you can turn that into a nice passive income for rental.

These are just my opinion is but what do you think about buying a property in Singapore as a foreigner? 

Ni Yao Youtiao Ma?

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I have recently become somewhat addicted to youtiao. Sometimes known as the ‘Chinese Churro’, these deep-fried dough sticks are devilishly moreish. But, I wasn’t always such a big fan. I often saw my husband dipping one into his hawker centre kopi and frankly, that kind of grossed me out. But then I realised that the youtiao is a vessel for many more wonderful things. So, I decided to explore them…one more step to being local!

Ba Kut Teh

I love ba kut teh; this peppery and herbal pork rib soup is delicious. Quite often you will see youtiao included in your order. I like letting the dough get soaked into the soup until it’s a bit soggy.

Sweetened Soy Milk

I am definitely not at this stage yet; to me, dipping anything in soy milk is a disgusting concept. I don’t like soy milk at all, which is what the problem is here. But if you do, this might be up your street. Some people even dip their youtiao into soy pudding.

Condensed Milk

I have seen this a lot, and I guess it makes sense. A youtiao, in actuality, is just a long doughnut, and doughnuts are normally covered in icing or various other sweet and sticky substances. Condensed milk is so sweet and rich, dipping youtiao into it is a no-brainer for dessert-lovers or those with a sweet tooth.

Coffee

A very traditional and obvious choice. Whilst I don’t like it myself, it’s a similar concept to us Brits dipping a bickie into our tea or coffee. I just don’t like floaty pastry bits swimming around in my cup. It’s a no from me.

Congee

You may have guessed by now that youtiao is a Singapore breakfast staple, as is rice porridge! The two go together quite nicely, especially with a bit of soy sauce, for a balance of sweet and salty, soft and crunchy.

Curry Sauce

I’ve saved the best until last. And of course, someone from Birmingham loves anything drenched in curry sauce. In my opinion, youtiao is a perfect vessel for curry; it soaks it up perfectly and is the most comforting, stodgy snack. It may seem like a weird combo at first (and trust me, I thought so too), but you really can’t knock it until you’ve tried it. This combination got me back into youtiao, so I encourage all to give it a try!

I’m sure that I haven’t come across all ways of eating youtiao, and in fact I know that youtiao can be found across Chinese and South East Asian cuisine, each country having their special way of enjoying it. Have you tried this local staple? And how do you like to eat it?