Maragold D’Orac : "Singapore expats have reason to think after the past week"

[SBFNews]

"Singapore expats have reason to think after the past week"

www.efinancialcareers.com

by Maragold d'Orac
1 May 2023
2 minute read

Singapore might not be as amazing for foreigners after all.

If you’re an expat in Singapore right now, you probably know what I’m talking about. Not just the 60% stamp duty, but also the execution of a man for conspiring to smuggle 1kg of cannabis.

Property in Singapore is expensive enough without new laws that make life harder for the high-earning immigrants in the city. The Wall Street Journal is already running stories about expats finding that their rents have doubled.

As for smuggling small amounts of cannabis, irrespective of your opinion on the legalization debate, Singapore is sending a signal to everyone - expats included - that it's not the West. This is real. If you bring drugs into this country, and you get caught, you may die.

There was a time when Singapore went out of its way to attract expats. Now it seems to be going out of its way to push them away.

It's not just the expat property tax and capital punishment, it's also the visas for expat bankers. Yes, Singapore relaxed the system last August so that it's easier for foreign workers making over $21.5k to get into the country, but when it comes to jobs below that the preference is for locals. The big shot expat bankers at the top of any pyramid get a visa easily, plus permanent residency (no more absurd additional taxes). But the further down the pyramid you are (basically, the less you earn) the more you get squeezed.

Maragold D’Orac is the pseudonym of a recently retired senior ECM banker in Asia

 

[glockman]

Good! Expats and FTs, please fuck off!

 

[laksaboy]

Good! Expats and FTs, please fuck off!

Be careful of what you wish for, there will come a time when even if you beg them to come, they will not come, for personal safety reasons.

 

[glockman]

Be careful of what you wish for, there will come a time when even if you beg them to come, they will not come, for personal safety reasons.

That will never happen.

 

[Leongsam]

If the expats are not happy they can fuck off back to where they came from.

 

[Devil Within]

Singapore is very small. So we must be very choosy about who we allow to let in. Only those who are really committed and have a deep pocket should be allowed in.

 

[Willamshakespear]

Singapore is thriving trading port center where all points of the compass meets, for millennia. Ever since independence in 1965, it is a Rule of Law nation, which provided safety for all who come or live here. There is little or no corruption in Singapore, among many more favorable traits that attracts citizens to live here, as well as foreigners to work & even live here, to share & participate in our safe way of life.

Foreigners are welcomed, but they must adapt to our way of life, & NOT Singapore to adapt to their way of life, which may cause social harm & tears upon our social fabric & compact.

In the late 90s, Singapore attracted many HongKongers to live here, due to the fears of Hong Kong being handed back to China in 1997. They were shocked at how big & cheap our HDB & private properties were, & many became PR & bought properties. Due to their size, it caused a rupture in the stable rise of local properties, due to supply & demand issues.

Today, something similar is happening, this time not from HongKongers, but from mainland Chinese citizens. Just the sheer size of their economy based upon a population of billions, they are rich enough to buy or rent properties, not just for themselves, but even for their relatives whom need not work, to live here, with safety & corruption free being the main factors, thus the huge jump in property prices & rentals.

Talent is not limited only to Westerners. It is Universal, & some of these Chinese citizens work in MNCs & even set up their own companies here, hiring local & foreign talents. Ultimately, NONE is here because they are charitable & wish to help Singapore rise. They have their own self interests to be here, to earn a living & when it is no longer possible due to conflict of interest or wallet, they would leave our country without a second thought.

Property prices & rentals will continue to rise, due to hikes in Worldwide interest rates, not just in Singapore alone, as well as supply & demand laws. Property investors are not charitable organizations, & do have to meet mortgage loan obligations, & cannot simply lower prices or rentals on their own. Our Elected govt had introduced several cooling measures, in an attempt to prevent property prices from surging beyond affordability, but there are events that are happening Worldwide that is often beyond one's control.

However, the free market rules. It can be regulated, but should it become over-regulated, it is no longer a free market. China is on the rise, & hopefully may it be a peaceful rise. To compete in the free market, one - regardless from any nation on Earth, will have to be innovative, to survive... May 4 to all...

 

[mojito]

We well cum the white man. Ceca can go buck to modi and their mudder land.

 

[UltimaOnline]

"Singapore expats have reason to think after the past week"

www.efinancialcareers.com

by Maragold d'Orac
1 May 2023
2 minute read

Singapore might not be as amazing for foreigners after all.

If you’re an expat in Singapore right now, you probably know what I’m talking about. Not just the 60% stamp duty, but also the execution of a man for conspiring to smuggle 1kg of cannabis.

Property in Singapore is expensive enough without new laws that make life harder for the high-earning immigrants in the city. The Wall Street Journal is already running stories about expats finding that their rents have doubled.

As for smuggling small amounts of cannabis, irrespective of your opinion on the legalization debate, Singapore is sending a signal to everyone - expats included - that it's not the West. This is real. If you bring drugs into this country, and you get caught, you may die.

There was a time when Singapore went out of its way to attract expats. Now it seems to be going out of its way to push them away.

It's not just the expat property tax and capital punishment, it's also the visas for expat bankers. Yes, Singapore relaxed the system last August so that it's easier for foreign workers making over $21.5k to get into the country, but when it comes to jobs below that the preference is for locals. The big shot expat bankers at the top of any pyramid get a visa easily, plus permanent residency (no more absurd additional taxes). But the further down the pyramid you are (basically, the less you earn) the more you get squeezed.

Maragold D’Orac is the pseudonym of a recently retired senior ECM banker in Asia

AMDK Filip Baker says AMDK Maragold d'Orac is talking nonsense, because from his own AMDK personal experience, Sg is the best.

I'm a British expat in Singapore and I object to the one-sided article written about Singapore by someone who doesn't even seem to live here. I've been in Singapore for 12 years, and if you appreciate safety, diversity, cleanliness, security, people being nice to each other and society values in an extremely low tax environment, then this is the place to be.

I've always worked in cosmopolitan cities and before I moved to Singapore I spent time in London, Hong Kong, Shanghai, Sydney and New York. Singapore beats them all.

Unlike those other cities, Singapore has minimal physical and social disorder. This is an island that demonstrates the truth of the “broken window” theory that says even a single broken window brings down a neighbourhood - except in this case it applies to a whole country. There are no broken windows in Singapore, and this is an exceptional place to live. And contrary to what outsiders think, this is the result of good education rather than heavy regulation.

Let me share some personal examples on safety, diversity, police presence and cleanliness.

Singapore is truly diverse both from an ethnicity and religious point of view. There are no racial tensions and no microaggressions. This is the result of mutual respect rather than regulation. In London and New York racial related microaggression is part of daily life in the streets and the subway.

I live in Singapore with my wife and young son in an HDB flat (or public housing ). Our flat is part of a large estate, and we don’t feel the need to close our front door at night as it is completely safe. I would not do the same in any other country.

We never lock our bicycles, which is also unheard of in the other countries I've lived in. All parts of the estate are accessible and very safe day and night. I know many of my neighbours, and we are pleasant to each other. There is a strong sense of community and safety.

Unlike other cities, there is no petty theft or any other petty crime.

This is a huge contrast to London, where many public housing estates are no-go areas, even during daytime. Many are very unsafe, run down with lots of crime and vandalism related issues. When I lived in London, it was not atypical not to know or have any form of interaction with my next door neighbours. Every year I'd have my bike stolen and every time the police would do nothing about it.

In Singapore it's not just my bike that's safe. I often leave the key in the ignition of my scooter, with no concern. Here, you can leave your mobile, laptop, or unattended and it will not be stolen.

New York is completely different again. Whenever I arrive there, I am hit by two observations. The first is the huge police presence. The second is how rundown the buildings, airport and subway are. In Singapore infrastructure and property are well maintained; there is no graffiti anywhere, because Singaporean people are respectful.

Some outsiders claim that Singapore is a heavily-regulated police state, but this is absolutely incorrect. Law enforcement officers (police and immigrants) in Singapore are pleasant and polite. It's the opposite of London and New York where the starting point of any interaction is that you feel like a criminal.

Singaporean people are well-educated. They have high standards and expectations from their institutions and are not shy to providing direct feedback to them. When there are elections, they are involved and very opinionated.

Yes, housing here is expensive, but there is a reason for this. Because Singapore is small, expats have always considered it a transient place. Unlike me, an expat in Singapore will typically live in a very comfortable, high-end and new condo apartment with a nice view, balcony and with all the expensive amenities. Back home, they would more likely live in an ordinary flat with no amenities. This is why expat lifestyles here are usually expensive.


https://www.efinancialcareers.com/news/2023/05/expat-in-singapore