REACH 450 - What are your views on the increase in ABSD and other measures to promote a sustainable property market and pre-emptively dampening demand by investors, both local and foreign, for residential property?
(SK)
27 Apr 2023 (10am - 7pm)
REACH
[1:18 pm, 27/04/2023] +REACH: Dear Contributors,
Welcome back! 😊
⏰ We will be opening the chat from 1.30pm to 7pm today. ⏰
House Rules (short version of our Terms of Use) to keep in mind:
1. Be kind and respectful. We all want to be in a safe space to share our views.
2. Any and all threatening, abusive, vulgar or racially, religiously and ethnically objectionable content is prohibited.
3. Consider the quiet ones among us and give them a chance to comment.
4. No need to repeat your comment or in different forms (including caps) - we heard you loud and clear the first time.
5. Let’s protect each other’s privacy and keep contact details in this group what it should always be - confidential.
Full set of Terms of Use: https://go.gov.sg/reach-whatsapp-terms
We will strive to uphold these rules to ensure this is a safe space for all.
Please be assured that the points made by participants during the chat are aggregated and shared with relevant agencies.
The topic will be posted shortly.
Thank you
Megan 😊
[1:31 pm, 27/04/2023] +REACH: 📢 Topic 📢
The Government has announced increases in the Additional Buyer’s Stamp Duty (ABSD) rates to promote a sustainable property market. The revised rates will apply to all residential properties acquired on or after 27 April 2023.
National Development Minister Desmond Lee said the increases in the ABSD are a “pre-emptive measure” to dampen local and foreign investment demand amid renewed interest in residential properties. “We have made these measures for those two reasons – prioritise Singaporeans who are buying for owner occupation, but also pre-emptively dampening demand by investors, both local and foreign, for residential property,” he said.
💬 What are your views on the increase in ABSD and other measures to promote a sustainable property market and pre-emptively dampening demand by investors, both local and foreign, for residential property?
📌 Increase in ABSD rates
In a joint statement, the Ministry of Finance, National Development Ministry and Monetary Authority of Singapore announced the following changes:
1️⃣ For Singapore citizens buying their second residential property, the rate will be raised from 17% to 20%. For third and subsequent property, the rate will increase from 25% to 30%.
2️⃣ For Singapore permanent residents (PRs) buying their second residential property, ABSD rate will increase from 25% to 30%. PRs purchasing their third and subsequent properties will face an increase from 30% to 35%.
3️⃣ For foreigners buying any residential property, ABSD rate will increase from 30% to 60%.
Based on 2022 data, the ABSD rate hikes will affect about 10 per cent of all private residential property transactions - involving foreign investors as well as those buying their second and subsequent property.
The ABSD rates for Singapore citizens and permanent residents purchasing their first residential property - which constitutes about 90 per cent of residential property transactions based on 2022 data - will remain at 0 per cent and 5 per cent respectively.
📌 Increases in Housing Supply
The revisions to the ABSD rates to help moderate investment demand will complement the government's efforts to ramp up supply in order to alleviate the tight housing market for both owner-occupation and rental. The supply of private housing under the Government Land Sales programme has increased from 3,500 units on the Confirmed List in the second half of 2022 to 4,100 units in the first half of 2023. On the public housing front, HDB will launch up to 23,000 flats in 2023, and up to 100,000 new flats between 2021 and 2025.
In addition, the authorities said there will be significant housing supply coming onstream over the next few years, with close to 100,000 public and private residential units expected to be completed from 2023 to 2025.
📌 Third round of cooling measures since Dec 2021
This is the third round of cooling measures in the past 16 months. The Government said that while the earlier two rounds of measures in December 2021 and September 2022 have had a moderating effect on the market, property prices showed “renewed signs of acceleration amid resilient demand” in the first quarter of 2023.
👉 https://www.mnd.gov.sg/newsroom/press-releases/view/measures-for-a-sustainable-property-market
👉 https://www.straitstimes.com/singapore/govt-to-further-raise-absd-rates-s-pore-citizens-buying-2nd-home-to-pay-20-up-from-17
👉 https://www.straitstimes.com/business/absd-raised-to-preemptively-dampen-property-investment-demand-desmond-lee
👉https://www.channelnewsasia.com/singapore/new-property-cooling-measures-absd-pre-emptive-dampen-investment-demand-homes-desmond-lee-3447796
----
[1:34 pm, 27/04/2023] +TD: Why is there a different tier for PRs and Foreigners? Shouldn't they be the same? I mean PRs ARE foreigners,
[1:34 pm, 27/04/2023] +Kenneth Lee WM: And gov asks why is rent going up so much?????
[1:37 pm, 27/04/2023] +Fulgrim: Minimum in line with inflation and price increases 🤣
[1:38 pm, 27/04/2023] +Fulgrim: Taxi can also take grab jobs but yes grab earns quite a big piece
[1:38 pm, 27/04/2023] +Fulgrim: The GCB doesn't come cheap hor
[1:39 pm, 27/04/2023] +Fulgrim: Foreigners in this case refer to this with PR. Mainly targeting those who buy property here for investment or park wealth but don't stay here. PRs stay here
[1:39 pm, 27/04/2023] +Fulgrim: I think gahmen is trying to get more ultra rich to convert PR or citizen
[1:41 pm, 27/04/2023] +Ken: Errr they are our future… unless we don’t want them to stay to contribute to Singapore
[1:41 pm, 27/04/2023] +Ken: Singaporean giving birth so little eventually we run out of singaporean
[1:44 pm, 27/04/2023] +Ken: Singaporean only 17% stay in condo… so you know where extra money comes from?
[1:45 pm, 27/04/2023] +KL: Thanks for sharing
[1:45 pm, 27/04/2023] +KL: if not i don't even know about the huge income gaop
[1:45 pm, 27/04/2023] +TD: Stay here doesnt mean they are Singaporeans no?
They are still Foreigners. Why are they not taxed like foreigners?
[1:46 pm, 27/04/2023] +KL: I agree also :)
[1:46 pm, 27/04/2023] +Ken: Cause them being PR means they contribute enough or they are the ones Singapore wants to keep as part of our future hoping they convert after seeing all the good we has to offer
[1:47 pm, 27/04/2023] +Suma pamu: Frankly what to say?
It's like getting headache but got medicine for stomach ache LOL
[1:47 pm, 27/04/2023] +TD: If they convert. Sure. Why do they get benefits without getting converted?
[1:47 pm, 27/04/2023] +Suma pamu: My view
They mentioned only 10% of Transactions will be afftected by this. So all this time the 10% are the reason for Sky rocketing prices.
🙄
And HDB resale prices gone too high, much higher than 2013 peak, For that no action has been taken.
I guess As long as HDB resale prices not controlled majority will not be happy.
Seems These measures aimed at Getting more income to Govt than providing affordable housing to poor and middle income.
So the less one can discuss about this the better.
[1:47 pm, 27/04/2023] +KL: it unfair for local as for past 18 years , it cause more single and less birth
[1:47 pm, 27/04/2023] +Ken: They are getting way lesser than they first use to have…
[1:48 pm, 27/04/2023] +KL: No they have 2 years head start and in career they can keep jump around
[1:48 pm, 27/04/2023] +KL: as their parent can be rear using 200 but we need 4 times
[1:48 pm, 27/04/2023] +Suma pamu: Very lame Measures aimed to collect tax than solving the issue.
I was telling Don't know how many times already
The PROBLEM IS WITH JUST MOP AND ECs HDBs
For this Ridiculous market
[1:49 pm, 27/04/2023] +Ken: 😅 you like that might as well say we bring up kids overseas then bring back? 😂
[1:49 pm, 27/04/2023] +KL: got wor
[1:49 pm, 27/04/2023] +KL: i think on face book got such case
[1:49 pm, 27/04/2023] +Suma pamu: HDB prices gone super high because of Bubble formed with Newly MOP hdbs
And many rich PRs buying Non mature Estates also with sky rocketed prices
[1:49 pm, 27/04/2023] +Suma pamu: Also Rich New Citizens
[1:49 pm, 27/04/2023] +KL: one even rush to give birth in Malaysia and ICA help her to get over quickly
[1:50 pm, 27/04/2023] +TD: But they are still getting. should be szero.
[1:50 pm, 27/04/2023] +Ken: HDB is really scary 😂 didn’t expect in my lifetime to see 600 to 700k is average for 4 room in mature area
[1:50 pm, 27/04/2023] +KL: cos too many PR getting Falt
[1:50 pm, 27/04/2023] +KL: Flats
[1:50 pm, 27/04/2023] +Suma pamu: No action has been taken To Control HDB market
Which is actually the main issue,
Also Crazy rentals scaring away foreigners
[1:50 pm, 27/04/2023] +Ken: Then who come here to work?
[1:51 pm, 27/04/2023] +Suma pamu: Aiya
Forget mature area
Now Sengkng punggl also 4rm 600K liao
[1:51 pm, 27/04/2023] +Ken: 😂 which country PR policy is to chase them away?
[1:51 pm, 27/04/2023] +KL: once get over board is no longer chase
[1:51 pm, 27/04/2023] +TD: PR is an idiotic policy. It's either Citizens or Foreigners.
[1:52 pm, 27/04/2023] +KL: Why HK become like that also due to influx of China ppl
[1:52 pm, 27/04/2023] +Fulgrim: Huge income gap is also apparent when u see how many % of Singaporeans actually pay income tax
[1:52 pm, 27/04/2023] +Suma pamu: The Rich wll become richer poor wll become poorer
Thos middle class who slowly earning to climb up ladder will never able to With the Second house ABSD
The rich can easily afford 20% tax
What ever yday measures are Deffinatly Pro rich
And Didn't really address actual problem
[1:53 pm, 27/04/2023] +TD: Agree. This ABSD is closing the door on a lot of potential investment opportunities for middle income households.
[1:54 pm, 27/04/2023] +Suma pamu: No Policy To stop PRs buying HDB,
Or putting Income ceiling!!!even temporary
I am definitely shocked.
Don't know which expert gave these suggestions
That guy didn't even study the market at all
[1:55 pm, 27/04/2023] +Suma pamu: Q1 2023 has more than 21 units of 4 room > $1m.
[1:55 pm, 27/04/2023] +TD: only 500k. Can easily replace with non resident.
[1:55 pm, 27/04/2023] +Suma pamu: They say this is Very less
But how many closer at 800-1mil bracket
No one cares
[1:57 pm, 27/04/2023] +Joseph Yap: I applaud MND’s bold move on ABSD for foreign buyers.
This marginal increase in ABSD for local will not be effective to curb the demand, a larger increase should be implemented.
With significant speculation also seen in commercial properties, it is time to assess imposing similar ABSD on commercial properties for both local and foreign buyers.
[1:59 pm, 27/04/2023] +Suma pamu: Frankly foreigners who buy are majority (not all) buying to wash their money
Mere increasing tax will not stop them doing it.
[1:59 pm, 27/04/2023] +Timothy Low: I have friends who are PRs and refused to take up citizenship cause they intend to sell off everything and retire at their birth place. They are taking our benefit with no intention to take their roots here
[2:00 pm, 27/04/2023] +Singapore Maid Agency: Partially right there are more reasons behind
[2:00 pm, 27/04/2023] +KL: Cos when in danger they can escape back to their home land
[2:01 pm, 27/04/2023] +KL: A lot of ppl ( one SC and another PR ) will wait till the person close to 50 than applied cause they are seeing which side is better off
[2:03 pm, 27/04/2023] +Suma pamu: What they should have done
Strict standards for Valuation by banks
MSR to be implemented For all not only Condo, to atop over leveraging of banks
Should have started Income ceiling for PRs buying Hdb or just 5 yr old EC.
Increase overall Condo BSD to 4%
[2:05 pm, 27/04/2023] +Singapore Maid Agency: PR have to “contribute” CPF
[2:08 pm, 27/04/2023] ☸️ Danny 心:
1. I think the increase in ABSD for 2nd houses and above is to curb housing speculative activities as well as investment purpose rather than genuine housing needs.
2. I fee this measure come timely for the following reasons:-
a. Economic headwinds are underway that global economic recession is looming as quarterly GDP, manufacturing figures and export figures reflect falling global demand.
b. Contagion in bank run in US eg. SVB, FTX, First Republic, and others plus EU Credit Suisse bank run - indicate flight in cash outflow, default in bond payment - dampening consumption and investment.
c. Distressed property listings gone up and bankruptcy on the rise.
3. All these point to a housing bubble bursting that will have a very adverse impact on our economy - if people can't pay housing loans, banks experience more bad debts, then our nation as a whole will face a very adverse financial crisis.
4. The still very strong housing demands by both local and foreigners - that does not correspond to a buyoant economic backdrop - is a strong indicator of a bubble going to burst - liken the US subprime crisis and the China property bubble.
5. Hence the emergency measures to raise the ABSD to curb speculative and investment on residential houses comes timely.
6. Else we will experience a bad recession trigger by housing loan default, and distressed banks - if the housing bubble burst.
Many businesses will fail and many jobs will be lost.
[2:09 pm, 27/04/2023] ☸️ Danny 心:
Distressed property listings in S’pore jump in Q1 as bankruptcies rise.
https://www.straitstimes.com/business/distressed-property-listings-in-s-pore-jump-in-q1-as-bankruptcies-rise
[2:10 pm, 27/04/2023] +Rose M K Ho: Agree.
[2:12 pm, 27/04/2023] +Singapore Maid Agency: I have more than 1 Propety.
I am very supportive on this as this specifically target on the very rich whereas the restriction of cancer treatment is a TOTALLY disappointment as it is ONLY helping the insurance company!!!
[2:13 pm, 27/04/2023] +Rose M K Ho: Agree
[2:17 pm, 27/04/2023] +Suma pamu: To stop this
MSR is the Solution
Not the ABSD
Also LTV is the Solution alonh with strict rules of Valuation process
Absd is deffinatly not the solution
[2:21 pm, 27/04/2023] +Suma pamu: Anyway as i said Hdb prices are making people Unhappy
No action has been taken
Now i am afraid even Rich PRs/Citiens will scared to buy private, with all these rules, they may feel if Can not make Profit why to invest in Singapore?
Rather they buy hdb stay there, shift o
Their portfolio to else where (deffinatly there will be certain people who thinks this way.. today one client alrdy mentioned abt this)
So this Upper middle class feel rather buy nice Hdb and pay higher price live happily
And invest in other countries
(This is alternative thought i got after talking to a client)
[2:23 pm, 27/04/2023] +Suma pamu: Any cooling measure if not addressed all sections of property market,
The measures won't be effective enough
[2:25 pm, 27/04/2023] +Rose M K Ho: Agree.
ABSD is Not the solution.
Altho it contributes to the gov's coffers, it increases the income gap further.
Mid-income earners wl now find the goal post has shifted -- yet again -- and bringing up kids without a secure home is not viable.
This cooling measure therefore also affects other areas ... it wl discourage the next gen fr settling down here & raising families here. May as well migrate elsewhere, where ther is less pressure ... especially to finance our basic needs ... food, clothing, house, education, transport ...
Whoever thot of this round of measures does not have his head on the ground.
The HDB pricing issue has still Not bn resolved yet.
Focus shd be on making pricing more affordable for next gen on Resale flats and/or new flats. Not on the private sector.
U shd hv let sleeping dogs lie and fix the elephant in the room instead !! [2:25 pm, 27/04/2023] +Suma pamu: And Not addressed anything about sky high rentals.. scares away foreigners. If this is what Govt wants
I am happy, but i dont think thats their intention
[2:30 pm, 27/04/2023] +Rose M K Ho: As pte properties become more expensive, this wl drive ppl to the HDB resale market.
Thereby increasing the already over demand for more of such flats and increasing prices ... all over again!
The timing of these measures are ... UN-timely and shd hv bn held bk till the overall housing sitn (on HDB) has stabilised!
[2:31 pm, 27/04/2023] ☸️ Danny 心:
1. I feel that keeping 0% for citizens, and 5% for PRs for our 1st house is appropriate - as it encourage house ownership and an attempt to keep the house price down.
2. Raising ABSD on 2nd house for both citizens and PRs is appropriate - to curb speculative and excess investment not for housing needs.
3. By doubling ABSD to 60% for foreigners regardless of 1st or subsequent houses - will discourage foreigners buying up properties and chasing up housing prices - so that citizens and PRs who have a direct stake in our economy - by setting up business, jobs, serve NS etc - will be given a good chance to own our houses and contribute to our economy.
4. Singapore citizens comprise 3.5 million, PRs 490,000 (with a good chance to be new citizens - to replace aged citizens or supplement our low birth rate) - is a reasonable replacement plan.
5. Foreigners who are non-PRs form 1.47 million people - hence if they buy houses - will beef up our government coffers by paying 60% ABSD - a good sum of money to benefit our fiscal budget.
[2:35 pm, 27/04/2023] ☸️ Danny 心:
1. The supply of BTO flats are going up - as well as condo and private houses - as construction activities ramp up after post pandemic.
2. As long as supply exceed demand - housing price will come down.
3. Now it is to curb speculative and investment activities such as buying more than 1 house - to buy and sell for quick gain as well as to curb hot foreign money coming into Singapore to buy up houses for investment.
[2:36 pm, 27/04/2023] +~L: Not exactly.... they are also PRs' on the road to becoming Citizens. Perhaps there could be an additional tax when they sell if they didn't become citizens, or if they move overseas. Otherwise, let's not put another obstacle to people who want to settle here.
[2:37 pm, 27/04/2023] ☸️ Danny 心:
Agree with you.
[2:38 pm, 27/04/2023] +Suma pamu: If one Can wait for BTO they don't complain about resale
We are talking about resale prices. Those who need immediate housing, especially in thia kind of rental market wants to buy House ASAP, so this issue must be addressed.
[2:41 pm, 27/04/2023] ☸️ Danny 心:
Anyway throughout my studies and careers - I have benefitted from PRs around me whether as student or colleagues.
We learn and grow with one another - and have benefitted directly or indirectly in studies, work, or business.
Without the PRs I will have been poorer in terms of knowledge, skills or wealth.
We mutually benefitted.
I will also like to emphasize - foreigners play a part as well.
[2:41 pm, 27/04/2023] +KL: Is this real data ?
[2:41 pm, 27/04/2023] ☸️ Danny 心:
I Google.
Unless Google provide wrong or outdated data.
[2:41 pm, 27/04/2023] +KL: Sorry to ask why 2021 got 2.99 M? but there only 2,651,435 registered electors in 2020 ?
[2:42 pm, 27/04/2023] +KL: so in one year our population increase by 10% ?
[2:42 pm, 27/04/2023] ☸️ Danny 心:
Can children vote?
[2:42 pm, 27/04/2023] +KL: Thanks for the information , Understand
[2:43 pm, 27/04/2023] +Kenneth Lee WM: Property in Singapore is one of the few investment that is fairly safe and tracks inflation. It beats CPF hands down. Gov just made it more difficult for retirement planning for citizens.
[2:44 pm, 27/04/2023] +Ken: Errr so easy to say then done.. 500k where to find?
[2:45 pm, 27/04/2023] +Ken: Most Singapore don’t pay income tax if you earn below 40 to 50k annual. With NS, kids and parents for exemption.
[2:47 pm, 27/04/2023] +Sh Koh: When private price come dn.. so will the HDB issit it ? As valuation of land price and the rest will come dn.
[2:47 pm, 27/04/2023] +Ken: Many companies having issue in filling up positions…
[2:49 pm, 27/04/2023] +Ah Heng: willing to pay anot, is it one position cover everything role
[2:49 pm, 27/04/2023] +Ah Heng: else the usual feedback ooo singapore dun have the talent i need
[2:49 pm, 27/04/2023] +Ken: Need to earn enough to pay lor… not all company earn a lot 😂
[2:50 pm, 27/04/2023] +Ken: Then end up those who still in company pay the same double role till find replment
[2:50 pm, 27/04/2023] +Ken: Replacement
[2:50 pm, 27/04/2023] +Ah Heng: then is mgt issue ... not no one to fill the role ..
[2:50 pm, 27/04/2023] +Ah Heng: market is smart now too low ball pay who wants
[2:51 pm, 27/04/2023] +KL: Frankly a lot of bank hire foreigner or PR . Ji ko ji yi xia, :))
[2:51 pm, 27/04/2023] +Ah Heng: even if you get a headcount dun bet on it will stay log
[2:51 pm, 27/04/2023] +Ah Heng: else company can ask for temp staff
[2:51 pm, 27/04/2023] +KL: Tiagong one firm in Newtown a lot of wor
[2:51 pm, 27/04/2023] +Ah Heng: think this will be more fair and might have more resources
[2:51 pm, 27/04/2023] +Ah Heng: no need tia gong u go dbs see can liao
[2:52 pm, 27/04/2023] +Ah Heng: go changi business park see can liao
[2:52 pm, 27/04/2023] +Ah Heng: go cdb see can liao (note we not talking about blue collar here ahh) is those shiok shiok office job roles ahhh
[2:52 pm, 27/04/2023] +Ah Heng: IT also ft
[2:52 pm, 27/04/2023] +Ah Heng: sales also ft
[2:52 pm, 27/04/2023] +Ah Heng: HR also ft
[2:52 pm, 27/04/2023] +KL: Newton, it a local firm somemore quite big one
[2:52 pm, 27/04/2023] +Ah Heng: HR agency also ft
[2:53 pm, 27/04/2023] +KL: Fund accountant ( OPS ) also
[2:53 pm, 27/04/2023] +Ah Heng: local happy mah
[2:53 pm, 27/04/2023] +Ah Heng: cos grab and food delivery also can earn 8k
[2:54 pm, 27/04/2023] +Ah Heng: own boss
[2:54 pm, 27/04/2023] +Ah Heng: but slog for more than 8 hours under the sun and rain
[3:07 pm, 27/04/2023] ☸️ Danny 心:
Recent BTO flats launch - the price of the flats quite reasonable.
So take the 5 room flats at $452,000 non-mature estate.
Young graduates couple only need to pay $1,977 monthly instalments including interest for 20 years housing loan with CPF.
I think a reasonable sum.
Kudos to our MND Minister and MOS for solving our BTO flats pricing problems for our younger generations.
[3:09 pm, 27/04/2023] ☸️ Danny 心:
Young graduates CPF can pay monthly housing loans without the need to fork out cash - as long as both young graduates are working.
[3:09 pm, 27/04/2023] ☸️ Danny 心:
Not a big financial burden.
[3:09 pm, 27/04/2023] +KL: THen how about ITE ppl ?
[3:10 pm, 27/04/2023] ☸️ Danny 心:
Got to pwm.
Government got to work on it.
[3:10 pm, 27/04/2023] +KL: Sorry what is PWM ?
[3:10 pm, 27/04/2023] ☸️ Danny 心:
Progressive wage model.
[3:11 pm, 27/04/2023] +KL: How long ?
[3:11 pm, 27/04/2023] ☸️ Danny 心:
🤷
[3:12 pm, 27/04/2023] ☸️ Danny 心:
"MAS launches $8m grant scheme for polytechnic graduates, students to boost finance talent pool"
https://www.straitstimes.com/singapore/jobs/mas-launches-8m-grant-scheme-for-polytechnic-students-graduates-to-boost-finance-talent-pool#:~:text=MAS%20launches%20%248m%20grant%20scheme%20for%20polytechnic%20graduates%2C%20students%20to%20boost%20finance%20talent%20pool
[3:12 pm, 27/04/2023] +Ah Heng: dun forget cpf does not mean u can use everything hor there is a limit
[3:13 pm, 27/04/2023] +Ah Heng: despite you take full hdb loan once cross certain years get ready to pay in cash
[3:14 pm, 27/04/2023] ☸️ Danny 心:
Polytechnic students are giving opportunities to work with foreign banks that normally hire uni graduates.
Hence job by skills instead of job by qualifications - are being implemented on the ground.
[3:17 pm, 27/04/2023] ☸️ Danny 心:
2 university graduates assume $5,000 each will have at least $2,000 in CPF ordinary account.
So no cash payout.
As for my case, 20 years housing loan from CPF - I can pay out in full - without paying a single cent in cash.
So doable.
[3:27 pm, 27/04/2023] +Fulgrim: Actually quite a lot is only one side convert while the other side keep PR
[3:27 pm, 27/04/2023] +Fulgrim: So they enjoy benefits of both sides
[3:31 pm, 27/04/2023] +TD: That's why this PR thing needs to stop. You're either a citizen or a foreigner
[3:36 pm, 27/04/2023] +Ken: So easy.. everyone do Liao 😅
[3:37 pm, 27/04/2023] +Ken: As you work your pay increase extra can use for investment
[3:39 pm, 27/04/2023] ☸️ Danny 心:
Yes.
Can even pay back all the housing loan to CPF plus interest - then earn interest income from CPF.
[3:41 pm, 27/04/2023] ☸️ Danny 心:
Thought no one can become new citizens unless one becomes PR for a certain number of years, verified his/her suitability before converting to become new citizens?
Thought all countries do this.
[3:43 pm, 27/04/2023] ☸️ Danny 心:
US also have permanent resident scheme call green card if I am not wrong.
If Singapore go against world convention - then our population demographics must be very mess up.
[3:44 pm, 27/04/2023] +Fulgrim: Can but really is morning to night with heavy toll on your body and mind
[3:44 pm, 27/04/2023] +Fulgrim: New class of coolie
[3:44 pm, 27/04/2023] +Ken: 😅 still honest work
[3:45 pm, 27/04/2023] +Ken: Don’t like that say leh..
[3:45 pm, 27/04/2023] +Fulgrim: With the trend of price increases and inflation, the available extra is shrinking
[3:45 pm, 27/04/2023] +Fulgrim: Coolie is honest work also but just saying it as it si
[3:45 pm, 27/04/2023] +Fulgrim: Is
[3:45 pm, 27/04/2023] +Fulgrim: Sorry ah, I not good at sugar coating one 🤣
[3:45 pm, 27/04/2023] ☸️ Danny 心:
Japan permanent resident requirements- foreigners need to stay and work in Japan for a minimum 10 years.
So if Singapore has no concept of permanent resident - then Singapore will be a very alien country compared to the rest of the world.
We will be a xenophobic country.
[3:53 pm, 27/04/2023] ☸️ Danny 心:
And I realised something:-
If our mind is big, our heart is big, to be able to accommodate people - we will do well in our study, our careers, our families, our relationship with people.
[3:53 pm, 27/04/2023] +~L: Exactly - many countries have a successful PR model, to help people transition to full citizenship, or to make temporarily settlement a realistic option. We could look at financial penalties for moving money out of Singapore if that money was earned through real estate profits.
[3:56 pm, 27/04/2023] +KL: Don't persuade others to be kind without knowing other suffering. If you suffer same as me, you may not be as good as me
[3:57 pm, 27/04/2023] ☸️ Danny 心:
Oh I give up my last job to a Malaysian PR who needs the job more than I do.
[3:58 pm, 27/04/2023] +KL: i can only say your situation is not as bad lor
[3:59 pm, 27/04/2023] +TD: You call it Xenophobia.
I call it looking after Singaporeans.
[4:01 pm, 27/04/2023] ☸️ Danny 心:
Oh it's a $8,000 job a month.
[4:02 pm, 27/04/2023] +KL: are u sole bread winner ?
[4:03 pm, 27/04/2023] +Frankie Wee: Singaporean breadwinner can’t make rich
[4:07 pm, 27/04/2023] ☸️ Danny 心:
Yes I am.
[4:11 pm, 27/04/2023] +KL: frankly i cant comment as i do not know the full situation thou :)
[4:12 pm, 27/04/2023] +KL: Plus era may different so i also cant comment .
[4:40 pm, 27/04/2023] ☸️ Danny 心:
But being resourceful, I now make more than this.
[4:40 pm, 27/04/2023] ☸️ Danny 心:
Just need to have a big mind and a big heart.
[4:42 pm, 27/04/2023] ☸️ Danny 心:
Need not be resentful or willfully spiteful or negative.
Good thing will come naturally.
[4:47 pm, 27/04/2023] ☸️ Danny 心:
And being xenophobic, we hurt Singaporeans more than we help Singaporeans.
Because Singapore need to be an open city to welcome the rest of the world - so that we can benefit in talents, investment, capital and business.
Hence we need to have an open heart and open mind.
Xenophobic help only for a short term - but hurt us long term.
[4:57 pm, 27/04/2023] +Singapore Maid Agency: So sorry to hear, hope it’s all past otherwise please share and all people here whom are resourceful can offer some suggestions on where can get help.🙏
It reminds me of my past, please feel
Free to PM if you’re not comfortable to share openly.
[4:59 pm, 27/04/2023] +KL: it just a idiom . I don't persuad ppl to be kind cos i never go thorugh other ppl suffering , so i cant bring myself so easy be big heart. it a little not right.
[5:00 pm, 27/04/2023] +KL: i saw a lot of unjust but it out of my power nor ability to help them.
[5:01 pm, 27/04/2023] +Rama: It will drop to a level where children of pr will double our best efforts to repopulate the local population
[5:03 pm, 27/04/2023] +Rama: Would reintroduced evaluation report help to control!? No selling above valuation price!?
[5:03 pm, 27/04/2023] +Rama: Yeah
[5:03 pm, 27/04/2023] +Rama: Economic issues holding back!?
[5:04 pm, 27/04/2023] +Rama: Possible hdb issue last to be dealt with!?
[5:10 pm, 27/04/2023] +Rama: Fast track for certain categories of the super rich to entice them to pack their funds here for x number of years with incentives!?
[5:27 pm, 27/04/2023] ☸️ Danny 心:
I don't think so.
Family offices requirements very stringent.
[5:40 pm, 27/04/2023] +Singapore Maid Agency: Just sharing that there is this super kind group name “Mummy Yummy” I was a junior volunteer. They managed w/o govt assistance and to the extend to sell the HDB to provide food etc for the poverty. Recently they just gotten help/assistance from MSF.
They help w/o question ask 👍🥰
Another group is Tzu Chi (Buddhism) am also a junior volunteer and we had Muslim friend who got help/assistance too 🥰
[5:42 pm, 27/04/2023] ☸️ Danny 心:
https://www.aseanbriefing.com/news/new-criteria-for-family-offices-in-singapore-to-receive-tax-incentives/
New criteria for family offices in Singapore.
[5:45 pm, 27/04/2023] ☸️ Danny 心:
The 2,300 high net worth if $8 million investment -cannot even qualified under this requirement.
This new requirements need to be verified over time to ensure the required Capital are sunk in, new jobs are created for Singaporeans and philanthropy funds are disbursed.
Hence the family offices scheme so benefits Singaporeans immensely.
[5:46 pm, 27/04/2023] +Rama: Wonderful
[5:46 pm, 27/04/2023] ☸️ Danny 心:
Singapore dismisses 'highly misleading' prediction of 3,500 high-net-worth foreigners becoming citizens. https://www.channelnewsasia.com/singapore/highly-misleading-prediction-mha-singapore-citizenship-high-net-worth-individuals-3442176
[5:47 pm, 27/04/2023] ☸️ Danny 心:
Oops my mistake not 2,300 - it is 3,500 - they don't qualify as family offices.
[5:50 pm, 27/04/2023] +Ken: Super sensitive lol… if true china will knock on our door
[5:50 pm, 27/04/2023] +Ken: 😂
[5:53 pm, 27/04/2023] ☸️ Danny 心:
Yes.
This innocent information normally cannot release.
It put our diplomats in a very uncomfortable position.
[5:54 pm, 27/04/2023] +Ken: 😂 why our news cover in the first place 🤷🏻♂️
[5:55 pm, 27/04/2023] +Ken: Editor never do their job lol
[5:55 pm, 27/04/2023] ☸️ Danny 心:
Foreign news anyhow announced without checking the facts.
[5:56 pm, 27/04/2023] +Ken: Can poke the other side… in point to make us stand the right side
[5:56 pm, 27/04/2023] ☸️ Danny 心:
China very sensitive to capital outflows.
That's why they have capital controls on yuan.
[5:59 pm, 27/04/2023] +Rama: Smoke Screen!
[6:11 pm, 27/04/2023] +KL: if they buy expensive watch / jewel and bring out :))
[6:12 pm, 27/04/2023] ☸️ Danny 心:
This one I don't know.
[6:14 pm, 27/04/2023] +KL: By accident i saw the news.
[6:14 pm, 27/04/2023] +KL: https://www.scmp.com/magazines/style/news-trends/article/3187496/where-are-millionaires-moving-2022-high-net-worth
[6:16 pm, 27/04/2023] +KL: tiagong is 2800 but never say clearly and i don't really that trust SCMP but cos is the free paper :))
[6:21 pm, 27/04/2023] ☸️ Danny 心:
If we are xenophobic and treat PRs and foreigners badly - all these HNWI will just bypass us.
They create wealth funds for our banks to manage, create business and jobs.
If we make them unwelcome, they go elsewhere.
Then we become worst off.
If we have big heart and big mind, then we become a magnet to attract the right people, talents, capital, money, business and jobs to our country.
[6:45 pm, 27/04/2023] +REACH: Dear Contributors,
⏰ We will be closing the chat in 15 minutes ⏰
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan 😊
[7:00 pm, 27/04/2023] +Smiley face: April 27, 2023
"Sly Boy 1"
"The legality of the transfer of ownership is the least important...?"
- - anonymous
First:
What are the motivations for avoidance? (circumvent)
The 5-8% fee is based on the price of the property purchased.
If the fifth year of the property ends, a commission of 5-8% is charged depending on the amount of capital gains.
Assuming the property is financed for 5-8 years.
Are these attractive enough to do it?
"Sly Boy 2"
"What you owe me, I owe you too...!"
- - anonymous
Part Two:
How to cooperate? (circumstance)
The property can be sold to someone else bypassing the proper transfer of title.
After the sale is completed, 2% goes to the seller.
The seller will then be looking for a new property.
"Sly Boy 3"
"Frien…
[7:00 pm, 27/04/2023] +Smiley face: April 27, 2023
"Sly Boy 6"
"It's all because of greed,... sex, love, money?"
- - unnamed
Part Six:
The lucky Six! (六六大顺!)
This business is huge and complex and involves many people! (complex)
At both ends, external and operational state. From agents to municipal and government agencies, bankers, immigration, labour, police, trade, legal and foreign affairs staff.
These are the important people who facilitate and check the process and paperwork.
Money flows into a country, money needs to be able to flow freely 24/7 at any time! (infiltration)
"Sly Boy 7"
"Who are these big bosses...?"
- - anonymous
Part Seven:
Sixty-Six Dashun! (legacy, legitimacy)
Isn't this just what we know in the movies?
In Asia, gangsters have been around for more than two hundred fifty years! Today, you can find these well-organized groups in Japan, Korea, China, Macau, Vietnam, Cambodia, Laos, Thailand, the Philippines, Malaysia, and Indonesia.
As for other countries in Europe, Latin America and the Americas, they have less influence in Southeast Asia. However, they are established and established in our area!
Sly Boy 8"
"There is no Justice Bao (Bao Qingtian), only tomorrow"
- - anonymous
Part Eight:
Eight steps to the sky! ( The will ) 八步登天!
Just the moment when you catch one, you teach the business a new lesson. Thereafter, new tricks and better ways to avoid past mistakes! (smarter)
In every crime there is a need to understand the entire organization, its functions, its assets and, more importantly, the cash flowing in and being transferred elsewhere!
You need an inside spy to recover and discover these complex interrelated businesses and counterparties that the business has been dealing with for five years or more!
Likewise, the business has spies in every country it operates in!
A spy or spy is just like any normal person! Spy is a job! Only ordinary people are qualified to achieve this goal, and smooth talkers are the least suitable.
Family background and current or past job titles are important considerations in recruiting spies.
This is the cunning world! (that's life)
"Sly Boy 9"
"Back then it was loyalty, now it is livelihood...a human weakness!"
- - anonymous
Part Nine:
Long Nine! Mighty Nine! (constitute) 长长九九！强大的九!
The number nine has a deeper meaning! (three or six different permutations) is an auspicious symbol of Evergreen, and many Asian triad gangster businesses use this as the pinnacle of rank, documentation, and future succession. In ancient times, the police were also District 9!
The typical image of a big boss is a simple person who can also be famous, but they all respect dignity, are willing to be charitable, and keep a low profile in society. (extraordinary)
One common denominator is that today's businesses value money and prosperity over loyalty. It's a legitimate business! ! Don't be afraid of the sky, don't be afraid of the earth!
For more than 250 years, the power of Asian Chinese, no matter which country in Asia, the root and source, is the starting point of these organized enterprises! (ethnic chinese)
One final word of advice to the curious or greedy, don't join or you won't get out in your life, or you'll be in jail or dead! (no good endings)
"Sly Boy 10"
"The bigger the company, the bigger the network...!"
- - anonymous
The ten parts:
Top Ten list? (big money)
The current situation is as follows...Taiwan, Macau, Cambodia, Vietnam, Thailand. These are highly active businesses expanding into Europe, Latin America and the Americas in legitimate business. (Even black/white/African people participate in these activities!)
For security reasons, there are several larger countries that cannot be mentioned.
All these businesses deal with each other, no bickering, just business first! It's not like Shanghai Tang in the movie, no, things have turned into legitimate business.
Ten of these top 10 businesses have been in business for 80 years, while many other pioneers ceased to exist due to lack of succession and territorial issues. Businessmen, Banks, Insiders, Relationships, Connections, Capitalizing on Talent!
On top of that, there are more than 10,000 active businesses employing millions of people, most of which 90% are in Asia. To put it simply, they are all Asian (Chinese) after all!
[7:01 pm, 27/04/2023] +REACH: Dear Contributors,
We will be closing the chat for today.
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan 😊
====
No comments:
Post a Comment