MOM No Longer to Issue EPEC as of 1 Dec 2011

[revhappy]

1 big advantage of PEP for me is that I can sponsor my parents and in laws. My employer, inspite of being a large global IB doesn't sponsor parents or inlaws, if they do its only in extreme cases.

And this is one of the very reasons why they are tightening it up.

Prior to becoming a permanent employee I was working for the same bank through another consultant. The consultant doesnt have any problem with sponcering parents/inlaws. Its just this large bank. Still dont understand why.

Anyways, My parents and in laws are living happily in India and they have visited SG as tourists before and wouldn't want to ever come here. But we had a baby girl last month and I may need my mother in law to be here for few months. I hope my employer will take that into consideration and sponsor her.

I would hate to change to PEP just for that one reason. They have also increased the pass fee to 150$. So with myself and wife and the baby, that 150X3= 450$ that I will have to shell out and also the fee for the LTSVP, not sure how much it is. Not worth it.

[carteki]

Two months prior to GE, I had received words about this issue but I cannot confirm. Right after the GE a wrath of measure were laid out and I did post about this issue here to inform all the gravity of the issues on hand.
Sad to say, these measures are only half way through. More to come.
So please..... stay tight and keep yourself on the toes, it will be a rough ride and FTs are in the middle of the perfect storm

The new property taxes on foreigners included in this? Boy, SG is becoming FT unfriendly very quickly ... The question is, will SG survive without FT's?

[zzm9980]

I would hate to change to PEP just for that one reason. They have also increased the pass fee to 150$. So with myself and wife and the baby, that 150X3= 450$ that I will have to shell out and also the fee for the LTSVP, not sure how much it is. Not worth it.

Really? "Not worth it"? What's the alternative, going back to India because you don't want to pay $450? I'm sure daycare or a live-in maid would cost a lot more than $450...

[Mad Scientist]

The new property taxes on foreigners included in this? Boy, SG is becoming FT unfriendly very quickly ... The question is, will SG survive without FT's?

Soon...... Kim...... soon but they have to re adjust the Master Town Plan first
What happen is "This MangKok" by God's Grace was posted to do the MTP not because he is good but he was promised in fact the only thing he knows how to do is play "masak masak"
SO now what happens ? everything becomes rojak

[carteki]

It doesn't make sense that all these are coming through AFTER the GE - this would've been the perfect way to "buy" votes...

[sundaymorningstaple]

Kim, The gahmen knows they are currently shooting themselves in the foot with all these drastic measures. They know they are destroying the future of the country and that's why they didn't do anything BEFORE the election. Now they are more concerned with saving the "Party" and keeping it in power as they election blew up in their face. So now, like every other election in the world, they are doing not for the country but for themselves to stay in power.

[carteki]

I agree with you that the measures are aimed at appeasement and keeping power, but it still doesn't make sense to implement these changes after the election. These changes are short term "positive" for the voting public. Okay, there are some savy SG'rs out there who understand the bigger picture, but who are they going to vote for? In essence the PAP is the most liberal party wrt to foreigners on the block. And the great thing about democracy is that you don't need to appeal to the intellectual few, just the emotions of the common person.

The only thing that makes sense to me is that they had no clue that this was such a big issue and are struggling to catch up.

[revhappy]

I would hate to change to PEP just for that one reason. They have also increased the pass fee to 150$. So with myself and wife and the baby, that 150X3= 450$ that I will have to shell out and also the fee for the LTSVP, not sure how much it is. Not worth it.

Really? "Not worth it"? What's the alternative, going back to India because you don't want to pay $450? I'm sure daycare or a live-in maid would cost a lot more than $450...

Its not just the 450$. Its also all the hassle of changing visa/passes and the fact that I am doing it for the wrong reason. The alternative is my wife and baby continue to stay in India for a while longer(They are in India at the moment) and then plan to have mom in law here for just 2 months. The max I would want mom in law to be here is 6 months in any case. Now you tell me is it worth it?

[JR8]

Kim, The gahmen knows they are currently shooting themselves in the foot with all these drastic measures. They know they are destroying the future of the country and that's why they didn't do anything BEFORE the election. Now they are more concerned with saving the "Party" and keeping it in power as they election blew up in their face. So now, like every other election in the world, they are doing not for the country but for themselves to stay in power.

The global economy is heading for trouble, and like last time I expect SG might whacked too.

So maybe there is an element of pre-emptive squeeze on the FTs in this too?

[Mad Scientist]

I agree with you that the measures are aimed at appeasement and keeping power, but it still doesn't make sense to implement these changes after the election. These changes are short term "positive" for the voting public. Okay, there are some savy SG'rs out there who understand the bigger picture, but who are they going to vote for? In essence the PAP is the most liberal party wrt to foreigners on the block. And the great thing about democracy is that you don't need to appeal to the intellectual few, just the emotions of the common person.

The only thing that makes sense to me is that they had no clue that this was such a big issue and are struggling to catch up.

Kim

From the local news and read the one underlined. See what I meant on my previous comms with you

SINGAPORE - To curb excessive investment demand on private homes, the Government is imposing additional stamp duties - over and above the existing tax - on certain categories of property purchases from today.

It also announced yesterday that it will inject sites that can potentially yield a total of 14,100 units in the Government Land Sales (GLS) Programme for the first half of next year. Of these, about 7,000 units will be from sites on the Confirmed List.

The imposition of the additional stamp duties surprised analysts and industry players, with the Real Estate Developers' Association of Singapore (REDAS) criticising the timing of the cooling measure which comes as the Singapore economy is headed for a slowdown next year.

Foreigners and corporations will be the hardest hit, needing to pay a 10 per cent Additional Buyer's Stamp Duty (ABSD) on any private residential property.

Singaporeans will pay a 3 per cent ABSD on the third and subsequent properties, while permanent residents (PR) will pay a 3 per cent ABSD on the second and subsequent properties.

Singaporean first-time buyers and upgraders, and buyers of HDB flats will not be affected.

[carteki]

It also announced yesterday that it will inject sites that can potentially yield a total of 14,100 units in the Government Land Sales (GLS) Programme for the first half of next year. Of these, about 7,000 units will be from sites on the Confirmed List.

Thanks MS. That is the only measure in my mind that I can understand. The reasoning given is to make private condo ownership more affordable to locals. Because of the lead time between land sales and unit sales these should be available around the time of the next GE (approx 3,500 of the above are slated to be EC's)

The rest - tightening up on work visas and the additional tax - still confuse me wrt to timing.

[sundaymorningstaple]

Kim,

The way I see it is the PAP already knows the ground swell against FTs for the past couple of years. What they underestimated was the viralness of the groundswell. Had the GE NOT lost Aljunied and also sustained considerable losses in almost all other GRCs, they would have probably kept on their merry way, albeit tightening up on some of the FT permits being given. But the backlash was also against not only FTs but PRs as well, but for the wrong reasons. e.g., blaming them for rising housing costs. The electorate are not the most brilliant voters on the block and because it was the first time that all constituencies were challenged, the PAP didn't have enough "likeable" MPs to overshadow the negatives being spouted by the opposition who all, for the most part constantly harped on FT & housing more than anything else. New voters, normally are not all that clued in and are more tempted by rhetoric than facts. This caused an upset for the PAP. Now, they are fighting for their lives as the next election will surely see them lose power if they aren't seen to be don't something about both of the major complaints.

The fact that it's going to hurt the country is secondary at this point as, frankly, without the PAP in power, the country is doomed as there has never been a coalition government in Asia that ever worked for the good of the country, but more for the good of the individual coalition groups. If they can keep the country intact and somehow appease AND educate the electorate during this same period, then, with a lowering of increase of GDP, less raises, less productivity, the people may well see the error of their ways. One can only hope. You cannot have country with only chiefs and not braves, unless you import the braves, because the chiefs will not work in the braves stead as they are too proud.

The PAP is having to walk a tightrope for the next 4 years. I don't envy their jobs at all at this point.

[nutnut]

Thanks SMS, very insightful! something I can honestly say I never thought of!

[carteki]

Thanks MS. That is the only measure in my mind that I can understand. The reasoning given is to make private condo ownership more affordable to locals. Because of the lead time between land sales and unit sales these should be available around the time of the next GE (approx 3,500 of the above are slated to be EC's)

The rest - tightening up on work visas and the additional tax - still confuse me wrt to timing.

And in the paper this morning ... Development companies are considering holding off on launches of developments because of the new tax, which defeats the object of releasing additional land.

[JR8]

The PAP were wrong to oppress (aka seek to destroy) the opposition for so long. Might have worked in the old days when the media could be completely government controlled but not any more. Oppressing pushed opponents underground but did not make them go away.

These days there is social networking, e-mail, and even SMS Ways to debate and organise anonymously. People of the opposition need no longer be scared. Then when that voice, meets an election, you will get a a dose of unadjusted reality.

They didn't see it coming, much like the decrepit crones thrown out by the Arab Spring, and have no one to blame but themselves.