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CONVERTING TO SC
Hi mga kababayan, medyo napagiisipan ko na kasi kung mag stay ako as PR or papaconvert sa SC, sa mga nag pa convert po, mataas po ba yung chance na ma approve kung mag aapply ng SC? Reason ko ay gusto ko ng security para sakin at sa pamilya ko ganun din sa magulang ko. Mas mababa ba ang approval rate ng SC kesa PR? Salamat sa mga sasagot
Comments
Pardon OP if this is off-topic...
I'm a PR of 14 yrs... IMHO, don't apply for SC for these reasons:
1. SG economy is in its worst state since 2010. I know this for a fact since I own an IT company here in SG.
2. Retirement age is increasing. When you convert to SC, you need to wait for retirement to enjoy the benefits of CPF. Staying as PR, you have the luxury of retiring early plus encashing your CPF.
3. SG is an aging country. Manpower is slowly being replaced by AI/robots... i.e. you're likely to lose your job in the future due to redundancy.
4. If you own an HDB, it's actually on lease. Once its age reaches 70, there will be significant drop in its market value.
Here's my suggestion (my personal goal as well):
1. The best place to retire is........ PH
2. We're at the Asian Century and PH is at the forefront
3. PH now is what China is in the late 70s and SG is in the 80s... they focused heavily on infra... that's what our gov't is doing
4. Average age in PH hits the sweet spot of 25 yo (working age)... a golden opportunity that, if missed, will put a setback of another 30 yrs
5. So much more, we're just scratching the surface...
If OP or any of you guys want me to share some more insights... why PH and not SG/AU/US/CA/etc... feel free to PM me
@lutie wala namang statistics re approval/rejetion ng PiAr at EsSi... kung sa tingin mo ay beneficial sayo at sa family mo, go for it. hindi mo malalaman unless subukan. puhunan lang $100 per head
@nubrid agree ako sa mga ibang nabanggit mo.
tanong ko na rin since nabanggit mo. pag EsSi ka na ba at nagbitaw ka, hindi mo na agad makukuha ang $ mo? thanks
hello @kabo @lutie,
every info I shared (+more I haven't shared) are backed by credible sources (BSP, DBS/HSBC, Knight Frank, Colliers, etc etc etc)... it will be lengthy if I put everything here, so I summarized it. If anyone has free time, I can share further (+links)... it's high time we unite as "One Filipino" and reap the benefits we deserve (& not let it go to waste & have the Chinese as benefactors)
as for SC, I have little knowledge, but here TLDR; "You may withdraw your CPF in full, from all the accounts, if you have left Singapore and West Malaysia permanently with no intention of returning to either country for employment or residence. In addition you should have renounced your Singapore Citizenship"
@nubrid ok yan, so sa ngayon, makukuha mo pa lahat. sana sa pag-alis natin dito ay ganyan pa din ang nasa batas para makuha natin ang ating pinaghirapan
salamat
@nubrid salamat sa inyo sir, tama naman based sa observation mo,
@kabo meron pa naman 1year para pag desisyonan maigi maigi ng my mga ideas na tayo before dumating yung tamang panahon.. Salamat
@lutie impormasyon lang:
Landlady ko (Pinoy) nag-apply last Nov 2018. Background:
Landlady: early 40's, medical field, sahod less than 5k. working as supervisor sa isang government hosp. PR for 10+ yrs.
Landlord: early 40's, medical field, sahod less than 4k. working as employee sa isang kilalang private hosp. PR for 15- yrs.
Children: 1 female in secondary sch, PR; 1 male in childcare that time, LTVP. (P1 na sya ngayon, naka-student pass na). both children were born in Sg.
The couple owns a mansionette type HDB.. yun.. sad lang.. nakatanggap ng rejection letter noong Nov 2019.. Sikret lang na alam ko mga sahod nila. nakigamit kase ng laptop sakin tas hindi nagbura ng files. nyahaha.
@ladytm02 yap, hindi na rin talaga ganung kaluwag sa EsSi application. may barkada ako before, household income (husband and wife) nasa 12k+. owning a condo and a car. 2 boys ang anak na PiAr din. pero na-reject pa din. ayun, nasa Australia na ngayon
@ladytm02 "nakatanggap ng rejection letter noong Nov 2019.. Sikret lang na alam ko mga sahod nila. nakigamit kase ng laptop sakin tas hindi nagbura ng files. nyahaha."
@nubrid , pwede naman di ba ma enjoy benepisyo ng bawat bansa di ba? Madami naman nagreretire sa pinas na mga banyaga at lalo na yung mga dating mga pilipino. Gustong gusto nga ng pinas yan.
Yung CPF dito kagaya din ng Pinas, may lump sum din makukuha pag 55 yrs old at depende kung aling scheme pipiliin mo. Yung makukuha mong lump sum ang gawin mong pang retire sa pinas. Ika nga, kanya kanyang diskarte lang sa buhay.
@AhKuan assuming ang lump sum mo ay S$200,000, sa P30k/mth expense, ubos ang retirement fund mo after 16 yrs. Sa P60k/mth, ubos after 9 yrs (inflation adjusted).
Personally, sa ganyang halaga, magiimpok ako sa mga Real Assets like Real Estate, Gold/Silver, Commodities, etc. Never sa Paper Assets like Stocks, Mutual Funds, UITF, Insurance. Never din sa business right away until you have sufficient capital to sustain a business.
@nubrid, sabi ko nga kanya kanya tayong diskarte sa buhay. Di po lahat kailangan ng 30k or 60k pesos per month at di lang naman yun lang ang source of funds mo di ba? Depende na lang kung talagang yun lang ang source mo at mag isa ka lang sa buhay at walang pamilya.
Sa binigay mo pong example, di lahat dito sa sg malaki sinsahod at may kakayahan at pwede din mag invest sa mga sinabi mo kahit maliit na puhunan.
@nubrid agree in a way, pero depende p din yan s capability mo as well as expertise and knowledge on where investment should go.
Real Estate is a long term investment. Unless you plan to Buy/Sell properties. Currently Condo is a very good investment given that POGO's are on the rise. I know someone that recently bought another unit to be rented by POGO employees, one year payment agad binayad s knya at hindi tumawad.
Stocks and Mutual Funds ayos din. Specially if you are knowledgeable on how it works.
@AhKuan Agree din ako s inyo sir, Very creative tyong mga Pinoy.
@AhKuan sample figures lang ang P30k, P60k o S$200k so that anyone can make projections. E.g. if I see myself reaching 80 yo, either lower than P30k expense and/or higher retirement lump sum.
To stick with OP's topic, if security for self, family & parents... kulang ang retirement funds. You need to supplement with investments
Initially, I thought din na nakabase sa sweldo ang kakayanan mag-invest. Books such as Unfair Advantage gave me an insight na anyone can invest regardless of income status. Financial Literacy is the key.
@zhypher33 true. From experience, if you stick with 'head knowledge', you're likely to fail. Ang susi is Financial Literacy. Reading books & articles made me realize how 'lacking' I am... it's humbling.
My advice is to hold onto the property you bought forever. This is what I do:
^^^ I still own the property, tenant pays its mortgage, & I can buy new properties... w/o using my own money.
@nubrid newbie question... for #2... Tenants pay for the mortgage. pano pag nawalan ng umuupa sa property mo? ilang months ba dapat ang "emergency money" mo para sa mortgage ng property mo in case na mawalan ng umuupa
dun naman sa #3, what do you mean by cash-out refinance? nonsense question ba? no info talaga re investment
thanks
Nice topic to. actually nagapply na rin kame ng SC - Reject. kaya ibang bansa na lang.
@Admin subok lang ulit o subok sa iba... ako? isip2x kung susubukan bang mag-apply para sa mga kids
Ako hindi ko naman habol yung sobrang daming properties at sobrang daming pera, ?? gusto ko lang safe pamilya ko sa environment, pero Di naman 100% safe dito pero mas maganda pa din kesa sa pinas... Yung pag kuha ng cpf siguro bonus na lang din at mejo matagal pa naman, kumukuha muna ng sapat na ideas para mas maganda ang kalabasan ng desisyon,
awwww, sayang @Admin akala ko pa naman magkakasama na tayo na tatambay sa mga hawker at magkakape pag retire. hahaha.
@nubrid sabi ko nga sa una kong reply sayo, pwede naman mag invest sa pinas kahit taga dito ka na. Ikaw na rin nagsabi pwede mag invest kahit maliit lang ang puhunan so d mo kailangan iwithdraw agad yun. Di naman ako naka depende sa retirement funds lang. May mga pag aari na rin ako di lang sa pinas at dito.
@kabo ang sinasabi nya sa #3, pakatapos ng 3 or apat na taon, ipapa asses nya ulit yung property sa bangko at expected nya na mas mataas na appraise value nung property, manghihiran ulit sya sa bangko at gagawin nyang collateral yung mataas na appraised value nung property nya at babayaran nya yung balanse ng utang nya at yung tira, ibibili nya ulit ng bagong property.
@AhKuan salamat sa sagot. may bagong natutunan
@kabo
2 Need mo ng emergency money good for 3 months. Pero actually, di mo need ng cash-on-hand. Kapag kinapos ka, gamitan mo ng Personal Loan (maliit interest dito sa SG) o ng Equity Loan. Yung Equity Loan, mahirap i-explain dito ng isang upuan eh.
Before buying property, need muna i-research ang (1) target market, (2) vacancy rate, (3) net operating income, (4) valuation, (5) etc... ika nga, planning comes before buying. I use an expert PM (Property Management) to manage my properties. Kapag bakante ng more than 3 months, either sablay ang PM o mataas ang asking mo. Kung madiskarte PM na nakuha mo, marunong dapat sya mag-balanse between long-term & short-term rent.
3 Gamitin kong e.g. ung humingi sakin ng advice kagabi... 2.4m nya binili, 10yrs to pay, 2.8m na sya after 3yrs, 1.8m outstanding principal... gipit sya ngayon, so I gave 2 option:
1) Repricing - pwede nya i-reprice ung outstanding loan na 1.8m with 20yrs tenure (15yrs for OFW)... liliit monthly mortgage
2) Cash-out Refinancing - pwede sya kumuha ng 2.8m na CASH loan... pero since may outstanding na 1.8m (old loan), babayaran muna yun tapos ung difference na 1m ibibigay sa kanya ng bank in CASH.
^^^ hindi ako galit hah... etong markdown kasi eh... amf
@nubrid salamat... pwede mong edit ang post mo, baka sabihin nga nila galit ka
thanks
wala akong edit option eh... maybe dahil sa level ko dito sa forum.
@nubrid oh, ok. yap, pag bago nga wala pa, soon magkakaroon na yan
wow 2.4 M ano yun SGD nice
Php 2.4m with loan tenure of 10yrs... 3yrs after, Php 1.8m ang outstanding principal. @ 7% interest, mortgage is ~Php 27.9k / mth. Present market valuation is Php 2.8m.
Let's say nag-Reprice to 15 yrs, eto bagong figures: Php 1.8m with loan tenure of 15yrs @ 5.88% interest... mortgage is ~Php 15k / mth.
Di pa rin kaya Php 15k / mth? Try Cash-out Refinance, eto bagong figures: Php 2.8m with loan tenure of 15yrs @ 5.88% interest... mortgage is ~Php 23.4k / mth. BUT, you have Php 1m CASH at your disposal (i.e. pay your credit card, etc). CASH is tax-free.
Debt is the new money.
@lutie Ganito gawin nyo baka makatulong, set kayo ng mga baseline para sa mga goals nyo at doon nyo tingnan yung mga Pros at Cons. Nakatulong yan samin ng malaki. Tungkol naman doon sa pag convert, kung para sa pamilya lalo na sa mga anak, mas maigi dito. Isang halimbawa, malaking tipid sa matrikula hanggang matapos ang high school. Yung matitipid mo doon pwede mo pang down payment sa condo sa pinas.