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Mint
30-06-2025
- Business
- Mint
From studying in New Zealand to settling down there—an Indian student's journey
Siddharth Thyagaraj, an automation specialist with a company in New Zealand, is now a permanent resident of that country. Thyagaraj went to New Zealand in 2020 for a Master's degree in information technology project management. After he completed the programme, in about nine months, he applied for New Zealand's post-study work visa, which is given for a period of three years after obtaining a graduate or postgraduate degree from a New Zealand university. From student to permanent resident Thyagaraj was previously employed with Accenture Plc. in India, which helped him land a job in New Zealand shortly after graduation. This allowed him to transition from his post-study work visa to a residency visa that came with employment in the country. The residency visa category expired after 2022 (its closest equivalent currently is the skilled migrant category visa). After two years on the residency visa, Thyagaraj applied for and got a permanent residency visa (similar to the US's green card). 'Life in New Zealand is quiet, comfortable, and organised. The flip side for Indian students is the very small job market here," he said. 'You can get a job in a few sectors like logistics, IT and farming, but it's a very small market. For instance, the company I used to work for in India has a New Zealand office with just one-tenth the staff. You may not see fast career growth from a small market like this one," he added. Cost of studying in New Zealand Thyagaraj, who secured a ₹3 lakh scholarship, paid about 40,000 New Zealand dollars in tuition fee and spent another 10,000 NZD on living expenses and rent as a student, adding up to about ₹26 lakh. He estimated that a student would have to spend about ₹40 lakh today on fees for a similar course, accommodation, and living expenses. However, students can take up part-time work to offset some of the costs. International students in New Zealand are permitted to work part-time for up to 20 hours per week. At a minimum wage of 23 NZD per hour, a student can earn up to 1,800 NZD per week (pre-tax), or about ₹93,000. According to financial services firm Zinc Money, for students pursuing postgraduate STEM (science, technology, engineering, and mathematics) or management programmes in New Zealand, the average tuition fee is about $23,000 per year, or about 39,000 NZD. Visas and immigration After graduating from a New Zealand university, students become eligible for a 3-year post-study work visa. From this, they can transition to the migrant category visa category, which generally requires six eligibility points. Students graduating from a New Zealand university get four points, or five points for a Master's degree. The balance points can be earned by working in New Zealand for 1-2 years on the post-study work visa. After 2 years in the skilled migrant visa category, individuals can apply for permanent residency in New Zealand. Salaries and expenses Thyagaraj estimated annual starting salaries in the information technology sector or similar white-collar employment to be in the 50,000-55,000 NZD range ( ₹26-28 lakh), rising to 200,000 NZD (about ₹1 crore) in a few years. New Zealand's highest tax rate of 33% for salaried employees kicks in at a salary of 78,000 NZD. Thyagaraj currently pays about 2,000 NZD in monthly rent for a 2-bedroom apartment, which he shares with his wife and brother-in-law. Monthly expenses claim another 3,500-4,000 NZD. Healthcare is free, but comes with significant waiting to get treatment, he adds. Thyagaraj invests his savings in US index funds as well as fixed and recurring deposits in New Zealand and India. He has also bought real estate in Coimbatore, his native city in India. Buying a house in New Zealand is expensive, he said, with an average 2-bedroom apartment costing the equivalent of about ₹4 crore.
Mint
25-06-2025
- Business
- Mint
Global investing through GIFT City: What a keen investor should know about
India's GIFT City is quickly becoming the go-to hub for investors looking to diversify their assets globally—whether through foreign equities, ETFs, or holding RSUs and ESOPs from multinational employers. But what exactly is GIFT City, and how can Indian residents and NRIs leverage its benefits? For a deeper understanding, join the next edition of Mint Money Forums, a virtual workshop series, where we will discuss 'GIFT City: Gateway to Global Investments and Assets'. This session will be held on July 5, 2025 at 11 AM IST. You can register here. The session will be hosted by Neil Borate, Deputy Editor, Mint, and will feature Mayuresh Kini, Co-Founder at Zinc Money. It will cover three key themes critical to globally minded investors. GIFT City offers a streamlined and cost-efficient platform for investing in global markets. The session will highlight how it compares with traditional routes like the Liberalised Remittance Scheme (LRS), and what makes it an attractive option for Indian residents. Planning for international education, overseas travel, or retirement? This session will explain how investments routed through GIFT City can help match your currency exposure with your real-world goals—reducing conversion risk and enhancing portfolio alignment. NRIs often face regulatory roadblocks when investing in India or globally. GIFT City simplifies that process with a transparent and uniform structure, offering a one-stop solution for NRI investment and repatriation needs. If you hold foreign stock options, are planning global financial goals, or simply want more efficient cross-border access, this webinar is designed to help you make informed, compliant decisions. Register now to reserve your spot for this expert-led session. Disclaimer: This edition of Mint Money Forums is presented in partnership with Zinc Money.
Mint
25-06-2025
- Business
- Mint
Planning undergrad abroad? Here's why you should look beyond the US
For Indian students who plan to pursue an undergraduate (UG) education abroad, the choice boils down not just to prestige and opportunity but a far more practical concern — cost. The US has long been the dream destination, but countries such as Germany, the UK, Australia and Singapore may offer a more cost-effective path to the same global exposure and career opportunities. Mint previously analysed how the cost of pursuing a postgraduate degree abroad varies across countries. This article looks at the undergraduate landscape, comparing tuition fees, living expenses and the overall return on investment for an education in countries such as the US, UK, Germany, Australia and Singapore. Cost-benefit analysis Let's start with the basics. UG programmes in science, technology, engineering and math (STEM) and management in the US typically cost around $36,000 and $35,000 a year in tuition, respectively, and living expenses average $18,000 a year. Over four years, that adds up to a hefty $212,000 to $216,000. In contrast, a three-year undergraduate program in the UK costs about $123,000, and in Australia between $114,000 and $120,000, depending on the stream. Singapore is in the middle, with a four-year cost of $130,000. But Germany, with nearly zero tuition and average annual living costs of $12,200, offers the same UG degree at just $37,500—nearly one-sixth of the cost in the US. Prasanth Kumar Ragupathyis an automotive powertrain calibration engineer who studied in France. He said that beyond tuition and rent, insurance in countries such as the US can cost thousands of dollars—an expense that's often overlooked by students and parents. 'You may think you're earning more in the US, but much of it goes into hidden costs such as insurance, healthcare and visa renewals," he said. He said countries such as Germany or France have lower direct costs and provide a more stable social support system, making them more attractive to settle down in long-term. 'While American salaries might seem higher, the holistic living experience in Europe provides unique opportunities for personal and professional growth," he said. Students should choose the course first, then the country. Ragupathy said, 'Don't follow consultants blindly. Do your own research. The cheapest or the most expensive option isn't necessarily the best — it's the one that aligns with your academic and career goals." Hidden challenges Mayuresh Kini, co-founder of Zinc Money, highlighted several crucial financial considerations that families often overlook. One major factor is the legal and financial complexity for students under the age of 18. 'At this age, you can't sign loan documents, which means your parents must become co-borrowers or co-signers," Kini said. This can creates hurdles for families in which the parents are reluctant to share their financial details with banks or take on liability, especially when the student is not yet legally an adult. Kini also drew attention to structural differences in education systems that directly affect costs and planning. For example, Germany requires 13 years of schooling to qualify for public university admission. 'As an Indian student with a 10+2 education, you'll actually need to complete an additional year in an Indian college before you can apply to a German public university," he said. He advised families to start to process early and take a long-term view. 'Successful international education planning begins early — ideally in seventh or eighth standard. This gives you ample time to prepare academically, financially, and personally," he said. According to Kini, the total cost for an undergraduate and postgraduate education can range from USD 70,000 at the low end, and touch as much as USD 500,000 at the high end (for US Ivy League), so it's essential for families to map out the financial journey from the outset. Zinc Money offers an interactive calculator that helps students and parents estimate the total cost of studying abroad. It allows users to explore expenses based on the destination, course, and even specific colleges. Other things to consider Abraham said students often overlook certain expenses when calculating the total investment. "Airfare, visa costs, health insurance, personal travel — they all add up. I advise students to anticipate at least six trips home over a three-year programme." Factoring this in, the US becomes a far more expensive proposition that it already is. Another factor that affects the total cost is the duration of the course. UG programmes in the US and Singapore typically last four years, while the UK, Australia and Germany generally have three-year programme. That extra year can easily translate into an extra $30,000–$50,000 of expenses. Also, consider getting an internship as they can significantly improve career outcomes, said Dr. Christopher Abraham, professor and campus head at SP Jain Global School of Management. 'Students who engage in internships during their UG studies tend to command higher starting salaries. Without internship experience, a student may start at a lower salary and take years to recover the investment. But with industry exposure, the ROI can be far more favourable," he added. Ragupathy said learning the local language is essential, even if the course is taught in English. 'Most European universities offer language courses, and immersion helps. Avoid clustering with only Indian students — interact with locals to adapt faster." Abraham said, "Language is less of a barrier now, with tools such as Google Translate. But students must still make the effort. It typically takes six months to become conversational." Part-time work International students are generally allowed to work part-time while studying in several countries, though the rules regarding working hours, wages, and eligibility vary widely. The following overview reflects the 2025 regulations and typical earning scenarios based on standard wage rates and work-hour limits in each country. International students must adhere to the permitted working hours as violating these limits can result in serious visa consequences. These earning figures are conservative estimates and should be verified with specific institutional guidelines and local labour laws before taking up employment. However, experts said part-time work alone was unlikely to cover all expenses—some support from family or a loan would still be required.
Mint
18-06-2025
- Business
- Mint
Planning post-grad abroad? Put strategy over sentiment to make the right choice.
For thousands of Indian students considering postgraduate (PG) education abroad, the dream often comes with a hefty price tag and a complicated set of decisions. Whether you're aiming for a STEM (science, technology, engineering and mathematics) degree in the US or a management course in Germany, understanding the total cost of education—including tuition, living expenses, and other less obvious factors—is essential for making a smart financial and academic choice. Here's how to go about it. US is the most expensive The United States remains one of the most expensive destinations for a PG education. A two-year STEM degree in the US averages $100,000, factoring in tuition ($32,000 a year) and living expenses ($18,000 a year). Management courses are even pricier at about $116,000 for the same duration. Students heading to the United Kingdom can expect to pay around $58,500 for a an 18-month PG course in either STEM or management, while in Australia the total cost ranges from $58,500 for STEM to $63,000 for management degrees of a similar duration. Germany is the most budget-friendly option. With near-zero tuition (around $600 a year) and modest living costs of $12,200 a year, a two-year PG course costs roughly $25,600. Singapore offers one-year programs, with costs ranging from $33,500 for STEM to $38,500 for management. Also read | Should you fund your child's foreign education with savings, a loan, or both? 'Families need to think beyond just tuition," said Mayuresh Kini, co-founder of Zinc Money, a fintech company focused on providing financial solutions for families planning overseas education for their children. 'You have to account for living costs, travel, visa, insurance, and potential exchange-rate fluctuations. That's where smart financial planning—like investing in USD assets or UCITS funds—can help hedge against rupee depreciation." UCITS funds are mutual funds that adhere to the European Union's Undertakings for Collective Investment in Transferable Securities framework. How to choose the right college Choosing the right college involves more than just where you want to live. 'Don't choose a country first; that's often misguided," said Dr Christopher Abraham, professor and head of campus at SP Jain Global School of Management. 'Start by identifying your field of interest, then evaluate the academic fit. Dive into course content, faculty profiles, and research outputs. Reputation alone isn't enough." Abraham emphasised evaluating the potential return on investment (ROI)—not just through tuition and living expenses, but through job placement opportunities, expected starting salaries, internship support, and alumni success. 'ROI isn't just about cost; it's about the financial and career trajectory your degree offers," he said. Kini agreed, saying, 'Start with your field of study, then shortlist top institutions globally. From there, weigh in location preferences, visa rules, job prospects, and overall costs." Oft-overlooked factors An often-overlooked factor is the strength of the local industry. A country that supports your chosen field with a vibrant job market, internships, and potential startup opportunities can drastically influence post-graduate outcomes. 'Studying in Germany for engineering or biotech makes sense because their industry supports it," said Abraham. 'Likewise, Dubai offers excellent opportunities in business and fintech, and is significantly cheaper than Singapore or the US when it comes to daily living expenses." Abraham also highlighted the importance of checking immigration rules and work rights. 'Visa policies can change quickly. The US may seem attractive, but it's legally unpredictable. Countries in Europe and Asia often offer clearer, more achievable paths to long-term residency." Also read: Studying abroad? How prepaid forex cards help manage student expenses Cultural compatibility is another key factor. 'You may love the idea of studying in Germany, but not speaking German could limit integration and even job prospects," said Abraham. 'Understanding social norms such as punctuality, and having access to psychological counselling or cultural integration programmes is crucial." Many Indian families default to US institutions because of a relative's past success, Abraham noted. 'The global education landscape is changing rapidly," Kini said. 'Regulations, costs and job markets evolve. Flexibility and research are your best allies. Planning your finances with the mindset of investing—perhaps even creating a non-rupee portfolio early—can be more effective than scrambling for last-minute education loans." How to compare costs Abraham recommended comparing the cost of a McDonald's burger or Coca-Cola across cities to evaluate affordability. 'It's a surprisingly accurate way to gauge daily living costs," he said. Abraham also cautioned students not to be swayed by higher salaries in countries such as the United States. 'While US salaries might appear more attractive on paper, you need to account for deductions such as taxes, healthcare premiums, and rent," he said. 'Someone earning 20,000 dirhams (about $5,500) tax-free in Dubai—which is common for our MBA graduates—can actually save more than someone earning $10,000 in the US." He added that employers in Dubai often cover essential costs such as health insurance, visa fees, and sometimes even accommodation and transportation. This reduces the individual's financial burden and allows for higher savings—something that's often overlooked in the rush to pursue the 'American dream'. Also read | Study abroad: How to prepare your class 9 kid for Harvard and Yale 'Many people underestimate the hidden costs that come with studying and working in the US," said Abraham. 'It's important to compare the complete picture, not just salaries or university rankings. A more affordable city with better financial support and job prospects may offer a higher return on investment in the long run." Bottom line Studying abroad isn't just an academic decision—it's a strategic life choice that blends personal goals with financial planning. Start by matching your field of study with a country's strengths. Choose courses which offer skills that will remain relevant long in the future, and plan your finances early to manage currency risks and rising costs. Also, avoid picking a country before choosing your field study. Don't blindly chase prestige or follow someone else's path – focus on what aligns with your own goals and strengths.
Mint
07-06-2025
- Business
- Mint
Foreign income or stocks? Learn how to reporting, taxes & more
Employee Stock Options (ESOPs) and Restricted Stock Units (RSUs) issued by foreign companies have increasingly become part of compensation packages for Indian professionals. Yet, navigating the intricacies of reporting such foreign income and understanding associated tax implications can be complex and daunting. To address these challenges, Mint is hosting an insightful webinar titled 'Foreign ESOP/RSUs or Income: Reporting, Taxes, and More', scheduled for June 14th, at 11 AM. You can register here. 'Understanding schedule FA and the correct way to report RSUs, ESOPs, stocks and any other foreign assets is the key to avoiding stiff legal consequences including a 10 lakh penalty. We will guide you on how to fill this key form in your ITR,' said Neil Borate, Editor of Mint Money. The webinar will feature Neil in conversation with Mayuresh Kini, Co-Founder of Zinc Money. They will demystify the processes involved in accurately reporting foreign ESOPs, RSUs, and related income, along with offering clarity on tax obligations for Indian taxpayers. 'If you're an Indian resident, remember that India taxes your global income - so disclosing all your foreign assets (including RSUs) and income is a must,' said Mayuresh. Participants of this interactive session will learn about, Comprehensive guidance on reporting foreign ESOPs and RSUs in your Indian tax filings. Understanding tax treatment and obligations related to foreign-earned income. Navigating Schedule FA accurately to report foreign assets. Common pitfalls and best practices in managing cross-border financial instruments. Given the evolving global employment landscape, clarity on foreign ESOPs and RSUs is essential for tax compliance and financial optimisation. This webinar aims to equip professionals with practical tools and expert advice to manage their foreign assets confidently and effectively. Don't miss out on gaining crucial insights from industry experts. Register Now.
