January came in fast and furious.

And I don't mean the movie franchise (though honestly, the plot twists this month could rival it). I mean governments went from zero to a hundred while most of us were still recovering from New Year's.
January was... a lot. Like, genuinely A LOT.

The S&P hit 7,000. India dropped its most expat-friendly budget in years. The UK formalized the end of the non-dom era.

If you're sitting there thinking, "Wait, all that happened in ONE month?"- yes. Yes, it did.

Quick note: Swamped? Click the section buttons above to jump to what matters most to you.

Now, here's what's interesting about January: these weren't random moves. Governments made big decisions this month, and they all have the same goal - keep capital flowing, keep investors happy, stay competitive.

Everyone's trying to attract money when everyone else is doing the same thing. Which means if you're globally mobile and managing money across borders, January has been interesting to say the least.

Let's break down what happened - and what it means for you.

On January 28, the S&P 500 traded above 7,000 points for the first time. The index has been driven largely by mega-cap tech and AI-related companies, which means the performance is more concentrated in a handful of names than the headline suggests. If you hold broad U.S. equity exposure-through pensions, brokerage accounts, or employer stock plans - your dollar balance sheet just got materially higher.

What to Watch Out For
Concentration risk: The rally is narrow. A small cluster of tech giants is doing most of the heavy lifting, which means if sentiment shifts on AI or tech, the index could correct faster than it climbed.

✅ What works:
U.S. equity holdings may have increased in value during this period, even without fresh contributions. For globally mobile professionals with U.S. employer equity or 401(k)s, this represents a significant change in paper wealth.

⚠️ What breaks:
The concentration in mega-cap tech means diversification may be less than it appears. "S&P 500" sounds diversified, but the top 10 stocks now account for a disproportionate share of returns.

🤔 What to check:
Ask yourself If you’re earning in GBP/EUR/INR but holding U.S. equities, what is your real return after currency exchange rates? How does your current (or future) tax jurisdiction treat U.S. securities, and what are the implications for when you sell them?

This is a long one!!!

On February 1, India's Union Budget 2026- 27 was delivered with a clear target: NRIs, OCIs, and foreign investors. This is the most expat-focused Indian budget in recent memory. Here's what changed:

A. NRI equity investment limits doubled

India has a special investment route called the Portfolio Investment Scheme (PIS) that allows overseas Indians to invest directly in Indian stocks. Think of it as a dedicated pathway for NRIs to buy shares in Indian companies without needing complex foreign investor registrations.

The budget made this much easier:

B. Upfront tax on money transfers slashed

When you send money from India abroad for education or medical expenses over ₹10 lakh (~$12,000 USD), the Indian government collects an upfront tax called Tax Collected at Source (TCS)- think of it as a deposit that gets adjusted when you file your taxes.

The changes:

The impact: Families funding overseas education or medical treatment will pay less upfront tax when transferring money. For a ₹20 lakh transfer, that's ₹60,000 less tied up upfront (though you can claim it back when filing taxes, this improves immediate cash flow).

C. Foreign Asset Disclosure Scheme (FAST-DS 2026)

This is a six-month amnesty program for NRIs, students, or young professionals who moved abroad and forgot to declare foreign income or assets to Indian tax authorities. Think of it as a "get out of jail free" card with a fee. There are two categories:

Why it matters: Relocated NRIs sitting on undeclared foreign bank accounts or investments now have a defined path to come clean with reduced penalties.

D. Property transaction paperwork simplified

Previously, when buying property from an NRI in India, the buyer needed to get a special Tax Deduction Account Number (TAN) to deduct taxes at source.
From October 2026, this requirement is gone. Buyers can now use their regular PAN (like a tax ID number), making NRI property transactions work exactly like domestic property sales.

What this means: If you own property in India and want to sell it, or if you're buying property from an NRI seller, there's less paperwork starting October 2026.

E. Foreign investment rules being reviewed

The government announced a review of FEMA (Foreign Exchange Management Act) rules governing how foreign money flows into Indian investments. The goal is to make the framework more user-friendly.

The bottom line: More changes may be coming to make it easier for expats to invest in India, but details aren't finalized yet.

F. MAT exemption for non-residents on presumptive taxation

Non-residents who pay tax on a presumptive basis (a simplified tax calculation method for certain business income) are now exempt from Minimum Alternate Tax (MAT) - a backup tax system designed to ensure companies pay at least some tax even if they have lots of deductions.

What this means: If you're an NRI with business income in India taxed under presumptive rules, you won't face the MAT backup tax anymore.

What to Watch Out For

✅ What’s works

⚠️ What breaks

🤔 What to check:
Do you have the right type of bank accounts (NRO/NRE with PIS access) to invest in Indian stocks directly? Are you a relocated NRI with foreign assets or income you haven't declared to Indian tax authorities? If yes, do you qualify for Category A or Category B of the amnesty scheme, and should you consult a cross-border tax advisor before the deadline?

The UK government formalized plans to move away from the traditional "non-dom" framework (which allowed UK residents to avoid UK tax on foreign income if they claimed their permanent home was outside the UK) toward a residence-based system for taxing foreign income, gains, and-over time-inheritance tax.

This shift is now the central planning issue for mobile families considering moves to or from the UK in the late 2020s.

Key proposals:

✅ What works:

⚠️ What breaks:

🤔 What to check:
How will your 3, 5, or 10-year residency timeline trigger UK tax on global assets, and do you qualify for the 4-year foreign income exemption after a 10-year absence? Which of your UK versus offshore holdings face new residence-based taxes, and have you bridged state pension gaps before the April 2026 voluntary contribution deadline?

January 2026 will be remembered as the month governments stopped planning and started acting.

The S&P hit 7,000. India rolled out red carpets for NRIs with doubled investment limits, slashed transfer taxes, and an amnesty for undisclosed foreign assets. The UK formalized the end of the non-dom era and tightened National Insurance rules.

If you're globally mobile and managing money across borders, these three developments represent significant regulatory and market shifts. Some create opportunities (India's doubled PIS limits, TCS cuts, amnesty window). Others create new compliance requirements (UK residence-year tracking, state pension planning). And some-like the S&P at 7,000-are markers of where we are in the cycle.

The question isn't whether these changes affect you. It's which ones affect you most-and where you can get qualified advice on your specific situation.

Managing multi-jurisdictional tax and financial situations is complex, and the January developments above make it even more so. There are various tools and services available in the market to help navigate these issues, and it's worth exploring what's available.

Settel is now live.

Our first Alpha Cohort officially stepped inside Settel last week. The feedback has been invaluable, and we've identified three small optimizations we're building into the experience for Cohort 2.

This is exactly why we chose a phased rollout-to make sure the experience is as seamless as possible before wider access.

Cohort 2 is opening soon. We're on track to trigger the next wave of invites in just a few days.

Every referral you share moves you up 3 positions on the waitlist. If you're waiting for access and want to move up faster, sharing your unique referral link helps prioritize your invitation to the next cohort.

Settel is one of many tools in the market. We built it specifically for multi-jurisdictional tax calculation and planning, but you should evaluate whether any tool-including ours-fits your specific needs. As always, professional advice is recommended for significant financial decisions.

Thanks for reading,

Anita
Founder, Settel.io

P.S. This is the first Global Gains newsletter covering live, breaking news. More of these coming in February. If there's a topic you want me to dig into, hit reply and let me know. I read everything!

P.P.S. Settel provides information and calculations to help you understand your multi-jurisdictional tax position, not personalized tax or investment advice. Always consult a licensed professional for specific recommendations.

P.P.P.S. This newsletter provides general information only and does not constitute financial, investment, or tax advice. Settel provides information and calculations to help you understand your tax position, not personalized advice. Always consult licensed professionals for specific recommendations. Investments can go down as well as up, and you may lose capital.