Returning to Singapore after renouncing PR & CPF withdrawal

[PNGMK]

MY ex boss Frank Piaggio kept his in for almost 20 years. He was here a few months ago pulling it out. He actually used CPF as a bolt hole - a US bankruptcy court couldn't find it or touch it he claimed....

[BBCWatcher]

....a US bankruptcy court couldn't find it or touch it he claimed....

Singapore law generally protects your CPF account against creditors, and presumably that protection makes it at least difficult for foreign creditors to reach those funds. All that is part of the "extremely low risk" characterization upthread.

CPF is not unique in this way. U.S. tax-advantaged retirement savings accounts -- 401(k) plans, for example -- are also generally protected against U.S. creditors. Of course the best protection against creditors is not to have any.

[sundaymorningstaple]

If you own an HDB flat it is also protected from Bankruptcy if you live there.

[Addadude]

If you own an HDB flat it is also protected from Bankruptcy if you live there.

I thought that only applied if you bought the flat directly from HDB? My understanding was that if you bought the flat as a re-sale unit and used a normal bank mortgage, it would be considered 'fair game'.

[sundaymorningstaple]

I may well be misinformed then. While I bought resale, I used HDB Mortgage/CPF so possibly that why. But I could understand that if mortgaged, but if the flat is paid for? Don't know.

From HDB...

Bankruptcy
Under the Housing and Development Act, as long as 1 of the HDB flat owners is a Singapore Citizen, the owners will not be compelled to dispose of their flat in the event of a bankruptcy. However, if the flat has been financed with a mortgage loan and the flat owners are unable to repay their mortgage either to a bank or to us, the bank can seize and sell their flat through a mortgagee sale. We can also acquire their flat compulsorily.

The Official Assignee (OA)'s consent is not required if the flat owners would like to sell their flat, as long as 1 of the flat owners is a Singapore Citizen. Otherwise, they will need a letter of consent from the OA before they grant their prospective buyer an Option to Purchase.

There's the key. Spouse is a SC so cannot be touched except by the bank if still under mortgage so they can sell the flat, but outside creditors cannot touch it as long as one is SC.