I WISH TO RETIRE, IM OVER IT !!!

[WHITE ASIAN]

Im Australian.
In my early 50`s.
I want to semi retire.
Hello people, being told a lot of crap about what you can & can not do with regards to buying freehold property in SG.
Also creating a shelf company for trading throughout South East Asia.
I already hold an SG bank account with the required Citi Bank deposit for an Ex Pat.
Anybody have any ideas on where to find or a good URL link to follow ?
Any help would be greatly appreciated.

Thanks people.
Dan

[PNGMK]

For what? What exactly do you want to know?

[WHITE ASIAN]

Thanks for a fast reply !!!
Can an expat own freehold property, be it newly constructed or 20 years old, for residential purposes.
What is involved in creating a shelf company ?
I understand they have the same double indexation within 6 months, or pay no tax as per treaty but does a shelf company need an SG national to be a director of the PTY LTD ?

[PNGMK]

You can own a condo here no issues. Why do you want a shelf company? That might help answer that question but yes you need a citizen or permanent resident director.

[Strong Eagle]

"Shelf" companies pretty much don't exist in Singapore because you can setup a company online in about 24 hours. Fast and cheap. If you are not a resident of Singapore the big hangup is that you need a "normally resident" director for your company, and most people offering to be directors have become much more careful about whom they will represent. Still fast, though, if you have the cash, a Singapore bank account, and will do all your tax and employment business through the company supplying the director.

Why do you want a company? You say, "trading throughout South East Asia" but what does that mean?

Cheers.

[Max Headroom]

When you acquire a shelf company, it may well have a history of revenue and/or profit and/or taxes paid, which is better, me thinks, when doing business, locally or internationally, than a spanking new company, no?

[WHITE ASIAN]

Thank you very much once again for your replies guys, greatly appreciated.

PNGMK...I believe I can own a new condo how ever what about something that is say 20 years old in the outer sectors ?
I would like a shelf company or any other type of company for a few reasons.
1. Self autonomy
2. My wife is somewhat mildly autistic & I have entangled my Assets in Australia along with a SMSF & other SEA investments so as they can be managed through a trust. Predominantly so she can have a residual income & a few places to live throughout SEA depending on her support & lifestyle.
3. ASEAN based companies are not prone to the scrutiny & indexations as are companies that are outside of the ASEAN.

STRONGEAGLE...I can very well understand why SG residents would have apprehension towards being a director..they have good reason along with a pending chicken run in Europe.
What do i trade;
1. Trading equities
2. Fisheries, although the boats & catch export is in the Phillipines
3. Commodities like copra, cocoa, coffee ect....

[bgd]

If you are going to live in this condo then you will likely need some form of residency. I don't think doing it on tourist visa will be workable in the long run, unless you will be spending little time here.

But I could be misunderstanding your intentions here?

[WHITE ASIAN]

MAX, you probably have a point how ever, as i understand it, a shelf company can be a completely new entity with an association with an Australian or any other company from almost anywhere in the world...a "subsidiary of" lets say...then entangle that with a trust...
It really is all about making sure my wife & child is taken care of after I am gone along with making sure no greedy little manipulative fingers can have access to her well being...oh to look at the world through my wife eyes...I how ever am less trusting....born a "whiteman" living in Asia is somewhat seen as a "walking ATM"...just sayin..

[alekstan]

Local man here, not really sure but just to help out here.

Probably after having a shell company and one could get the shell company to buy restricted properties and long term stay passes for families as well.

Foreigners are not restricted from acquiring:

Developments approved as a condominium development under he Planning Act
A flat in a building of 6 levels or more including the ground level and any level below the ground level including HUDC Phase I, Phase II flats and privatised HUDC Phase III and IV flats
A leasehold estate in restricted residential property (refer to A) for a term not exceeding 7 years including any further term which may be granted by way of an option for renewal
What are the restricted residential properties?

Foreign persons (including natural persons, foreign companies and societies) are restricted from purchasing:

Vacant land
Landed residential property, such as bungalows, terrace houses, semi-detached houses
Residential property in a building of less than 6 levels

[PNGMK]

1. The condo question is answered.

2. Why would you (if intending to reside in Singapore) keep ANY income producing assets in Australia? If the main reason to be in Singapore is to escape levies and taxes you need to become non resident in the eyes of the ATO.

3. OK I see why you want a 'shelf company'. You probably and really need to see if you can acquire residency in Singapore (PEP, Entrepass, PR). With that you can do everything you need to; buy property with less duty, set up a Pte Ltd, Open bank accounts. Your goal should be to move everything out of Australia and into a low tax, high privacy situation as you have surmised. I would however state that Singapore is very much in a state of flux (change) with regard to privacy right now...

[WHITE ASIAN]

I have replied to this in open forum in the hope that to whom reads this will help themselves in some way to pursue their freedom of mobility without prejudice to anybody or any Government body.......

"Very nice work PNGMK...a boy that has done some homework...
1. But can I buy a 30 year old residential property that lets say is being advertised for sale for residential purposes ?

2. Why Australia...
Its a country that is extremely stable..probably one of the best in the world..& nowhere near a recession for the next 2 decades..2 more fiscal quarters & only Rome historically has had such a run with no recession until the fall of Rome...
How ever, like many countries in the OECD it has an ageing population & by 2025 all Super will be annexed & only annuities will apply to your lump sum..which is where my SMSF comes in to play. Taxes will rise accordingly..SG has pegged its currency..aligned & affiliated itself with the 4 main Chinese families & its "state of flux" is a residual of reserve bank bashing..as Temesek has found...
Residing in SG is not just about levies & taxes, its more about a base for a mindset of a western child who is predominantly a white Asian...SG has a good university for Philosophy in which I wish to undertake whilst going to a yoga school in Thai & Indo and attending my business in the Phillipines, Malaysia & Vietnam.
I will of course fly in & out of Australasia, so i guess i will be allowing life to take over & run its course...also non resident in the eyes of the ATO lawfully as per treaty in which its sounds like you are very aware of...which surprises me you know that...

3. (PEP, Entrepass, PR) is what i was looking for & will follow up on..thank you !!!! As for high privacy...SG would be one of the last places on earth now that it has sold itself to the OECD.. not to mention the treaties it has signed above board...but we both know better...the above board in which i wish to pursue as far as this forum is concerned is more about my beautiful autistic wife & making sure she is provided for after i am gone...thank you so much once again for your replies...it is greatly appreciated"...

[PNGMK]

I think you need to put down the tin foil hat.... but...

1. "Residential" meaning landed (a bungalow?). No - not without approval of the SLA (www.sla.gov.sg) and you won't get it without being a PR for umpteen years or a citizen. Unlike Oz Singapore actually keeps landed property for it's citizens and not the chinese.

2.. Why does it surprise you that an expat would not know about the ATO and non resident status? I guarantee you at least 50% of the Aussies I meet here could work in Perth or wherever but are here because of the ridiculously high tax rates in Oz. Look the ATO non-residential status hinges on a LOT of things as I suspect you know and the general rule here among Aussie expats is to sell up; cash out EVERYTHING so you can a zero balance in Australia and then (if you wish) reinvest as an overseas investor in the eyes of the ATO. There's no doubt in my mind that the Aussie govt (and ATO) will eventually move to citizen based taxation similar to the USA and tax Aussie expats living overseas. You'll have noticed they've cancelled pension for long term overseas Aussies and those who have not lived in australia for 35 years since the age of 16....

3. I haven't followed the super debate (I have no interest in contributing into a system that takes 15% on the way in... much less as you say who knows what changes will happen in decades to come) and your'e right that the demographics in various countries are an issue (and hence why the Liberals support immigration of young people to Australia). Singapore uses immigration to address this as well but they have already flagged income tax increases in the years ahead due to their hopeless TFR and demographic bell curve moving to the right.

[ecureilx]

3. Commodities like copra, cocoa, coffee ect....

Off thread but .. one of the commodities above, we tried and failed as its pretty monopolized by a Senator.

Interesting that you flew under the radar.

[Strong Eagle]

When you acquire a shelf company, it may well have a history of revenue and/or profit and/or taxes paid, which is better, me thinks, when doing business, locally or internationally, than a spanking new company, no?

Again, shelf companies are virtually non-existent in Singapore. Sure, you can read about Rivkin's shelf companies but if you read the fine print, all they have done is create a company and turn it over to you. It is not like Thailand or Malaysia where incorporation of a company is a long drawn out affair. Thailand requires something like seven local directors for every foreign director so a shelf company is about the only way to go unless you have plenty of time.

I'd never want a shelf company with a history, and you will be hard pressed to find a shelf company with a history. Why? Because, as the name implies, the company is dormant, "on the shelf". A company that is not loss making is rarely for sale, except at a price consistent with its level of profit, and I cannot see any benefit in purchasing a loss making company. In any case, neither of these can be considered "shelf" as they would have to be in active operation to generate profits or losses.