You don't have to go far to answer that question. How do you feel about paying taxes to Singapore as long as you are holding a Singaporean passport (or PR status), with the only exception if you have low income and live in low value housing? Singapore's MediShield Life premiums (taxes) started November 1, 2015.ricedoll wrote:Strong Eagle, how do you feel about having to file taxes every year and paying additional US taxes (if any) for as long as you are holding your US passport?
There are a lot of ways to answer that question. Unlike a lot of tea party reactionaries, who think government is evil and needs to be choked and strangled to death, and who see paying any taxes as the equivalent of slavery and servitude, I see government as the only peaceful vehicle available to deal with the increasing complex environmental and social issues we all face.ricedoll wrote:Strong Eagle, how do you feel about having to file taxes every year and paying additional US taxes (if any) for as long as you are holding your US passport?
Yes, REP's are limited to a maximum of five years, and sometimes less if the ICA thinks you're a PR abuser. There is not a hard and fast rule of 3 out of 5 years and it's probably a good starting point. Look at it this way. If a person has been out of the country for 4 out of 5 years, but made a lot of money and paid a big chunk of Singapore income taxes, and maintains property in Singapore, she might still get her PR renewed because the ICA sees sufficient ties.Secondly, since I am new to this issue. Does it mean to maintain a valid PR, you need your REP need every 5 years? And to quality for REP renewal, you need to live in Singapore 3/5 years? I read somewhere a while ago, the husband got his PR via his SC wife (they do have a son) and they only use his PR when traveling back to SG for holiday - living overseas now. Only plan to retire in SG in the long future. I didn't question if his PR is still valid now. But in their case, how is his PR still valid? For example in HK, you can get a HKID (PR) after 7 years of living there. Its permanent so you can get your HKID, live in Canada for 30 years, still come back HK with your HKID. In my knowledge, SG PR needs you to be physically in SG right?
That is factually incorrect, and you've been called on it already.ricedoll wrote:The one and only country in the world, along with another African country that has CBT.
Wrong. You are obliged to file only if you meet the income filing threshold. However, for the ~94% of Americans living overseas who genuinely owe zero U.S. tax, the penalty for failure to file a U.S. tax return is ZERO. (As a separate matter, they must file a financial account disclosure form if they meet that threshold, and there is a published failure to file penalty, but no tax is ever owed with that form.)Any American working in any part of the world, you HAVE TO file taxes back to IRS every year for the rest of your lives!
Wrong. It has to be north of about $110,000, all or substantially all foreign, and only if your foreign tax rate is lower than your hypothetical U.S. tax rate. About 6% of U.S. citizens and U.S. permanent residents living overseas fit into this category, including apparently your husband and definitely me.And if you earn more than something like 90KUSD, you pay additional taxes to the US.
Wrong. He's holding a U.S. passport, and that is a package of benefits, current and future, actual and contingent. He is perfectly welcome to terminate his U.S. citizenship if he chooses. (Why hasn't he if he is "not enjoying any US benefits"?)While not enjoying any US benefits, he has to pay because he earns too much.
I'm not predicting that, but I will say that there is some "insurance" value in a diversity of valuable citizenships within a household. I would also point out that Singapore is a very small place (in case anybody hasn't noticed).sundaymorningstaple wrote:And when China start serious flexing it's newly found muscles in the South China Sea, I might make my move back to the US sooner than expected. You might want to think about that aspect as well and not just from a tax viewpoint.
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