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PR surrender and CPF withdrawal

Relocating, travelling or planning to make Singapore home? Discuss the criterias, passes or visa that is required.
betterlife1984
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Re: PR surrender and CPF withdrawal

Postby betterlife1984 » Sun, 25 Nov 2018 3:23 pm

Bismack wrote:
betterlife1984 wrote:I am going to renounce my PR and withdraw my CPF soon. I have a few questions:

1) Do I need to book an appointment with ICA to renounce my PR? ( I am overseas now)

2) Am I able to withdraw my CPF to my current DBS bank account in Singapore and leave the money there for a while or I have to specify an overseas bank account for CPF to send the money over?
If the transfer to DBS bank acocunt is okay, do I need to inform the bank about the CPF transfer, and tell them I am no longer the PR or things like that? Will the bank still allow me to main the bank account even if I am not PR anymore?

Thanks for your answers!


Hi,

1) Appointment is not required if you plan to visit to renounce yr PR but I believe it does help shorten the wait time. I made an advance appointment online and was done in 15 min.(Appointment was done under PR renewal as there's no option for appointment to renounce PR) Letter confirming no longer a PR and granted 30 days stay.

2) You can give them a local bank acc for crediting of yr CPF withdrawal. It doesn't have to be an overseas bank account. Banks basically doesn't care if your acc was opened with yr PR ID though they do advise you in updating them later when you have given up yr PR. CPF board will Giro into the account no. you've given them. So just make acc no. is correct as they'll make you sign an indemnity form to say they won't be liable shld acc details submitted to them wrongly.

And I was amazed my visit to CPF Service Ctr took only 15-20 min of wait time plus filling up all forms at counter and out. Now only waiting for them to credit into my local bank acc.

I wish you all the best and hope above helps you in some way.


Cheers,


Thank you so much for your answers. i am gonna do the same as you did and get it done ASAP

For CPF trip, Can I just visit anyCPF branch or I must visit CPF headquarter to complete the withdrawal paperwork quickly?

Do I need to prepare any documents in advance if I am going to visit ICA and CPF in person?

betterlife1984
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Re: PR surrender and CPF withdrawal

Postby betterlife1984 » Sun, 25 Nov 2018 4:48 pm

Another question I would like to ask :

Regarding CPF interest payout, I know CPF calculates monthly interest but only pay out at the end of calendar year. If I withdraw the CPF money before year end, is the interest pro-rated up to the date of withdrawal or they don't pay interest for the whole year?

Thanks for your answers in advance !

neconomist
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Re: PR surrender and CPF withdrawal

Postby neconomist » Sun, 25 Nov 2018 6:01 pm

Thank you so much for your answers. i am gonna do the same as you did and get it done ASAP

For CPF trip, Can I just visit anyCPF branch or I must visit CPF headquarter to complete the withdrawal paperwork quickly?

Do I need to prepare any documents in advance if I am going to visit ICA and CPF in person?


As far as I know you can visit any CPF branch to apply for the withdrawal.
Among the documents, besides passport and maybe your SPR card, they will simply ask you to fill up a form declaring that you wish to renounce your SPR status and intend not to come back to Singapore permanently. This last part is for you to be aware of what happen if ever you decide to re-apply for residency in Singapore in the future..

betterlife1984
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Re: PR surrender and CPF withdrawal

Postby betterlife1984 » Sun, 25 Nov 2018 9:08 pm

neconomist wrote:
Thank you so much for your answers. i am gonna do the same as you did and get it done ASAP

For CPF trip, Can I just visit anyCPF branch or I must visit CPF headquarter to complete the withdrawal paperwork quickly?

Do I need to prepare any documents in advance if I am going to visit ICA and CPF in person?


As far as I know you can visit any CPF branch to apply for the withdrawal.
Among the documents, besides passport and maybe your SPR card, they will simply ask you to fill up a form declaring that you wish to renounce your SPR status and intend not to come back to Singapore permanently. This last part is for you to be aware of what happen if ever you decide to re-apply for residency in Singapore in the future..

Got it. Thank you!

betterlife1984
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Re: PR surrender and CPF withdrawal

Postby betterlife1984 » Mon, 26 Nov 2018 1:23 pm

betterlife1984 wrote:Another question I would like to ask :

Regarding CPF interest payout, I know CPF calculates monthly interest but only pay out at the end of calendar year. If I withdraw the CPF money before year end, is the interest pro-rated up to the date of withdrawal or they don't pay interest for the whole year?

Thanks for your answers in advance !


Can anyone who has info on this give me the answer please? Many thanks!

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singaporeflyer
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Re: PR surrender and CPF withdrawal

Postby singaporeflyer » Mon, 26 Nov 2018 2:13 pm

betterlife1984 wrote:
betterlife1984 wrote:Another question I would like to ask :

Regarding CPF interest payout, I know CPF calculates monthly interest but only pay out at the end of calendar year. If I withdraw the CPF money before year end, is the interest pro-rated up to the date of withdrawal or they don't pay interest for the whole year?

Thanks for your answers in advance !


Can anyone who has info on this give me the answer please? Many thanks!


You want to have the cake and also eat it? Don't be so calculative, especially when you have decided to give up your PR

betterlife1984
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Re: PR surrender and CPF withdrawal

Postby betterlife1984 » Mon, 26 Nov 2018 7:03 pm

singaporeflyer wrote:
betterlife1984 wrote:
betterlife1984 wrote:Another question I would like to ask :

Regarding CPF interest payout, I know CPF calculates monthly interest but only pay out at the end of calendar year. If I withdraw the CPF money before year end, is the interest pro-rated up to the date of withdrawal or they don't pay interest for the whole year?

Thanks for your answers in advance !


Can anyone who has info on this give me the answer please? Many thanks!


You want to have the cake and also eat it? Don't be so calculative, especially when you have decided to give up your PR


Of course! That's my cake, anyway. What's the point of having the cake and not able to eat it?

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Strong Eagle
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Re: PR surrender and CPF withdrawal

Postby Strong Eagle » Mon, 26 Nov 2018 9:14 pm

It's pro-rated... but so is your MediSave payment.

betterlife1984
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Re: PR surrender and CPF withdrawal

Postby betterlife1984 » Tue, 27 Nov 2018 12:12 am

Strong Eagle wrote:It's pro-rated... but so is your MediSave payment.

Thanks, mate!

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Wd40
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Re: PR surrender and CPF withdrawal

Postby Wd40 » Wed, 05 Dec 2018 8:08 pm

People who are giving up SG PR, do you guys realize how difficult it is to get one? I find it ironic, you guys have been given PR and you dont even value it, while so many people here would do anything to get one. BTW, PR by investment scheme costs 2M in Singapore, in comparison US EB1 is only 500K USD.

Bismack
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Re: CPF withdrawal processing time

Postby Bismack » Fri, 14 Dec 2018 1:24 pm

Just wondering if anyone out there had a more recent experience with CPF withdrawal processing time.

I submitted in person at a CPF Cust Service centre 5 wks ago and am still waiting for the funds to be credited to my local bank account.

The last post on this matter I found was dd Aug 2017, whom somebody mentioned it took him 6 wks to receive funds.

Bismack
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Re: PR surrender and CPF withdrawal

Postby Bismack » Thu, 20 Dec 2018 12:10 pm

RicoCee wrote:Hi,

I just renounced my Singapore PR last October 1, 2018.

1. I went to ICA in the morning and was given a letter that I renounced my SIngapore PR. I was also given a visa to stay in Singapore for 30 days more.

2. I proceeded to CPF office in the afternoon to process my CPF withdrawal the process was fairly easy just needed to sign some documents and specify my bank account details and overseas address.
(note: make sure to go to your desired bank to update your details to match your name in passport and to specify your passport number because this is what CPF will use)

As of Today, I have not yet received any updates from CPF on the status of my CPF withdrawal. It has been more than 3 weeks already.

Good luck to all of us who are leaving Singapore to pursue a new life in a different Country! will let you know if there are any updates!

Cheers!



Hi,

I'm now in the 6th wk after submitting over the counter to withdrawnmy CPF upon canceling my PR but hv yet to hear anything from CPF Board nor receive the crediting into my local bank acc.(Was told at the counter last time it takes "5-7wks"

I hope you don't mind in sharing how long it took for you to rec yr withdrawal.

Many thks in advance.


Cheers,

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PNGMK
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Re: PR surrender and CPF withdrawal

Postby PNGMK » Fri, 21 Dec 2018 9:01 am

Wd40 wrote:People who are giving up SG PR, do you guys realize how difficult it is to get one? I find it ironic, you guys have been given PR and you dont even value it, while so many people here would do anything to get one. BTW, PR by investment scheme costs 2M in Singapore, in comparison US EB1 is only 500K USD.

Feeling a bit green WD?
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

PR Man
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Re: PR surrender and CPF withdrawal

Postby PR Man » Fri, 04 Jan 2019 3:30 pm

Hi..it been a month passed. So did you get your CPF withdrawal money? I just want to know how long it will take as myself too plan to give up PR.

theroth1
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Re: PR surrender and CPF withdrawal

Postby theroth1 » Mon, 07 Jan 2019 11:10 am

Hi Guys,

I live in Melbourne now and my re-entry permit expired while I was here. Does that mean my PR is automatically expired or do I need to do the normal steps?
Secondly, when I lookup singapore embassy, it looks like the one in Australia is in Canberra. Is it better to go to Singapore to get the formality complete or has anyone done it while in Australia?
Cheers
Theroth


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