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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.
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sundaymorningstaple
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Re: PR surrender and CPF withdrawal

Post by sundaymorningstaple » Fri, 28 Jun 2019 11:51 am

In case you were just too lazy to read the whole thread, it will take a MINIMUM of 6 to 8 weeks. Just like you original application for PR, it is different for every individual.

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Re: PR surrender and CPF withdrawal

Post by Rafael_Nevy » Sat, 29 Jun 2019 12:06 am

I do know that the official timeline is 6-8 weeks, but I wanted to know the actual timelines from forum member's experiences.

Looks like you haven't read the thread completely, for some people it took more than 5 months and still counting :D

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Re: PR surrender and CPF withdrawal

Post by sundaymorningstaple » Sat, 29 Jun 2019 1:07 pm

Exactly. #-o

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Re: PR surrender and CPF withdrawal

Post by John Oo » Mon, 08 Jul 2019 10:05 am

Hi, I am planning to renounce my PR. I have one question as follows:

1) I am still repaying back my education loan thru installment plan as per agreement.
2) I have installment loan with UOB bank which will finish in next 2 years.

In this scenario, due to bank loans, will there be any delay in withdrawal of my CPF after renouncing my PR?

Thank you in advance.

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Re: PR surrender and CPF withdrawal

Post by PNGMK » Mon, 08 Jul 2019 12:58 pm

John Oo wrote:
Mon, 08 Jul 2019 10:05 am
Hi, I am planning to renounce my PR. I have one question as follows:

1) I am still repaying back my education loan thru installment plan as per agreement.
2) I have installment loan with UOB bank which will finish in next 2 years.

In this scenario, due to bank loans, will there be any delay in withdrawal of my CPF after renouncing my PR?

Thank you in advance.
No. How do you plan to pay off 1 and 2 though?

One factor you may wish to consider is that CPF is protected monies - if you are at any risk of going bankrupt the OA cannot touch your CPF. CPF is has a reasonable return, very secure and is probably tax free for you as well. You DO NOT need to cash in CPF at the same time you cancel PR - you can leave your CPF account for as long as you need to.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
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Your rugrat needs a School? Avoid for profit schools
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Re: PR surrender and CPF withdrawal

Post by sundaymorningstaple » Mon, 08 Jul 2019 4:18 pm

Long time Kiwi mate of mine kept his CPF account for over 20 years before returning to Singapore and actually getting PR. Gave up his PR a couple of years ago over the inability to get permission to have two maids (wife gave birth to triplets) so he gave up his PR and moved to Surabaya (where his wife's from). Far as I know his CPF is still sitting there and has more than doubled since he worked here back in the late 80's early 90's when EP holders still had to contribute to CPF.

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Re: PR surrender and CPF withdrawal

Post by PNGMK » Mon, 08 Jul 2019 5:38 pm

sundaymorningstaple wrote:
Mon, 08 Jul 2019 4:18 pm
Long time Kiwi mate of mine kept his CPF account for over 20 years before returning to Singapore and actually getting PR. Gave up his PR a couple of years ago over the inability to get permission to have two maids (wife gave birth to triplets) so he gave up his PR and moved to Surabaya (where his wife's from). Far as I know his CPF is still sitting there and has more than doubled since he worked here back in the late 80's early 90's when EP holders still had to contribute to CPF.

Yes F Vespa kept his for over 15 years after cancelling PR when he sold TechnoTransfer in order to keep it away from creditors and gold diggers - as he almost went broke in the GFC due to property tenants being unable to pay rent and property tax foreclosures looming it was his CPF that he knew he could fall back on. It must be one of the very few investments worldwide (apart from secret and illegal accounts) that has this level of protection. You'd need an impossible court order from the Singapore High Court pretty much to get a CPF payout without the account owners agreement. On the other hand I know idiots (divers) who cashed their in (also EP holders incidentally) and bought a range rover with it. Guess where the Range Rover is now? Junkyard. I fear OP will do a similar thing.
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!

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sundaymorningstaple
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Re: PR surrender and CPF withdrawal

Post by sundaymorningstaple » Mon, 08 Jul 2019 6:34 pm

Now there's a name from the past! LOL

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Re: PR surrender and CPF withdrawal

Post by PNGMK » Mon, 08 Jul 2019 7:46 pm

Frank lives in Sarasota on a 70 acre horse farm and makes leather holsters as a money making hobby. A few years ago he started an italian restaraunt and sold it. He's a natural businessman.
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!

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Re: PR surrender and CPF withdrawal

Post by John Oo » Wed, 10 Jul 2019 12:48 pm

PNGMK wrote:
Mon, 08 Jul 2019 12:58 pm
John Oo wrote:
Mon, 08 Jul 2019 10:05 am
Hi, I am planning to renounce my PR. I have one question as follows:

1) I am still repaying back my education loan thru installment plan as per agreement.
2) I have installment loan with UOB bank which will finish in next 2 years.

In this scenario, due to bank loans, will there be any delay in withdrawal of my CPF after renouncing my PR?

Thank you in advance.
No. How do you plan to pay off 1 and 2 though?

One factor you may wish to consider is that CPF is protected monies - if you are at any risk of going bankrupt the OA cannot touch your CPF. CPF is has a reasonable return, very secure and is probably tax free for you as well. You DO NOT need to cash in CPF at the same time you cancel PR - you can leave your CPF account for as long as you need to.
----------------------------------------------------------------------------------------------------------------------------

Hi,

Thanks a lot for your advice. Much appreciated.

For both installment loans, of course I will pay off all the remaining balance once I receive my CPF. As of now, I am not at risk of going bankrupt as well.

Thanks again.

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Re: PR surrender and CPF withdrawal

Post by nick.burnham » Tue, 23 Jul 2019 11:47 am

Thank you all for the very useful information on PR surrender and CPF withdrawal. How long is the average time for the refund of CPF pls?

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Re: PR surrender and CPF withdrawal

Post by sundaymorningstaple » Tue, 23 Jul 2019 3:08 pm

Another too lazy to read the thread?

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Re: PR surrender and CPF withdrawal

Post by Heymic » Mon, 09 Sep 2019 9:09 am

My renauciation done at ica 02 Aug 2019, withdrawal application done at CPF 05 Aug 2019 (to local bank acc) . The withdrawal is still in process and it has been 23 working days since I submitted the withdrawal app.
Remarks: my iras tax cleared 28th Aug 2019.

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Re: PR surrender and CPF withdrawal

Post by xuantran84 » Tue, 10 Sep 2019 3:54 pm

I have just received my CPF.
Timeline - 6 weeks (after all documents submitted)
- 15/07/19: submit document to Singapore Embassy Belgium
- 25/07/19: was requested for DBS e-statement, submitted online via CPF website - My e-Concierge
- 29/07/19: they replied confirmed all documents received and it will take 5-7 weeks
- 09/09/19: fund received.

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Re: PR surrender and CPF withdrawal

Post by Rambo007 » Tue, 12 Nov 2019 7:04 pm

Hi everyone!
I am in Australia as a PR. My Singapore REP expired in 2017 and I got an extension for a year. Would any of you know if I can enter singapore with my expired REP because I still have my IC with me or should I apply for a visitor visa?

Thanks in advance.

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