In short the IRAS may have questions as well as the Indo tax authorities:
https://www.bloomberg.com/gadfly/articl ... -can-relax
SINGAPORE EXPATS FORUM
Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore
Indonesian's hiding money in Singapore in a mild panic
Indonesian's hiding money in Singapore in a mild panic
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!
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!
Re: Indonesian's hiding money in Singapore in a mild panic
I read on a website , I think Business section of Asiaone.com , that Indo money make up 40% of the deposits in Singapore banks or something like that.
Life is short, paddle harder!!
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Re: Indonesian's hiding money in Singapore in a mild panic
Well.... shut my mouth and tan my hide! Grey money in Singapore banks? Whoda thunk it?
Re: Indonesian's hiding money in Singapore in a mild panic
I don't know how many of the other responder's have noticed this but banks are extremely tight here now on opening accounts and have been very forceful in closing accounts (for firms and societies etc) if the account holders do not respond to updates on identity documents etc.
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!
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!
Re: RE: Re: Indonesian's hiding money in Singapore in a mild panic
Some nationals are refused accounts by Singapore banks.PNGMK wrote:I don't know how many of the other responder's have noticed this but banks are extremely tight here now on opening accounts and have been very forceful in closing accounts (for firms and societies etc) if the account holders do not respond to updates on identity documents etc.
HSBC famously told a person to get their UK branch to set up a Premier Vantage account in Singapore - but not possible to do in Singapore itself.
Re: Indonesian's hiding money in Singapore in a mild panic
It's getting beyond that. For a society bank account I run we were told only resident individuals can be signatories now and we are now required to update their records far more frequently with proof of residency. Secondly we were told that the bank will cancel any signatory if they discover they are non resident (I assume there is some ICA link?). We are seriously considering dropping the none PR / SC signatories off the account.
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!
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!
Re: Indonesian's hiding money in Singapore in a mild panic
We had to do that for our Dragon Boat Team , have the signatory be at least a PR and home owner.PNGMK wrote:It's getting beyond that. For a society bank account I run we were told only resident individuals can be signatories now and we are now required to update their records far more frequently with proof of residency. Secondly we were told that the bank will cancel any signatory if they discover they are non resident (I assume there is some ICA link?). We are seriously considering dropping the none PR / SC signatories off the account.
Otherwise I think we were gonna get the heave-o as well
Life is short, paddle harder!!
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