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PR Surrendering and CPF Withdrawl

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cherry25
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PR Surrendering and CPF Withdrawl

Post by cherry25 » Mon, 05 Nov 2018 1:21 pm

Hi ,
I am currently singapore permanent resident, and  am relocating to outside Singapore for a job opportunity. I have few clarifications
1.CPF withdrawal: There is possibility that I will settle outside singapore. Should I with draw CPF now or wait till 55.  If I surrender PR now and withdraw CPF now my understanding is IRAS will tax CPF withdrawal. If I wait till 55, I may not be a PR at time when I turn 55, my understanding is Since I will not be a PR , I will still have to pay tax on CPF withdrawal.
2.I have a son, who is 12 . As we surrender PR for family,  will my Son have an impact if he or we come back to work in Singapore after few years.
3.I own a condo in singapore. Once I surrender PR, can I still hold the condo? What is tax impact, when I sell it in 5 years, in case I have capital gains.

Thanks so much.

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singaporeflyer
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Re: PR Surrendering and CPF Withdrawl

Post by singaporeflyer » Mon, 05 Nov 2018 6:26 pm

cherry25 wrote:Hi ,
I am currently singapore permanent resident, and  am relocating to outside Singapore for a job opportunity. I have few clarifications
1.CPF withdrawal: There is possibility that I will settle outside singapore. Should I with draw CPF now or wait till 55.  If I surrender PR now and withdraw CPF now my understanding is IRAS will tax CPF withdrawal. If I wait till 55, I may not be a PR at time when I turn 55, my understanding is Since I will not be a PR , I will still have to pay tax on CPF withdrawal.
2.I have a son, who is 12 . As we surrender PR for family,  will my Son have an impact if he or we come back to work in Singapore after few years.
3.I own a condo in singapore. Once I surrender PR, can I still hold the condo? What is tax impact, when I sell it in 5 years, in case I have capital gains.

Thanks so much.
2.Yes.

3You can still own the condo

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sundaymorningstaple
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Re: PR Surrendering and CPF Withdrawl

Post by sundaymorningstaple » Fri, 09 Nov 2018 9:47 am

CPF is not taxable. Give up your PR and you can have it sent to any bank in the world via electronic transfer, takes around 3 weeks I believe. It is NOT taxable by IRAS. However, if you withdraw your CPF you will not be able to return to Singapore and Take up PR in the future unless you return ALL the withdrawn CPF & Interest earned along with a some equal to the interest that would have been earned had the original CPF & Interest been left in CPF for the period of time from giving up your PR to the current date.

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