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Self deposit in Singapore CPF account.

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VJK_SG
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Self deposit in Singapore CPF account.

Postby VJK_SG » Mon, 10 Dec 2018 7:39 pm

Hi Guys,

Could you please let me know whether self deposits to Singapore CPF account is possible?

Regards,
VJK

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singaporeflyer
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Re: Self deposit in Singapore CPF account.

Postby singaporeflyer » Mon, 10 Dec 2018 7:40 pm

VJK_SG wrote:Hi Guys,

Could you please let me know whether self deposits to Singapore CPF account is possible?

Regards,
VJK


Is possible and it is called as CPF Topup. But be assured it wont help for REP renewal.

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sundaymorningstaple
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Re: Self deposit in Singapore CPF account.

Postby sundaymorningstaple » Mon, 10 Dec 2018 9:06 pm

In fact, it will send up a red flag that you have been burning the candle at both ends and are now trying your level best to buy your way in. Topping up your CPF doesn't do anything towards being beneficial to the country, it's only beneficial to you. ICA isn't stupid.

bro75
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Re: Self deposit in Singapore CPF account.

Postby bro75 » Tue, 11 Dec 2018 8:07 am

There is a benefit to topping up cpf. See below:
https://www.cpf.gov.sg/eSvc/Web/Schemes ... andingPage

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PNGMK
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Re: Self deposit in Singapore CPF account.

Postby PNGMK » Thu, 13 Dec 2018 8:47 am

VJK - what are you trying to achieve? You can do cash top ups or if you are self employed you can pay your CPF EE/ER contributions as well.
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GSM8
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Re: Self deposit in Singapore CPF account.

Postby GSM8 » Thu, 13 Dec 2018 9:31 am

PNGMK wrote:VJK - what are you trying to achieve? You can do cash top ups or if you are self employed you can pay your CPF EE/ER contributions as well.

I think the point that OP may be trying to make is that if he has no Singapore source income, any contribution to CPF would voluntary and there are no tax (deduction) benefits associated with it. In such cases, would continuing to contribute to CPF demonstrate his long term commitment to Singapore even if he is not currently living in Singapore? And would that translate into positive consideration at the time of his REP renewal? - Personally, I doubt it because there are plenty of rich people floating around for whom the $40K odd contribution limit is a drop in the bucket and they will gladly do it every year if it will preserve their PR while they are out of Singapore

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sundaymorningstaple
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Re: Self deposit in Singapore CPF account.

Postby sundaymorningstaple » Fri, 14 Dec 2018 2:54 pm

GSM8, good thought, but it won't fly. He can put all the money he want into CPF (if her were allowed - must be PR or Citizen only) but that doesn't show commitment to Singapore. Singapore gets nothing out of it at all, in fact it costs them money as the rate of return, risk on risk is one of the best in the world. So all he's doing is feathering his own nest, nothing more. And yeah, you are right, it will not preserve their PR either.


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