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Can I keep my stocks and bank account while on sabbatical with no EP?

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runningaroundsoon
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Can I keep my stocks and bank account while on sabbatical with no EP?

Post by runningaroundsoon » Thu, 07 Feb 2019 11:11 am

Hi all,

I hope this is the right area to post this in. I'll soon be taking a long sabbatical to travel around the world a bit, in this case I resigned to do so. As such, I won't have an EP or residency in Singapore after a short while.

My question is if I am able to retain my bank account and stock account while travelling? I haven't yet made up my mind if I'll be returning to live in Singapore afterwards, but its certainly not out of the question.

Would love any advice or directions to some materials if you have any! I've been looking a bit and really can only find info on expats coming to SG, not the other way around.

Thanks!

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PNGMK
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Re: Can I keep my stocks and bank account while on sabbatical with no EP?

Post by PNGMK » Thu, 07 Feb 2019 11:50 am

Yes you can for some time. I've had friends who have running bank accounts they opened twenty years back and have not had an EP for a long time. As long as you were KYC (and with an EP) when you opened you will be ok barring another 1MDB blow up. The main issue is opening the account, not keeping it open it seems.
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runningaroundsoon
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Re: Can I keep my stocks and bank account while on sabbatical with no EP?

Post by runningaroundsoon » Thu, 07 Feb 2019 12:27 pm

Thanks that's great. Is it also applicable for the stock accounts do you know? Not that I have a lot, but I'd prefer not to have to sell them all just because I want to travel. (I use UOB Kay Hian if that's relevent)

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Re: Can I keep my stocks and bank account while on sabbatical with no EP?

Post by Strong Eagle » Thu, 07 Feb 2019 12:49 pm

I don't think you will have an issue with either account. I opened a Stan Chart account in 2004, left Singapore in 2013, and I still have my Stan Chart account. I still have UOB credit cards as well although I never use them.

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PNGMK
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Re: Can I keep my stocks and bank account while on sabbatical with no EP?

Post by PNGMK » Thu, 07 Feb 2019 1:14 pm

I see even less issue with the stocks than a bank account to be honest. Either way you're ok. The main issue is always opening the account I believe and the blow back from the 1MDB scandal (which forced a lot of banks into rapid KYC work) seems to have settled down.
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!

runningaroundsoon
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Re: Can I keep my stocks and bank account while on sabbatical with no EP?

Post by runningaroundsoon » Thu, 07 Feb 2019 1:44 pm

Hey thanks for the replies both, looks like that's one less worry to check off the list.

Cheers!

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martincymru
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Re: Can I keep my stocks and bank account while on sabbatical with no EP?

Post by martincymru » Sat, 09 Feb 2019 4:18 pm

I agree with the answers but here is a question:

How is the OP to answer the question most financial institutions are now asking

"...... confirm country of your tax residency....."

Since the OP has left Sg then I presume "not ordinarily resident" in Sg.

The OP is "floating" thus OP has no residency, "ordinarily" or "tax", anywhere; OP is a "digital nomad".

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sundaymorningstaple
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Re: Can I keep my stocks and bank account while on sabbatical with no EP?

Post by sundaymorningstaple » Sat, 09 Feb 2019 8:01 pm

The danger with "not ordinarily resident" and "floating" is that his passport home is likely to become his tax home as one has to have a tax residencey and if no other country has him for the required length of time to be considered as tax resident, his country will probably be able to claim him for that purpose. This could make you end up like being a US resident were one country is going to tax you on your world wide income. I would suggest talking to an international experienced CPA on this regard before you find yourself in hot water possibly in several places as most places don't claim tax residency if under 183 days because they assume you will be taxed elsewhere. Should they find out you are not tax liable in any single country they are going to want to have their fair share, 183 days or not.

The other issue is you could end up paying Non-resident tax rates like Singapore does if you do not qualify for residency and you were here more than 60 days then you will be liable for a flat 15% tax rate on you entire income earned in Singapore without deduction. Be careful, very careful.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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