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Opening a bank account in Singapore as a EU citizen

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PNGMK
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Re: Opening a bank account in Singapore as a EU citizen

Post by PNGMK » Mon, 10 Aug 2020 5:17 pm

sundaymorningstaple wrote:
Mon, 10 Aug 2020 4:46 pm
Another perks that used to be available here but no longer exists, for various reasons, is getting a Singapore Drivers License while on an SVP. I did, but that was in 1982, I think they also quit that in the 1990s as well. Now you have to have long term residency (LTVP/DP or better). The crackdown on bank accounts for SVP holders was also in the 1990's, most because of the US pogrom on illegal money laundering and FATCA (US Treasury). All of my current bank accounts and CC were gotten while still living here on an SVP the first 11 years I was here. Cannot do it any more thanks to arseholes abusing the system and leaving huge debts and or court cases while on tourist visas. Now it getting even harder even with residency.
Same mentality as the bank accounts. Stupid tourists getting a Singapore licence using a cancelled overseas licence and then trying to use it back home. Aussies used to do it in NZ as well.
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Re: Opening a bank account in Singapore as a EU citizen

Post by Juan Lopez » Tue, 11 Aug 2020 2:31 am

PNGMK wrote:
Mon, 10 Aug 2020 5:17 pm

Same mentality as the bank accounts. Stupid tourists getting a Singapore licence using a cancelled overseas licence and then trying to use it back home. Aussies used to do it in NZ as well.
Here we go again...
Youre obviously quick to call others stupid but you cant answer a simple question in a helpful manner.
E.g.: "no, you cannot open an account with a local bank as a EU citizen because the bank demands x, y,z which you dont have."

To answer you in your own style: you are obviously too stupid to understand that "money laundering" or "avoiding the tax man" is simply not possible in a Singapore / EU constellation because of automated international data exchange which is in place from 2014 already. So you can take your suspicions and stick em where the sun dont shine as they say in Alabama.

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Re: Opening a bank account in Singapore as a EU citizen

Post by bgd » Tue, 11 Aug 2020 9:21 am

I think you will find there is plenty of money laundering in Sg, e.g. 1MDB involved a bank in Sg. Laundering on a smaller scale probably not so much.

I think the general consensus is that you won't be able to open an account until you have employment. So perhaps a temporary option is one of the "digital banks" until such a time you can open a local account.

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Re: Opening a bank account in Singapore as a EU citizen

Post by PNGMK » Tue, 11 Aug 2020 9:45 am

Juan Lopez wrote:
Tue, 11 Aug 2020 2:31 am
PNGMK wrote:
Mon, 10 Aug 2020 5:17 pm

Same mentality as the bank accounts. Stupid tourists getting a Singapore licence using a cancelled overseas licence and then trying to use it back home. Aussies used to do it in NZ as well.
Here we go again...
Youre obviously quick to call others stupid but you cant answer a simple question in a helpful manner.
E.g.: "no, you cannot open an account with a local bank as a EU citizen because the bank demands x, y,z which you dont have."

To answer you in your own style: you are obviously too stupid to understand that "money laundering" or "avoiding the tax man" is simply not possible in a Singapore / EU constellation because of automated international data exchange which is in place from 2014 already. So you can take your suspicions and stick em where the sun dont shine as they say in Alabama.
You're wrong. Singapore courts (and banks) don't disclose banking information without a specific court order, no fishing expeditions allowed but of course TF is not a "Singapore bank" so it would have to oblige a UK or Euro court order. Now I understand why you didn't want to use TF or similar.
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Re: Opening a bank account in Singapore as a EU citizen

Post by Juan Lopez » Tue, 11 Aug 2020 8:04 pm

No, you are wrong (again). Singapore banks do not only do it, they also do it automatically, as agreed in the CRS contract with the OECD from 2014. That means that a European state does not even have to ask for the information about the accounts of one of their citizens, they get it pushed to them on a regular basis. As a European citizen you just cannot evade taxes with such simple schemes as you are suspecting. Complete nonsense and not recommendable in any way.

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Re: Opening a bank account in Singapore as a EU citizen

Post by TropicalExpat » Tue, 18 Aug 2020 9:38 pm

Juan Lopez wrote:
Tue, 11 Aug 2020 8:04 pm
No, you are wrong (again). Singapore banks do not only do it, they also do it automatically, as agreed in the CRS contract with the OECD from 2014. That means that a European state does not even have to ask for the information about the accounts of one of their citizens, they get it pushed to them on a regular basis. As a European citizen you just cannot evade taxes with such simple schemes as you are suspecting. Complete nonsense and not recommendable in any way.
Facetious question: Are you a European citizen or a citizen of a European country? I'm pretty sure you technically you have to say you are a citizen of a European country. And what is Europe? Is the UK part of Europe, is Switzerland, is Norway? Is Turkey European? Complex questions ...

Anyway, I was wondering about this CRS thing, so I did a google search and found some interesting points.
According to the tax authority of Singapore (IRAS) "the CRS MCAA does not mean that Singapore will exchange information with all the signatories". In case you think I made this up: https://www.iras.gov.sg/IRASHome/Quick- ... -CRS-MCAA/
Also, it appears the auto push that you are talking about, Singapore only applies with similar jurisdictions: Hong Kong and Switzerland. Given the nature of these two states, I don't think it matters whether they pass data between them.
Finally under the Singapore Banking Act [again, so you don't think i'm making it up: https://sso.agc.gov.sg/Act/BA1970?ProvIds=pr47-]
"47.—(1) Customer information shall not, in any way, be disclosed by a bank in Singapore or any of its officers to any other person except as expressly provided in this Act."
The express purposes are listed here: https://sso.agc.gov.sg/Act/BA1970?ProvIds=Sc3-#Sc3-

Anyway, clearly I have too much time on my hands.....

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Re: Opening a bank account in Singapore as a EU citizen

Post by PNGMK » Wed, 19 Aug 2020 9:02 am

Thanks TE. I knew that Singapore Banks don't disclose information willy nilly just from experience but I wasn't going to wade through the regulations for OP. I mean there is more grey and black Indonesian money parked here than we can probably imagine so why wouldn't there be EU money?
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Re: Opening a bank account in Singapore as a EU citizen

Post by AfterLife » Wed, 19 Aug 2020 6:27 pm

Simple answer - no, you won't be able to open account on tourist visa. Besides other documents, you will need residence - Employment Pass at least, which you won't have. You will need few other documents as well which you can provide only if oyu're employed locally.

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Re: Opening a bank account in Singapore as a EU citizen

Post by AfterLife » Wed, 19 Aug 2020 6:29 pm

Same applies to pretty much any other country - times when you could open account on vacation are gone most likely forever

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Re: Opening a bank account in Singapore as a EU citizen

Post by PNGMK » Wed, 19 Aug 2020 11:26 pm

AfterLife wrote:
Wed, 19 Aug 2020 6:29 pm
Same applies to pretty much any other country - times when you could open account on vacation are gone most likely forever
Fun fact - you can open a bank account in Australia as a tourist.
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: Opening a bank account in Singapore as a EU citizen

Post by ProvenPracticalFlexible » Wed, 09 Sep 2020 6:17 pm

AfterLife wrote:
Wed, 19 Aug 2020 6:27 pm
Simple answer - no, you won't be able to open account on tourist visa. Besides other documents, you will need residence - Employment Pass at least, which you won't have. You will need few other documents as well which you can provide only if oyu're employed locally.
I would disagree as the local bank's say differently themselves:
https://www.uob.com.sg/personal/support ... igner.page

It is not guaranteed but can be done. Also for the working people coming to Singapore IPA is enough, you don't need to have the EP yet in hand. Or that's what UOB states at least.

But yes to open an account you have to be physically present in Singapore.

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Re: Opening a bank account in Singapore as a EU citizen

Post by ProvenPracticalFlexible » Wed, 09 Sep 2020 6:25 pm

@TE I think you over simplified the iras faq. HK and Switzerland where given as specific examples about financial hubs but not saying that they are the only countries data would be shared with, rather the opposite.

Then to add to that all local bank's do tell and ask the foreign tax residency declarations. It is pretty new, 2nd reporting year now if I'm not mistaken. But I the old money laundering years seem to be over. I'm not saying it can't be done but not that easily for individuals via Singapore.

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