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Bank accounts must be closed on departure from Singapore? New 2021 rule?

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PNGMK
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Bank accounts must be closed on departure from Singapore? New 2021 rule?

Post by PNGMK » Tue, 12 Jan 2021 3:12 pm

So in one of the usual oil and gas pissups I organise, a contact, an Aussie commerical manager told me that there is a new ruling coming in this year that "Singapore bank accounts must be closed when you leave Singapore". He was concerned as like many of us he has come and gone and come back to Singapore and used his accounts here as a base. I asked him if he knows if that was an Aussie or Sing ruling and he didn't - he said it was something one of those used car insurance salesmen type told him.

Anyone heard similar?
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tiktok
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Re: Bank accounts must be closed on departure from Singapore? New 2021 rule?

Post by tiktok » Tue, 12 Jan 2021 5:05 pm

I'm not sure how this could be enforced. FWIW I still use my Hong Kong bank account even though I left there 2 years ago and gave the bank my new address. They even auto renewed my credit card recently.
Last edited by tiktok on Tue, 12 Jan 2021 6:15 pm, edited 1 time in total.
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malcontent
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Re: Bank accounts must be closed on departure from Singapore? New 2021 rule?

Post by malcontent » Tue, 12 Jan 2021 5:55 pm

If true, we would be forced to sell any property we own so that we can close the mortgage accounts... and we would be forced to pay penalties and taxes to liquidate SRS accounts.

If they are planning such a ruling, they will have to really think it through and probably make some exceptions.

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PNGMK
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Re: Bank accounts must be closed on departure from Singapore? New 2021 rule?

Post by PNGMK » Tue, 12 Jan 2021 10:00 pm

My guess it's a mangled piece of information (possibly related to the Australian CGT changes on primary residences for expats) but I wanted to check with the forum hive mind.
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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Max Headroom
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Re: Bank accounts must be closed on departure from Singapore? New 2021 rule?

Post by Max Headroom » Wed, 13 Jan 2021 8:23 am

Sounds bogus to me. I'm able to retain bank accounts in countries that are way less bank hub-y than Singapore, i.e. whilst not actually living in those countries. It makes no sense for Singapore to want this, least of all now.

Verdict: Bogus.

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PNGMK
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Re: Bank accounts must be closed on departure from Singapore? New 2021 rule?

Post by PNGMK » Wed, 13 Jan 2021 9:51 am

Agreed max, also the primary source type are known for their BS to sell products.
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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