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LTVP + LOC: Crypto and Investments

Relocating, travelling or planning to make Singapore home? Discuss the criterias, passes or visa that is required.
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ashtag06
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LTVP + LOC: Crypto and Investments

Post by ashtag06 » Wed, 15 Dec 2021 5:46 pm

I have recently received my LTVP and PLOC granting me to start work for a private company.

I have just moved from the UK, where I was not only working full time but had built up some large crypto assets.

From what I've read of the LTVP and LOC, I am only allowed to work for the stated employer. The MOM document on LOC outlines that I would need to get approval (another LOC) to undertake other types of employment.

Under my existing LTVP + LOC would I be able to withdraw crypto currencies and declare them during the annual tax return? If this is too complicated a question I will raise it with MOM directly.

smoulder
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Re: LTVP + LOC: Crypto and Investments

Post by smoulder » Wed, 15 Dec 2021 8:13 pm

Investments wouldn't be derived from an employer so that's alright. Wouldn't be an issue at all.

ashtag06
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Re: LTVP + LOC: Crypto and Investments

Post by ashtag06 » Thu, 16 Dec 2021 12:08 pm

smoulder wrote:
Wed, 15 Dec 2021 8:13 pm
Investments wouldn't be derived from an employer so that's alright. Wouldn't be an issue at all.
This is the exact quote:

"11.—(1) The Controller may issue a letter of consent to the holder
of any pass issued by the Controller of Immigration under the
Immigration Regulations (Cap. 133, Rg 1) (referred to in this
regulation as an immigration pass) to allow him to engage in any form
of paid employment, or in any business, profession or occupation in
Singapore for a duration corresponding to the validity of his
immigration pass.
(2) Every letter of consent issued to a foreigner shall during the
validity of the letter of consent be subject to the condition that the
foreigner shall —
(a) engage only in the trade, occupation or type of
employment or a vocation, profession or any activity
specified in the letter of consent (unless sub-paragraph (b)
applies); and
(b) obtain the prior consent of the Controller before engaging
in any trade, occupation or type of employment or a
vocation, profession or any activity not specified in the
letter of consent.

(3) Every letter of consent issued to a foreigner shall be subject to
the condition that the foreigner shall, within 7 days after —
(a) the termination or completion (without renewal) of the
employment which is the subject of the letter of consent; or
(b) the cancellation or expiry without renewal of the
foreigner’s immigration pass,
inform the Controller of such termination or completion of
employment, or such cancellation or expiry of the immigration
pass, as the case may be."


2b above suggests that even 'trade' not listed in the LOC can't be undertaken. Would investments be classed as trade?

smoulder
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Re: LTVP + LOC: Crypto and Investments

Post by smoulder » Thu, 16 Dec 2021 12:52 pm

2b above suggests that even 'trade' not listed in the LOC can't be undertaken. Would investments be classed as trade?
trade
/treɪd/
noun

1.the action of buying and selling goods and services.
"a move to ban all trade in ivory"

2. a job requiring manual skills and special training.
"the fundamentals of the construction trade"
I believe the use of the word trade refers to #2. You most certainly can continue investing your earnings while you work here. I believe they would not allow EP holders (or LOC holders for that matter) to open trading accounts if they didn't want them to invest. I know for a fact that it is allowed because I have opened a few such accounts when I was still on an EP. There are even provisions for you to save on taxes by investing via certain channels.

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