Yes I agree. I don't really understand the motivation behind it except to create from zero rated accounts.malcontent wrote: ↑Thu, 09 Mar 2023 8:03 amIf it gets withdrawn, it means less SSGS money for MAS/GIC to invest - which means lower total dollar returns, and potentially higher taxes to make up for it - - not significant, but I see no benefit for the government or taxpayers. Maybe whatever is left earning zero will make up for it.
Well, it makes a good headline — “we are sticking it to the foreigners”
It will likely be a cancellation of your PR that is the trigger (The pull on the trigger could be losing the REP but that doesn't hold in all cases. A PR can stay in Singapore as long as they want without a valid REP. You only need the REP to re-enter Singapore (must have it on exiting through immigration) If you decide to go through immigration without an REP you effectively have told ICA you are giving up your PR. But, you can stay in Singapore as long as you want without an REP as long as you never exit immigration. I know this for a fact. I went 15 months without an REP about a decade ago without any issues when I went down to renew it.NYY1 wrote: ↑Sat, 11 Mar 2023 10:17 pmMy guess would be that going forward if you lose your REP then a letter will likely come stating CPF is closed/where do you want the money sent.
https://www.cpf.gov.sg/member/infohub/n ... -residents
Of course leaving it there doesn't make too much sense if it not going to earn anything at all. Aside from it being in a more or less safe-haven (Witness failing banks of the last couple days - albeit these are crpto/venture cap types of banks but we've all seen or read about runs on banks where all lost their money. The SDIC is a joke as the limit is quite low and the limit is for all your policies aggrated up to a total of $75K only which means most people will lose the vast majority of their savings.With the closure of their CPF accounts, non-SC/PRs’ participation in CPF schemes will cease and they will be asked to transfer their CPF savings to their personal bank account. They have up to 31 March 2024 to do this, failing which their CPF accounts will be automatically closed, and any remaining savings will cease to earn the prevailing CPF interest rate. The remaining savings can still be transferred to their bank accounts at any time after that.
all of your insured deposits with that member are aggregated and insured up to S$75,000 by the Singapore Deposit Insurance Corporation Limited (SDIC).
Yes, it should have said "lose your REP (while outside of Singapore) then....." My mistake (I knew what it meant to me but the specific text did not cover all of the possible situations).sundaymorningstaple wrote: ↑Sat, 11 Mar 2023 10:57 pmIt will likely be a cancellation of your PR that is the trigger (The pull on the trigger could be losing the REP but that doesn't hold in all cases. A PR can stay in Singapore as long as they want without a valid REP. You only need the REP to re-enter Singapore (must have it on exiting through immigration) If you decide to go through immigration without an REP you effectively have told ICA you are giving up your PR. But, you can stay in Singapore as long as you want without an REP as long as you never exit immigration. I know this for a fact. I went 15 months without an REP about a decade ago without any issues when I went down to renew it.NYY1 wrote: ↑Sat, 11 Mar 2023 10:17 pmMy guess would be that going forward if you lose your REP then a letter will likely come stating CPF is closed/where do you want the money sent.
https://www.cpf.gov.sg/member/infohub/n ... -residents
However, there is some question of getting the REP renewed if you are under the age of 55 and are on a PTS PR but are not employed. FT PR's don't have any issues at all. I don't have any confirmation on that and we had this discussion a year or so ago but I've forgotten the consensus arrived at. As I am on a FT PR I got that information straight from the horse's mouth when I was renewing mine after 15 months.
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