Relocating, travelling or planning to make Singapore home? Discuss the criterias, passes or visa that is required.
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PNGMK
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by PNGMK » Mon, 29 May 2023 8:02 am
Some of you may be aware that I am now a self employed person. Meaning I work on short and medium term contracts in and out of Singapore.
My REP came up for renewal two weeks ago (I have a reminder set to renew it 3 months before expiry). I went to renew it and hit a few road blocks. Firstly it was not a simple auto renewal as it has been previously where I wasn't even asked questions. This time I had to declare
1. If I was resident (yes)
2. If my spouse was a PR or SC (no)
3. If I was working in Singapore or not.
The third question if you tick yes allows you to indicate a full time employer. As I don't have one I ticked No and then box opens up to explain why you are not working in Singapore. You could presumably put "retired" in here. I put a brief paragraph explaining I was working in and out of Singapore on short and medium term contracts.
After a few days of waiting I received a REP renewal for 5 years.
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
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NYY1
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by NYY1 » Mon, 29 May 2023 8:11 am
PNGMK wrote: ↑Mon, 29 May 2023 8:02 am
Some of you may be aware that I am now a self employed person. Meaning I work on short and medium term contracts in and out of Singapore.
My REP came up for renewal two weeks ago (I have a reminder set to renew it 3 months before expiry). I went to renew it and hit a few road blocks. Firstly it was not a simple auto renewal as it has been previously where I wasn't even asked questions. This time I had to declare
1. If I was resident (yes)
2. If my spouse was a PR or SC (no)
3. If I was working in Singapore or not.
The third question if you tick yes allows you to indicate a full time employer. As I don't have one I ticked No and then box opens up to explain why you are not working in Singapore. You could presumably put "retired" in here. I put a brief paragraph explaining I was working in and out of Singapore on short and medium term contracts.
After a few days of waiting I received a REP renewal for 5 years.
Good news I guess. Quite frankly, I don't think you are at any risk in the near-term though. But as you noted, the above details tripped something in the system's auto renewal.
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malcontent
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by malcontent » Mon, 29 May 2023 2:55 pm
I just checked and my wife & daughter’s REP expire in April next year, so should be perfect timing… another 5 years to 2029. By then, both of our kids would be nearly done with college in the US.
If we stay in the US longer than 7 years the “covered expat” tax rules will be triggered… so that clock is also ticking. We’ll have to decide whether to become tax refugees or bite the bullet and stay US taxable forever.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr
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x9200
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by x9200 » Mon, 29 May 2023 3:52 pm
PNGMK wrote: ↑Mon, 29 May 2023 8:02 am
Some of you may be aware that I am now a self employed person. Meaning I work on short and medium term contracts in and out of Singapore.
My REP came up for renewal two weeks ago (I have a reminder set to renew it 3 months before expiry). I went to renew it and hit a few road blocks. Firstly it was not a simple auto renewal as it has been previously where I wasn't even asked questions. This time I had to declare
1. If I was resident (yes)
2. If my spouse was a PR or SC (no)
3. If I was working in Singapore or not.
The third question if you tick yes allows you to indicate a full time employer. As I don't have one I ticked No and then box opens up to explain why you are not working in Singapore. You could presumably put "retired" in here. I put a brief paragraph explaining I was working in and out of Singapore on short and medium term contracts.
After a few days of waiting I received a REP renewal for 5 years.
I believe this only works that complicated way if you are still a physical person employed by someone else (various business entities). If, for example, you are self-employed within a sole-proprietorship under your name, then you answer "yes" to full time employment and the process is automatic.
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PNGMK
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by PNGMK » Mon, 29 May 2023 9:13 pm
Sole proprietorship is weird here. You can register as one with ACRA but why bother?
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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NYY1
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by NYY1 » Mon, 29 May 2023 10:18 pm
PNGMK wrote: ↑Mon, 29 May 2023 9:13 pm
Sole proprietorship is weird here. You can register as one with ACRA but why bother?
Main reason would be you are operating under another name ("F9 Tuition" or whatever), although most would probably have a company at that point. If only invoicing in your own name (independent consultant, etc), then there is no point.
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PNGMK
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by PNGMK » Mon, 29 May 2023 11:19 pm
NYY1 wrote: ↑Mon, 29 May 2023 10:18 pm
PNGMK wrote: ↑Mon, 29 May 2023 9:13 pm
Sole proprietorship is weird here. You can register as one with ACRA but why bother?
Main reason would be you are operating under another name ("F9 Tuition" or whatever), although most would probably have a company at that point. If only invoicing in your own name (independent consultant, etc), then there is no point.
Exactly.
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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PNGMK
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by PNGMK » Mon, 29 May 2023 11:41 pm
malcontent wrote: ↑Mon, 29 May 2023 2:55 pm
I just checked and my wife & daughter’s REP expire in April next year, so should be perfect timing… another 5 years to 2029. By then, both of our kids would be nearly done with college in the US.
If we stay in the US longer than 7 years the “covered expat” tax rules will be triggered… so that clock is also ticking. We’ll have to decide whether to become tax refugees or bite the bullet and stay US taxable forever.
Don't do it. You'd be better off buying a passport for another country or becoming Singaporean financially.
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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malcontent
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by malcontent » Mon, 29 May 2023 11:50 pm
PNGMK wrote: ↑Mon, 29 May 2023 11:41 pm
malcontent wrote: ↑Mon, 29 May 2023 2:55 pm
I just checked and my wife & daughter’s REP expire in April next year, so should be perfect timing… another 5 years to 2029. By then, both of our kids would be nearly done with college in the US.
If we stay in the US longer than 7 years the “covered expat” tax rules will be triggered… so that clock is also ticking. We’ll have to decide whether to become tax refugees or bite the bullet and stay US taxable forever.
Don't do it. You'd be better off buying a passport for another country or becoming Singaporean financially.
Do you watch Nomad Capitalist?
What country do you recommend, St. Lucia? Seems like one of the best for the money.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr
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x9200
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by x9200 » Tue, 30 May 2023 7:49 am
PNGMK wrote: ↑Mon, 29 May 2023 9:13 pm
Sole proprietorship is weird here. You can register as one with ACRA but why bother?
My point is, no all forms of self-employment have manual verification. Whether sole-proprietorship makes sense for your services is a different story. If you don't need a name for it, probably not too much. Tax-wise is the same as for an individual. Not sure about tax deductions?
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PNGMK
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by PNGMK » Tue, 30 May 2023 7:52 am
malcontent wrote: ↑Mon, 29 May 2023 11:50 pm
PNGMK wrote: ↑Mon, 29 May 2023 11:41 pm
malcontent wrote: ↑Mon, 29 May 2023 2:55 pm
I just checked and my wife & daughter’s REP expire in April next year, so should be perfect timing… another 5 years to 2029. By then, both of our kids would be nearly done with college in the US.
If we stay in the US longer than 7 years the “covered expat” tax rules will be triggered… so that clock is also ticking. We’ll have to decide whether to become tax refugees or bite the bullet and stay US taxable forever.
Don't do it. You'd be better off buying a passport for another country or becoming Singaporean financially.
Do you watch Nomad Capitalist?
What country do you recommend, St. Lucia? Seems like one of the best for the money.
I'd recommend Singapore in your case. You'll have visa
free entry into most countries and you can work in the USA under the H1B1 which is under utilized by Singporeans. If that doesn't appeal then would go for a European passport - I think Greece, Portugal or Cyprus have golden passport options.
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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PNGMK
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by PNGMK » Tue, 30 May 2023 11:25 am
x9200 wrote: ↑Tue, 30 May 2023 7:49 am
PNGMK wrote: ↑Mon, 29 May 2023 9:13 pm
Sole proprietorship is weird here. You can register as one with ACRA but why bother?
My point is, no all forms of self-employment have manual verification. Whether sole-proprietorship makes sense for your services is a different story. If you don't need a name for it, probably not too much. Tax-wise is the same as for an individual. Not sure about tax deductions?
For IRAS as a SEP you just fill out the sections for "Trade, Business, Profession or Vocation" income. They don't ask for proof of being an SEP (only the category of SEP - in my case contract engineer or similar). You then provide gross and nett income (before and after deductions) and if it is under $500k p.a. no statement of tax deductions is required. My assumption is they will audit if there is a large gap between nett and gross income.
There is a question: "Are you the owner of the Sole-Proprietorship business registered with ACRA?" which I tick NO to but I assume it's for IRAS records matching only.
One thing to watch as an SEP is that Medisave contributions ARE assessed and compulsory.
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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malcontent
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by malcontent » Tue, 30 May 2023 5:26 pm
PNGMK wrote: ↑Tue, 30 May 2023 7:52 am
malcontent wrote: ↑Mon, 29 May 2023 11:50 pm
PNGMK wrote: ↑Mon, 29 May 2023 11:41 pm
Don't do it. You'd be better off buying a passport for another country or becoming Singaporean financially.
Do you watch Nomad Capitalist?
What country do you recommend, St. Lucia? Seems like one of the best for the money.
I'd recommend Singapore in your case. You'll have visa
free entry into most countries and you can work in the USA under the H1B1 which is under utilized by Singporeans. If that doesn't appeal then would go for a European passport - I think Greece, Portugal or Cyprus have golden passport options.
Malta is the most popular and lowest cost EU citizenship by investment. But if I could wave a magic wand and get any EU passport it would be Ireland — they have both EU and UK privileges. Too bad my Irish ancestors are too many generations back to get it by descent.
Singapore is a great passport, but you have to forsake all others in order to get it. Tax-wise, you don’t need a Singapore passport, you just residence here (or any other tax friendly jurisdiction), and NOT have a US passport.
Maybe… someday, if my daughter becomes a citizen, I can get it through the aged parent scheme. We can still get social security (with 25.5% alien withholding tax) plus Medicare whenever we are stateside (to partly mitigate the inadequacies of an integrated shield plan).
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr
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PNGMK
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by PNGMK » Wed, 31 May 2023 11:02 am
You'll be fine regardless Mal. I sold my stock portfolio last night. I don't entirely trust the GOP not to screw up the debt ceiling deal.
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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Lisafuller
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by Lisafuller » Wed, 31 May 2023 12:54 pm
PNGMK wrote: ↑Wed, 31 May 2023 11:02 am
You'll be fine regardless Mal. I sold my stock portfolio last night. I don't entirely trust the GOP not to screw up the debt ceiling deal.
You sold everything?! I feel like if we do have a recession, it'll be an excellent opportunity to buy more.
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