SRS Contribution Impact on PR Chances

[raptor_from_vietnam]

Dear all,

It seem that as foreigners, we can still make contribution to the Supplementary Retirement Scheme (SRS). The well-known benefit is that it would lower our taxable income, and therefor tax bills. But it will be locked up for at least 10 years (for foreigners). Any withdrawal attempt before that will get 5% penalty. Since this SRS thing may mean you are quite committed to staying in Singapore, I am wondering if it would help with PR application chance?

[NYY1]

Dear all,

It seem that as foreigners, we can still make contribution to the Supplementary Retirement Scheme (SRS). The well-known benefit is that it would lower our taxable income, and therefor tax bills. But it will be locked up for at least 10 years (for foreigners). Any withdrawal attempt before that will get 5% penalty. Since this SRS thing may mean you are quite committed to staying in Singapore, I am wondering if it would help with PR application chance?

My initial reaction is that not contributing and having a higher taxable income is actually more valuable. The SRS account can still be liquidated and it is under the individual's control, hence it is still mostly for the benefit of the individual.

In your case, I'm sure they know you are committed; it is just a matter of whether they can fit you in / can you make it through.

Nevertheless, see what others think here, as it is a valid question. Best of luck and regards.

[MOCHS]

What ICA does not look at:
- Volunteering whether blood/monetary/time
- property/car
- Insurance policies
- Investments
- MP/recommendation letters

All the above only benefit yourself but does not really contribute to the country.

Don’t waste your time trying to game the system. ICA has its own criteria that they will never tell us.

[PNGMK]

Dear all,

It seem that as foreigners, we can still make contribution to the Supplementary Retirement Scheme (SRS). The well-known benefit is that it would lower our taxable income, and therefor tax bills. But it will be locked up for at least 10 years (for foreigners). Any withdrawal attempt before that will get 5% penalty. Since this SRS thing may mean you are quite committed to staying in Singapore, I am wondering if it would help with PR application chance?

ZERO.