Bankers Guarantee for Exit Permit

[matronlau]

Can someone kindly educate me on how a banker's guarantee required to post bond for an exit permit works? Specifically, do we need to post 100% cash for the BG? Thank you!!!

[sundaymorningstaple]

I believe it's as simple as buying an Insurance policy payable to the bank furnishing the guarantee. Not sure if that's changed or not. Maybank used to be well used for that back in the day. Now might have to ask around or maybe somebody here has a handle on it. Unless Mindef has figured out the cost of a banker's guarantee via insurance policy is not a viable deterrent for a determined runner.

[Mad Scientist]

OP
Please reply for the benefit of others in your situation
Why did you have to pose a BG on your son EP ?
Did you register your son EP for more than 2 years ?
Did you register after the age of 13 and above ?
On the EP what did you state as reason of staying out of Singapore
What did it mentioned on CMPB reply ?

[matronlau]

My son is now 12 and he is a SG citizen. We’ve not started any exit permit application since it’s not yet required until he’s 13. He went to local SG primary school as a SG citizen. We moved overseas when he’s 9 and will be based overseas indefinitely. He will need to return to SG eventually to serve when it’s time. I’m posting the question because I’m alarmed at the BG requirement of 50% of parent’s combined income - we are considering putting a down payment on a house but if I need to post 100% cash eventually, that will make things difficult (I also have a younger son who’s a SG citizen). And I’ve asked DBS and CMPB about this remotely (I’m sure I’ll get clearer answers if I asked my questions when I’m in SG). DBS reply is to send me the online guide from CMPB. CMPB’s response is to tell me I need to reach out again when my son turns 13. Thanks to this forum, I know I likely won’t have to put up a BG until my older son turns 16.5. However I need to plan and just need to know whether I’ll need to post 100% cash for this BG for my 2 boys. @ sundaymorningstaple’s response suggests to me it may be like an insurance which means premiums only and not 100% cash collateral, but he/she did qualify that info may be dated. Can someone who’s posted a BG recently kindly share?

[Mad Scientist]

Martin
Read all my post and you will pretty much gets the whole picture
When he turns 13, apply for EXIT PERMIT ; One Year and 364 days
When he turns 15 , do the same. No BG required
When he turns 16 1/2, medical check blah blah , you will get a year EP follow by 3 months or 6 months as he comes close to his NS call up
BG only applies when you apply for more than 2 years at any given stage

[matronlau]

GOT IT, thanks!!! My brain got scrambled at the 16.5y mark. I forgot that’s it’s still plus less than 2years after that. Much much appreciated.

[rahultalk]

@matronlau I had similar question if you don’t mind can you pls message me

[Strong Eagle]

Ask your questions in the forum, please. It helps others.

@matronlau I had similar question if you don’t mind can you pls message me

[PNGMK]

@matronlau I had similar question if you don’t mind can you pls message me

For NS topics we heavily discourage DM based responses. Also MadScientist won't respond on DMs.