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Consider moving to Singapore

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brianc
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Consider moving to Singapore

Post by brianc » Wed, 19 Jul 2006 4:24 pm

Hi all,
I've just got a job offer in singapore, OK package, bout SD180,000 per annum. I'm crunching some numbers to see if it make sense (financially) to make the move. A couple of questions:

1) Since its a full time employment (which means I'll be there more than 183 days a year) I'll be considered a tac resident, right? That means I'll be taxed as per the resident? I'm still single so not much tax relief or rebates to look out for. Any tax loop-holes for singles?

2) What about the CPF? Is it advisable for a foreigner to contribute to it? To get the tax relief I mean. But then its stuck there till I'm 55!! Not sure I'll like that much

3) If the emplyer is kicking in the CPF at 13% does that mean that i'll have to contribute to the CPF as well (to enjoy the 13%)? And is the 13% contributed by my employer taxable (on my income)? I read somewhere that it is.

Thanks in advance!
Brian

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Bafana
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Re: Consider moving to Singapore

Post by Bafana » Thu, 20 Jul 2006 2:24 pm

brianc wrote: 1) Since its a full time employment (which means I'll be there more than 183 days a year) I'll be considered a tac resident, right? That means I'll be taxed as per the resident? I'm still single so not much tax relief or rebates to look out for. Any tax loop-holes for singles?

2) What about the CPF? Is it advisable for a foreigner to contribute to it? To get the tax relief I mean. But then its stuck there till I'm 55!! Not sure I'll like that much

3) If the emplyer is kicking in the CPF at 13% does that mean that i'll have to contribute to the CPF as well (to enjoy the 13%)? And is the 13% contributed by my employer taxable (on my income)? I read somewhere that it is.
Not an expert but here is what I think I know:

1) Yes you will be a tax resident. Singapore deos not have many tax reliefs and as s single guy you will not be eligible for many (if in fact none). That said the tax rate here is very low and is one of the better things about livign in Singapore.

2) You can only contribute to CPF if you are a Singaporean Citizen or a Permenant Resident. So unless your company is sponsering you to become a PR you cannot pay CPF. Check your Contract as this will not apply to you and you should take the extra 13% cash in hand or paid into a tax free Super Fund here in Singapore or in your own company. There have been a few cases of companies tryning to tell expats that they are taking money for CPF when that has not been the case at all since the law changed recently.

3) As per answer to 3).

BTW on your package as a single guy you will have a very good disposable income or if you dont party like an animal, good saving power.
Be Like Water

brianc
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Post by brianc » Fri, 21 Jul 2006 10:59 am

Thanks so much for your feedback. I think I get it now, also been reading other posts relating to this area. BTW, thats this Super Fund you talked about? How does it work? Its non-taxable u say? And do I contribute to it or my employer or both?

Getting excited now about coming over to Singapore! Hope to see you all soon and be a regular on this forum.

Cheers!

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Bafana
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Post by Bafana » Fri, 21 Jul 2006 6:47 pm

Not sure on the Super - Only repeating what I have been told on the matter. I still get my super paid into and Australian Fund by the company here.

Yeah - Singapore is a pretty cool place after you get over the intial wearing in period (6 months for me). Great location and nice people.
Be Like Water

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