Question Regarding CPF After Leaving Singapore

[econoMIC]

Sounds like you are a young Singaporean male who is still living at home with his parents and probably still going to school so doesn't have a clue about the big wide world yet. Time will come though when you will think about immigrating just like a lot of your countrymen are already doing in increasing numbers annually.

Yeah, the quitters who go to Australia I very well remember that media/government campaign.

[barney11]

Sounds like you are a young Singaporean male who is still living at home with his parents and probably still going to school so doesn't have a clue about the big wide world yet. Time will come though when you will think about immigrating just like a lot of your countrymen are already doing in increasing numbers annually.

Amen

[nakatago]

Yeah, the quitters who go to Australia I very well remember that media/government campaign.

NOOOO! I'm spending my vacation in Australia to get away from anything Singaporean only to be confronted by Singaporeans!?!?!?!

I keed, I keeeeed...


But seriously, I work here; Singaporean's nice and all but I wouldn't want to grow old here. Even if it weren't expensive (which it is), it doesn't have that "home-y" retirement feel to it.

[sundaymorningstaple]

Perxactly!

[morenangpinay]

yup I am also feel curious why leave singapore?

Singapore is too expensive to 'retire' in. Additionally, I cannot shoot ducks, geese, turkey or deer from my door or turn out all the lights and see a bazillion gazallion stars in the milky way at night. I cannot go outside and hear the eerie quiet that come from living so far from others that the only sounds at night are the occasional owl, chirruping of the occasional cricket and the quiet gurgling of the river around the dock pilings as the tide ebbs & flows. Singapore is too frenetic to relax in.

It's a good place to earn a living and bring up kids, but it's not where I would be happy if I didn't have to or could not work.

noo deer shootinggg! lol aw.

as for me, il retire where there's a backyard and i can hear the roosters crowing early morning..and where i can hear my neighbors kids Shouting at their mom "WHATS OUR LUNCH FOR TODAY!" and no one cares.Also i miss the loud noises during new years. BUt its encouraging I read alot Singaporeans take care of their family now when theyre old.

[igwt]

Earning in SG is due.

[aster]

If you want to shoot ducks, you could just go for reservist duties and you would get to shoot stuff at the rifle range.

I would go to Phuket where you can join the gun club and fire away from whatever metal you like. I'm not a fan of guns myself, but they have made a great business out of it.

[sundaymorningstaple]

Unfortunately neither of the above two posts would do the trick. I hunt for the table. I never shoot anything I won't eat except vermin/pests.

[wcs]

igwt,

your CPF is an asset not an income, so should not be subject to US income tax. It is much like having an apartment, although if the US has a capital gains tax on investment that could affect it. Just my opinion, I am not an accountant.

What I would be more concerned about is whether you have previously informed Singapore that you have renounced citizenship. Make sure you have informed the government and have not collected any entitlements such as Singapore shares or discounted flats since becoming a US citizen, as that would be a big black mark against you!

Once you have sorted through that then withdrawal of CPF should be straight forward.

[sundaymorningstaple]

Upon submission of renunciation documents to the CPF board, they will wire transfer the CPF to the Bank of your choice within 10 business days worldwide.

[raden888]

Singapore is too expensive to 'retire' in. Additionally, I cannot shoot ducks, geese, turkey or deer from my door or

Hey SMS, you sound like a Southerner, do you proudly fly the confederate flag at your home in SG?...By the way, Southerners are a lovely bunch until you start talking about politics ..and then you're like ohh Lordy!They sure love 'hunting'! I remember being able to buy BIBI guns at the local store Now this is going off topic.

[sundaymorningstaple]

Technically, I am. I'm from JUST south of the Mason-Dixon line! And I've still got a 200 acre waterfront farm there where I "shoot ducks, geese, turkey or deer from my door".

[Jinx2007]

Hi,

I have a question kind of relating to this thread.

Facts:
1) Former SG citizen
2) Currently US citizen
3) Has CPF in SG
4) All CPF balance was earned or contributed before I came to the US
5) Want to totally withdraw my CPF now

If you are a former SG'ean who became US citizen and withdrew CPF, can you tell me, in you case, was your CPF withdrawal subject to US tax? i.e., was your withdrawal considered an income in your US tax returns in the year it was withdrawn?

Thanks.

My situation has similarity to yours, except that I moved to the US and retained my CPF in Singpore as is, for a potential return some time in the future.

My question is this - the interest I earned from CPF routinely, is that taxable by uncle Sam's IRS? I did not take those in consideration thus far when filing taxes in the US and also my CPAs have never bothered about it even when I volunteed in the past . As far I know CPF is see no touch thing, unless you give-up your PR or Citizenship or when you retire at the Singapore prescribed age, therefore US should not tax it when Singapore doesn't.

Any thoughts....?

[kennyrayandersen]

I think it depends. I don't know about Singapore (so why am I posting? LOL) but in places that have reciprocal agreements with the US then you won't be double taxed; but, if the retirement money wasn't included as part of your income that you had a tax liability on then you would have a tax liability in the US (past the $91500 tax exclusion), but you get to subtract the tax you paid in Singapore. So, if in Singapore you paid 20% tax, but in the US you were in a 33% bracket, I think you'd technically be on the hook for it.

If they don't have a reciprocal agreement, it means that they aren't exchanging information about income; so, in that case let you conscience be your guide.