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Personal money from home country

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Vek
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Posts: 11
Joined: Fri, 12 Nov 2010
Location: Singapore

Personal money from home country

Postby Vek » Mon, 17 Jan 2011 4:54 pm

Hi all,

Just been hitting google just now and can't seem to find the answer I'm after.

As a visitor I found out you can bring a certain amount of money into Singapore and obviously not get taxed.

I'm on an EP. Am I taxed on any of my personal funds/savings I transfer from overseas to Singapore for personal use? Its not income that relates to a commercial activity so it won't be under any corporate structure and used to generate profit; plus it would've been taxed back home already.

Any thoughts?

I hope the answer is as simple but this is Singapore so you never know!

Thought I'd ask.

Thanks

Vek

Grumpy77
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Posts: 151
Joined: Thu, 30 Jul 2009

Postby Grumpy77 » Mon, 17 Jan 2011 6:42 pm

How much are you talking about?

You won't get taxed but depending on how much you want to bring in, there are AML regulations that you'll need to be compliant with.

Vek
Newbie
Newbie
Posts: 11
Joined: Fri, 12 Nov 2010
Location: Singapore

Postby Vek » Tue, 18 Jan 2011 12:00 am

Hi,

I'm looking at the region of S$4500 - S$7000 per month as we are on one salary at the moment and savings would help.

Thanks

Vek

stiwi
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Posts: 153
Joined: Tue, 01 Sep 2009
Location: Singapore

Postby stiwi » Fri, 21 Jan 2011 9:46 pm

http://www.iras.gov.sg/irasHome/page.aspx?id=1526
According to link above, you can bring your savings made overseas to Singapore tax free.


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