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Running Pte Ltd, leaving SG, keeping EP?

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stiwi
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Postby stiwi » Tue, 23 Aug 2011 3:16 am

After having few thoughts on this topic, I am coming back with some more questions:

1. If I would get a PR and decide to leave at some point, would keeping company and employment here (so paying taxes and CPF) "guarantee" myself REP extension every 5 years, considering I would not live here?

2. Being PR, would I be able to be the only director for Pte Ltd, even if I would have an overseas address? I know that for EP director it is required to have a residential address in SG, but how does it work for PR?

3. I read that CPF consist of 3 accounts and that 36% gets locked each month (20% employee; 16% employer) up to maximum S$1800. Upon PR resignation, do I get 100% contributions back?

beppi
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Postby beppi » Tue, 23 Aug 2011 4:30 pm

stiwi wrote:1. If I would get a PR and decide to leave at some point, would keeping company and employment here (so paying taxes and CPF) "guarantee" myself REP extension every 5 years, considering I would not live here?

Nothing is sure in life, and especially the REP renewal criteria are unpublished and constantly changing. They will of course know that you live overseas and are not really "Permanent Resident" in Singapore.

stiwi wrote:2. Being PR, would I be able to be the only director for Pte Ltd, even if I would have an overseas address? I know that for EP director it is required to have a residential address in SG, but how does it work for PR?

As PR, you have to have a Singapore address on file with IRAS, even if you move away. They don't send PR correspondence out of the country.

stiwi wrote:3. I read that CPF consist of 3 accounts and that 36% gets locked each month (20% employee; 16% employer) up to maximum S$1800. Upon PR resignation, do I get 100% contributions back?

All of it plus interest (at a decent rate). But once cashed out, you'd have problems ever living or working in Singapore again.

stiwi
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Postby stiwi » Thu, 01 Sep 2011 4:16 am

Thanks for your response @beppi.
I think you can have overseas address on file with IRAS:
http://www.ica.gov.sg/page.aspx?pageid=142

PR is a kind of (tax) status in some countries and I believe here is no different. There is often nothing about permanent residency when it comes to PR as long as you derive income and pay taxes.

I'd like to point out that I don't want to abuse the system here. I consider moving somewhere else before making more permanent decisions on where to settle. Singapore scores high and that's why I would be happy to have the "doors open".

I could keep my employment here on EP P1 being non-resident, but I would end up paying 15% on personal tax income. As PR I would be paying resident tax rates regardless if I live in SG or not, though I would end up paying CPF, which I prefer considering it is "withdraw-able" upon PR resignation.

I looked at the REP eligibility criteria and I can't see one reason why would REP be not renewed if someone is employed here, paying taxes, CPF and is able to provide the required documents. I don't think also that I would be abusing the system in any way.
http://www.ica.gov.sg/page.aspx?pageid=152

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ksl
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Postby ksl » Thu, 01 Sep 2011 3:49 pm

People that think applying for PR is abusing the system need to get a life!

It's also better for Singaporeans that the PR's do not stay forever, though I don't suppose they even give it a thought, the benefits of a PR are not equal to Singaporeans they have a price to pay to be here too.

Other than that take a look at the migration of Singaporeans, who are hardly loyal to their Country, but want to abuse it too and take the jobs of other people. All this PR crap is nothing more than bickering about a long haul then go and retire somewhere else, who gives a crap.

The government can put a stop to it but know very well that the transition of workers benefits Singapore's quality of life, as they are productive workers.

beppi
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Postby beppi » Thu, 01 Sep 2011 4:10 pm

A few years ago the local media called foreigners who leave their home to work and live here "Foreign Talent", and Singaporeans who do the same in the other direction "Quitters".
Has this changed?

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sundaymorningstaple
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Postby sundaymorningstaple » Thu, 01 Sep 2011 6:19 pm

nope.























Well, I think recently, they've changed the T in FT to "trash" but otherwise, nope.


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