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Tax implication on Retirement from Singapore Jobs

Discuss about getting a well paid job or career advancement. Ask about salaries, expat packages, CPF & taxes for expatriate.

sarkarp
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Tax implication on Retirement from Singapore Jobs

Postby sarkarp » Sat, 24 Dec 2011 3:24 am

I'm considering taking up an assignment in Singapore. Plan is to stay there for a long time (~15-18 years or so) and then retire - possibly as a Singapore Permanent Resident. We are US citizens and would prefer moving back to USA after retirement. So the question is: At retirement when I'll need to move my CPF savings and other personal savings back to USA, what will be the tax implication (I'm asking about Singapore tax implication, not US tax)? Is it allowed by Singapore government to move my personal savings and CPF to another country? Will there be a huge tax by the government of Singapore? Is it something routinely done or a very complicated process?

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Mad Scientist
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Re: Tax implication on Retirement from Singapore Jobs

Postby Mad Scientist » Sat, 24 Dec 2011 5:30 am

sarkarp wrote:I'm considering taking up an assignment in Singapore. Plan is to stay there for a long time (~15-18 years or so) and then retire - possibly as a Singapore Permanent Resident. We are US citizens and would prefer moving back to USA after retirement. So the question is: At retirement when I'll need to move my CPF savings and other personal savings back to USA, what will be the tax implication (I'm asking about Singapore tax implication, not US tax)? Is it allowed by Singapore government to move my personal savings and CPF to another country? Will there be a huge tax by the government of Singapore? Is it something routinely done or a very complicated process?


CPF is NON Taxable . Same goes to your Personal Saving

More info www.cpf.gov.sg
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beppi
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Postby beppi » Sun, 01 Jan 2012 11:24 pm

By the current rules, you can (and many have done) cash out your CPF tax-free when you permanently leave Singapore and give up your PR (note: Non-PR get no CPF!) or when you reach retirement age (except a minimum sum) and are then free to do whatever you want with it, incl. transferring abroad.
However, rules can and do change in the timeframe you are thinking about.


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