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What to do with your investments here after you leave?

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Wd40
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What to do with your investments here after you leave?

Postby Wd40 » Thu, 21 Feb 2013 9:07 am

I understand, Singapore is very friendly to foreign investors(except for residential propert, recently). There are no capital gains tax on investments in equity or debt. Also the Sing dollar is expected to appreciate a bit in 2013.

I have about a 100k in safe fixed income unit trusts thats returning 6-7% per annum at the moment and I dont mind leaving it there as long as the yields are good.

My question is: Is it feasible to continue having investments here in unit trusts etc while you leave this place for good? How practical is it to remotely operate bank accounts etc or is it even legal having a bank account if you are no longer resident? I think it is, considering Singapore is an open economy and also treated as a tax haven my many.

Suggestions appreciated.

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Postby beppi » Thu, 21 Feb 2013 6:03 pm

Since non-residents can legally open accounts here, there should be no problem in keeping yours when ceasing to be resident. But you might want to ask your bank(s).
As long as you have Internet banking, there is basically no difference in managing it from abroad.

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JR8
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Postby JR8 » Thu, 21 Feb 2013 7:15 pm

Tax havens man.

Isle of Man.

Geneva.

If you're smart enough to need it. You're smart enough to figure it out.

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zzm9980
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Postby zzm9980 » Thu, 21 Feb 2013 7:51 pm

Come on Rev, you're constantly trumpetting that Indians should return to the mother(father?)land and help build their country. Why don't you put your money into Indian investments? :P :cool:

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Wd40
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Postby Wd40 » Thu, 21 Feb 2013 7:59 pm

zzm9980 wrote:Come on Rev, you're constantly trumpetting that Indians should return to the mother(father?)land and help build their country. Why don't you put your money into Indian investments? :P :cool:


I never said that Indians should go back to build the country. I only said, Indians should go back, if they cant earn(and save) enough here. There are several Indians who are struggling here trying all sorts of means like PR, PEP etc just to stay even if it means low paid job or jobless. My advice was for them specifically.

If you earning well(and saving) here, they why not. Make hay while the sun shines :P :cool:

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Postby beppi » Thu, 21 Feb 2013 8:35 pm

Singapore is a tax haven in its own right (due to no tax on capital gains, good financial infrastructure and little or no cooperation with foreign tax authorities) and handles much higher volumes of personal wealth management than the minnows JR8 mentions above.
(Source: http://www.economist.com/news/special-r ... remarkable)

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JR8
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Postby JR8 » Fri, 22 Feb 2013 2:50 am

RevHappy questioned; WD40 responds.

Curious.

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Postby sundaymorningstaple » Fri, 22 Feb 2013 7:02 am

JR8, you just woke up izzit? I and ZZm I believe outed WD40 the first week he was here with the new nick (3rd one).

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Postby alittlerisky » Fri, 22 Feb 2013 10:04 am

If you re earning 6-7% without excessive risk you are doing fine. I work for a private bank and Singapore is OK. And alot of the customers are non-resident, so you are OK leaving your investments here. Although personally I just buy property, bricks and mortar lad etc.

Tax havens: Seychelles, Mauritius, Bahamas.

Forget Switzerland. They will crumble soon (or maybe not). I moved my cash out of a numbered account in Switzerland to Seychelles. Bloody USA asking details about my account etc (granted, I wasn't paying any tax). It's not as if I'm a millionaire!
Who? What? How? Why? Where? When? Merde...

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Wd40
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Postby Wd40 » Fri, 22 Feb 2013 6:14 pm

Thanks everyone. Regarding operating bank account remotely, my concern is the OTP that gets sent to cell phones as SMS. I will check if foreign phone number and foreign mailing address can be used to register. If thats possible then, yeah, it doesnt matter where I live.

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JR8
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Postby JR8 » Fri, 22 Feb 2013 8:14 pm

beppi wrote:Singapore is a tax haven in its own right (due to no tax on capital gains, good financial infrastructure and little or no cooperation with foreign tax authorities) and handles much higher volumes of personal wealth management than the minnows JR8 mentions above.
(Source: http://www.economist.com/news/special-r ... remarkable)


Hah?

Switzerland has over double the private wealth invested of SG and HK combined, and yet you call it a minnow.

The Channel Islands are also significant financial centres as is the Isle of Man. Unfortunately the figures are unclear as they seem to be lumped together with the UK and Ireland.


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