Legal/financial issues for expats in Sing

[daimi]

Hello all,

I may accept a job in Singapore and I am wondering whether there are laws or restrictions about transferring money out of the country (specifically into a retirement account)...or any other legal-financial issues important to know about.

Any information or direction to a good source of information would be appreciated!

Thanks,
Daimi

[Bevdeforges]

Hi, and welcome to the forum.

First of all, if you're coming from the US, and you're talking about one of those tax deferred retirement funds (IRA, specifically), the restrictions may come more from the IRS than from the Singapore government.

It will also make some difference whether you're working on the local payroll or on the expat payroll of your employer back in the US. On an expat payroll, your employer generally is allowed to maintain your payments into any benefit plans (including retirement plans) while you are on assignment overseas. But if you are making use of the overseas earned income exclusion, you won't be able to make contributions to an IRA while your are overseas. (Not sure about a 401K plan - check with your employer if that's what you have.)
Cheers,
Bev

[daimi]

Yes, I would be coming from the US and was thinking of an IRA, or at least mutual funds. I'd be on local payroll.

The main thing is that there's not a restriction on having foreign bank accounts or wiring money into savings out of Singapore, etc.

Thanks, Bev!

[Bevdeforges]

I don't know much about Singapore, so can't help you on that side.

But from the US side - you will have to file an annual declaration of your foreign accounts with the US Treasury department. You can't contribute to an IRA unless you have earned income subject to US taxation - which rules out your Singapore income excluded on form 2555. (If your income exceeds the overseas earned income exclusion, you may be able to make your contribution.)

Best source for the tax side of your overseas income is Publication 54 from the IRS. You can order a copy from the IRS or just download it from the IRS website.
Cheers,
Bev

[kohhh]

There is no problem remitting monies out of Singapore.

Singapore is a financial Hub.

Email : masjid19@ gmail.com if you have other issues.

[ExSA]

Agreed, there is no problem there, my partner and I both have current overseas bank accounts.
Your bank in Singapore will be able to help you wire it out, they're friendly, fast and efficient.