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Can Singaporeans who gave up Singapore citizenship still hold a bank savings account

xenomorph

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Loyal
hello there,

i have situation where my friend has given up singaporean citizenship because of his mom. he is wondering whether he can still hold his posb savings bank account.

also, does he need to report tax for money his dad (separated) put into this savings account.

can anyone out there help?
 

tualingong

Alfrescian
Loyal
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

you mean FTs dun have SGP bank accounts?
 

QXD

Alfrescian (InfP)
Generous Asset
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

Yes, I too know of a lot of "friends" in YOUR situation.

If your "friend" is in Oz, may I suggest you call 1800 062 062 and explain to them your "friends" financial details.

If in SG: please call: 6351 3258

If in UK: please call: 0800 788 887

If in US: please call: 1800 829 0433


I strongly believe that these persons would very much like to help lighten your "friend's" financial burden.


hello there,

i have situation where my friend has given up singaporean citizenship because of his mom. he is wondering whether he can still hold his posb savings bank account.

also, does he need to report tax for money his dad (separated) put into this savings account.

can anyone out there help?
 
Last edited:

xenomorph

Alfrescian
Loyal
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

qxd fuckin arsehole,

why must i pay tax twice. if i pay sg tax, why pay au tax.

if u r not helpful, get out of here ... u conceit airbag.

up yours!
 

koala88

Alfrescian
Loyal
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

why must i pay tax twice. if i pay sg tax, why pay au tax.

You don't pay tax twice. Interest income is tax free in SG. This interest earned amount will be taxed by the ATO. You only pay earned interest income tax ONCE.

What I don't understand is why do you still need to keep you $ in SG bank when the interest rates is so low - less than 1 and closer to zero % perhaps?

Why not park your $$ in Australia where the interest rates ranged from 5% (online savers of some banks) to 3%+?

Even at the lower 3%+ for the regular counter rates, you are still MUCH better off putting your $$ in Australia after paying all the tax to ATO.
 

xenomorph

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Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

koala88,

complicated.

separation.
dad in sg
mom in au
 

QXD

Alfrescian (InfP)
Generous Asset
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

Your emotions betray you, you deceitful little shit.

Now we all know who your "friend" really is.

All I did was to create a lure for a 死爱脸, and in you fell into it screaming like a bitch.


koala88,

complicated.

separation.
dad in sg
mom in au
 

xenomorph

Alfrescian
Loyal
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

qxd u r 1 motherfucker. waste my time here.
u tink u know best.
singaporean end up in dumbest perth. wat can i say. hahahhahahaha
 

QXD

Alfrescian (InfP)
Generous Asset
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

So says the retard fuckwit who picah lobang without me having to even try.

Father in sg, mother in au, and one useless son who doesn't even know simple tax issues.

Even with such good and trusting parents, their dumbfuck child betray them by coming here to whore your family's secrets, what a fucking disappointment you are to them.

How useless can a child like you get and what wonderful parents you have, because any lesser parent would have disowned trash like you as fast as thrown rubbish in a bin.

Keep them coming, I'd like to exercise my insults once in a while.

qxd u r 1 motherfucker. waste my time here.
u tink u know best.
singaporean end up in dumbest perth. wat can i say. hahahhahahaha
 
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xenomorph

Alfrescian
Loyal
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

wow big talker
ah pek with bitchie face talking
why not try offering some cocky words to your own fucked up generation ok.
and leave your grandkids alone.
 

xenomorph

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Loyal
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

strong words from a stuffed up generation of lee con you people.

dumbfucked retiree ah qua pek can talk to himself here. i found my answer. save your bullshit to your type.

Even with such good and trusting parents, their dumbfuck child betray them by coming here to whore your family's secrets, what a fucking disappointment you are to them.

How useless can a child like you get and what wonderful parents you have, because any lesser parent would have disowned trash like you as fast as thrown rubbish in a bin.
 

QXD

Alfrescian (InfP)
Generous Asset
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

Wah seh...temper temper.

You're convincing a lot of people now that your shit temper might have been the root cause of their break up.

strong words from a stuffed up generation of lee con you people.

dumbfucked retiree ah qua pek can talk to himself here. i found my answer. save your bullshit to your type.
 

yinyang

Alfrescian (Inf)
Asset
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

given up singaporean citizenship...also, does he need to report tax for money his dad (separated) put into this savings account.
How the IRAS dice rolls here:

1. Interest income not taxable Sg (aproved banks like POSB etc)

2. If he stays in Sg <183 days in year, other income taxed at 15% (tax "non-resident"). No reliefs or deductions, unlike tax resident
 
Last edited:

neddy

Alfrescian (Inf)
Asset
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

How the IRAS dice rolls here:

1. Interest income not taxable Sg (aproved banks like POSB etc)

2. If he stays in Sg <183 days in year, other income taxed at 15% (tax "non-resident"). No reliefs or deductions, unlike tax resident

In OZ, bank interest income is taxed.

On 8 May 2012, the government announced in the 2012-13 Budget that it would not be proceeding with the 50 per cent discount for interest income measure which was due to commence on 1 July 2013.


hello there,

i have situation where my friend has given up singaporean citizenship because of his mom. he is wondering whether he can still hold his posb savings bank account.

also, does he need to report tax for money his dad (separated) put into this savings account.

can anyone out there help?

I will be more careful about getting money back from Singapore from your own Singapore bank account. ATO treats this as Overseas Income.
 
Last edited:

Lambo

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Loyal
Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

the gahmen very funny about 'their money' leaving singapore. if i were you, i would tread lightly bro. Wouldn't hurt to ask lawyer friends :smile:
 

sunlee2002

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Re: Can Singaporeans who gave up Singapore citizenship still hold a bank savings acco

Which bank is he under? For posb singapore bank account, I believe he can still hold it… For the 2nd qn, I don't think he needs to report tax.
 
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