Anyone here live in Singapore?

[Starcraftmazter]

Amongst my daily grind of trying to figure out ways of minimising tax, I found out that this most wonderful country in the world has an incredibly low rate of tax for both individuals and companies - and moreover has no capital gains tax whatsoever!

Upon learning of such a paradise, I realised that I must move there at the earliest possible opportunity.


Thus I am wondering whether anyone here lived in Singapore and can share some information, and perhaps some websites/forums I can go to to get help about relocating there.

Are they mostly Mandarin or English speaking? What about the companies which provide most of the jobs - do you need to know Mandarin?

Is it easy to get residency there? Is there any reason why everyone doesn't move there?

Also I am curious about what happens in terms of trading shares in other markets tax-wise. If I continue using my Australian broker for shares/ML, while living in Singapore, do I have to pay any tax to Australia? If so, how do I get around this?

Would Australian citizenship be a problem here? If so, would it be easier to trade other shares (say US, Euro) instead with no tax liabilities?

And what about CFDs and Futures?

 

[CanOz]

Amongst my daily grind of trying to figure out ways of minimising tax, I found out that this most wonderful country in the world has an incredibly low rate of tax for both individuals and companies - and moreover has no capital gains tax whatsoever!

Upon learning of such a paradise, I realised that I must move there at the earliest possible opportunity.


Thus I am wondering whether anyone here lived in Singapore and can share some information, and perhaps some websites/forums I can go to to get help about relocating there.

Are they mostly Mandarin or English speaking? What about the companies which provide most of the jobs - do you need to know Mandarin?

Is it easy to get residency there? Is there any reason why everyone doesn't move there?

Also I am curious about what happens in terms of trading shares in other markets tax-wise. If I continue using my Australian broker for shares/ML, while living in Singapore, do I have to pay any tax to Australia? If so, how do I get around this?

Would Australian citizenship be a problem here? If so, would it be easier to trade other shares (say US, Euro) instead with no tax liabilities?

And what about CFDs and Futures?

One of my best mates lives in Singa. Although he is due to move back to Shanghai, i can certainly forward some questions on the city/country to him on your behalf. He's 30 ish, well educated in the finance industry. You may have something in common.

PM me for your specific questions and i will forward directly to him, then back to you ASAP.

Cheers,


CanOz

 

[McLovin]

You couldn't pay me to live in Singapore. Sterile, quasi-dictatorship, no thanks.

 

[Glen48]

Full of Muslims and expensive to live there from what I understand, that's why I am here

 

[Trembling Hand]

Trading profits generated out of one country are taxed in your country of residence if they have a tax agreement between the two countries. Most countries with decent markets do.

 

[sammy84]

Full of Muslims and expensive to live there from what I understand, that's why I am here

Mostly Buddhists actually.

I am currently living in Jakarta which has a large Muslim population. They are great people and no different to anyone else.

Anyway, no point debating with simple minds.

 

[Starcraftmazter]

PM me for your specific questions and i will forward directly to him, then back to you ASAP.

Great, thanks.

You couldn't pay me to live in Singapore. Sterile, quasi-dictatorship, no thanks.

As if that's any different to any Western country.

Full of Muslims and expensive to live there from what I understand, that's why I am here

Full of muslims? Hardly.
www.singstat.gov.sg/news/news/press12012011.pdf

Singapore is a secular country so the religious minorities are irrelevant.

 

[sammy84]

Starcraft

I spend a lot of time in Singapore as I am living around the corner in Jakarta (there for a 2 year posting).

You can break residency quite easy with Australia and be taxed in Singapore. The tax rate is very low. However what you save in tax you will pay in rent. Land is not cheap. The cost of owning a car is a minimum of $60k. Also, you're not allowed to drink in the casino.

 

[Starcraftmazter]

You can break residency quite easy with Australia and be taxed in Singapore. The tax rate is very low. However what you save in tax you will pay in rent. Land is not cheap. The cost of owning a car is a minimum of $60k. Also, you're not allowed to drink in the casino.

Who cares. Land can't be more expensive than Australia with it's world record property bubble. I have already had a look at some apartments, and they are not priced differently to Sydney for instance at all, in fact I would argue they are cheaper based on the fact that almost everywhere in Singapore is like Sydney CBD - all services are close by. Given that you can make infinity money through trading and not pay a cent of tax on it since it is a capital gain, the price of rent is irrelevant.

Also, I'm uninterested in driving - why would you want to drive in such a small country with excellent public transport, I don't gamble and I don't drink.

 

[Starcraftmazter]

Actually that makes me think. How exactly is residency defined? Is it possible to live in both countries but only claim residency in one and pay tax there?

 

[captain black]

Another consideration is the stark contrast to the treatment of clients of MF Global in various jurisdictions. Singapore clients have received 90% of their segregated funds. Australian clients have yet to receive a cent.

We hear a lot about how our money is safer here in Australia. When it comes to protecting client accounts Australian law is far behind the rest of the world. If trading is to become your source of income then moving to Singapore would be a wise move.

 

[sammy84]

Actually that makes me think. How exactly is residency defined? Is it possible to live in both countries but only claim residency in one and pay tax there?

Not likely. To break residency with Aus you have to evidence an intention that you do not plan to live in Aus for the foreseeable future (> 2years).

Nothing to stop you holidaying back in Aus but you will need to establish a life in Sing.

 

[Trembling Hand]

Given that you can make infinity money through trading and not pay a cent of tax on it since it is a capital gain, the price of rent is irrelevant.

LOL. First you have to do a trade!

 

[sammy84]

LOL. First you have to do a trade!

Haha. I do love how people overly concern themselves with tax and trading.

My greater focus is to be consistently profitable, I'm happy to pay tax as it means I'm making money.

 

[Starcraftmazter]

Haha. I do love how people overly concern themselves with tax and trading.

It's a philosophical and political point. The government does nothing to aid in my trading, so they do not deserve a cent of my profits.

 

[Trembling Hand]

It's a philosophical and political point.

More like hypothetical.

The government does nothing to aid in my trading, so they do not deserve a cent of my profits.

What exactly would you like them to do for your trading?

 

[McLovin]

As if that's any different to any Western country.

I've been to 47 countries and lived in three, and yes, it's different. How many have you been to again?

 

[McLovin]

LOL. First you have to do a trade!

And as has been pointed out to SCM numerous times, capital gains from trading are treated as ordinary income, so whatever the CGT rates are is irrelevant.

 

[Garpal Gumnut]

I spend a lot of time in Singapore as I am living around the corner in Jakarta (there for a 2 year posting).

You can break residency quite easy with Australia and be taxed in Singapore. The tax rate is very low. However what you save in tax you will pay in rent. Land is not cheap. The cost of owning a car is a minimum of $60k. Also, you're not allowed to drink in the casino.

Thanks Sammy,

On the top of my bucket list is to spend a year in Singapore. Without listing the google address what are the requirements for temporary residency and what are the advantages and disadvantages of living there.

I have stayed for 3-10 days there as a transit tourist, on about 6 or 7 occasions, and like the style of Singapore.

Disclaimer: I do not chew gum.

gg

 

[Starcraftmazter]

What exactly would you like them to do for your trading?

Not take away the profit?

I've been to 47 countries and lived in three, and yes, it's different. How many have you been to again?

What does me being in a country or not have to do with it being a quasi-dictatorship? I am in Australia, and I know Australia is one. I have never been to USA, yet I am well aware it is the worst example thereof.

And as has been pointed out to SCM numerous times

Pointed out? I know well enough how capital gains are handled in Australia. And as I pointed out, the advantage in Singapore is that there is no capital gains tax.