[ Offshore Tax ] Can we talk about CPFs for Americans in Singapore? Video

[ Offshore Tax ] Can we talk about CPFs for Americans in Singapore?

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IINTRO:

HTJ.tax, the international tax firm for six, seven, and eight-figure investors and entrepreneurs who are living that international life. Are you ready?

DERREN JOSEPH:

My questions are from the perspective of a Singaporean who is considering moving to the US since CPF accounts, accrue interest annually is the interest taxable. Assuming that I don't make any withdrawals from my CPF account since I've not reached retirement age, but in another way, is CPF fully taxable upon withdrawal, similarly from the best reserve in SRS funds, which is a supplementary retirement scheme, which has his own free time. And these gains capital growth and dividends taxability of the money is not withdrawn. And captain SRS account requests. And we deal with this all the time as well. So, you know, CPF the MPF or's time implants from Singapore, Malaysia, Hong Kong, Japan, of course, it's super, as superannuations in Australia, we, we deal with them to answer your question specifically. The CPF is normally declared on your schedule BCU. Correct? So any interests you would you do as you pull your CPF statement, you download it from the government portal, the annual January to December one, and it shows what interest has been earned. And that's reported on your schedule. B as well as remember we mentioned bank accounts need to be reported on financial accounts. So that goes in your app, pause as well. And if you trigger an 8930 and it goes there as well, the SRS, same thing, any gains, the fully taxable bottom line is that once you enter the US as a green card holder, permanent resident, or on with you, with the company, the company's relocating you, then yes, you will be subject to taxes on your worldwide income. So that means when you rent out your conduit in Singapore, yes, it will be subject to US taxes. If you were to sell your condo, you have to pay capital gains on that as well. Everything you earn at the, if you have any like other investments, maybe you have shares in a restaurant or bar or whatever in Singapore, whatever that needs to be declared as well, that you know, your interest in that company. So everything becomes taxable and portable when you move to the US so what we do is advocate a pre-migration planning. So sitting with the tax team, who assume understands both in your case, Singapore and the US.and what we, when we do it, we go through line by line. You, you give me like a balance sheet, tell me what, like no legal, like a spreadsheet. And we look at it on zoom and we go through it one by one. What would be the tax implications of your move to the US if it is you're, you're happy with that thumbs up, leave it as is, if it is you don't like what the tax consequences are. We can perhaps look at some planning opportunities and some ways of mitigating the consequences of the task would be.

So I advocate before you make that big move to the US big move, because, you know, in Singapore, we're spoiled and that, you know, taxes are relatively light. So when you moved to the US it's the complete opposite, you're going to be taxed on everything. So you would want to get a strategy session in with a tax team that understands both what that helps.

OUTRO:

So if you're a six, seven, or eight-figure investor, entrepreneur, or business owner who needs a tailor-made solution from a qualified team of professionals, we can help you achieve the international lifestyle, the freedom, and even the tax savings you're looking for, visit us at HTJ.tax and live that international.

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