Opening A Bank and Trading Acc in Singapore & Tax?

[RAZZELL]

There have been a number of threads on this over the years but none particularly recently.

 

Can some more knowledgeable members explain what are the benefits of opening a bank account and share trading account in Singapore?

 

I have read that there is no capital gains tax on profits in Singapore?

 

Does that mean I could transfer "X" amount of money to a Singapore bank for example UOB, then open a trading account with UOB Kian Han, buy stocks, ETF's etc etc and say 5 years later (if there is any profit) I could then remit that $$$ somewhere with no CGT or withholding tax on the profits? (but depending on what jurisdiction the companies were in - eg USA, UK.)

 

https://financialhorse.com/withholding-tax/

 

Say, then money is then sent from Singapore to Thailand what would be my tax liabilities here? (If I was resident in Thailand for tax purposes?)

 

 

RAZZ

 

 

 

 

 

 

[wordchild]

If you are not resident in Sing then there is no tax on share trading profits or dividends. For Thailand the usual exemption applies ie if you bring money into country in the year after it was earned then it is not treated as income so also no tax to pay. No idea how the Thai tax authorities would ever check this but anyway thats the rule. Many people (myself included) make transfers into Thailand (for the whole years expenses) in the first couple of days of January, that ensures the origin of the funds should never be questioned. 

[wordchild]

58 minutes ago, wordchild said:

If you are not resident in Sing then there is no tax on share trading profits or dividends. For Thailand the usual exemption applies ie if you bring money into country in the year after it was earned then it is not treated as income so also no tax to pay. No idea how the Thai tax authorities would ever check this but anyway thats the rule. Many people (myself included) make transfers into Thailand (for the whole years expenses) in the first couple of days of January, that ensures the origin of the funds should never be questioned. 

While there is no Sing income tax to pay, depending on where you invest, there could be some withholding taxes  that could apply, on dividends (not the capital gains) , paid by companies in certain countries . eg  certain Australian shares, US shares, certain European countries etc but not, for example HK, Sing or UK shares. The level of the withholding tax would depend on the tax agreement between the country where the company is based and Singapore.    

Edited May 27, 2020 by wordchild

[RAZZELL]

3 hours ago, wordchild said:

While there is no Sing income tax to pay, depending on where you invest, there could be some withholding taxes  that could apply, on dividends (not the capital gains) , paid by companies in certain countries . eg  certain Australian shares, US shares, certain European countries etc but not, for example HK, Sing or UK shares. The level of the withholding tax would depend on the tax agreement between the country where the company is based and Singapore.    

Thanks for that - that is what I thought and the link above explains.

 

Uk tax law gets a bit complicated for expats and you "technically" have to be "non-resident for tax purposes" for 5 years to not pay CGT.

 

Say for example you used a UK broker to buy and sell shares and then sent the "profits" to Thailand the year after then I "guess" you would not be liable for Thai income tax?

 

How the HMRC would know if you made a profit and remitted the money abroad is anybodies guess?

 

RAZZ

Edited May 27, 2020 by RAZZELL