Ramjade, share your crystal ball with me next time... 🤣

https://www.straitstimes.com/singapore/tran...vel-from-nov-29

This post has been edited by Hoshiyuu: Nov 9 2021, 03:32 PM

See below.
My assumption was based off a news I saw about a guy travel to China for business stuff and he had to quarantine and swab 4 times if I am not mistaken. So yeah, borders are not exactly close. Just need to quarantine.

Never thought that news will be released as I thought sg govt is holding back to prevent Malaysian entry.

Ramjade must be Irish - luck of the Irish and four leaf clover all that

By the way, I've been wanting to ask in the other thread too - but when you say "use Bigpay" you mean Malaysian Bigpay account, reloaded via SG/Multicurrency Debit card, then with BigPay holding MYR, spend globally? I feel like I am missing something when you have mentioned twice that BigPay is the key to spending foreign income internationally,

Sorry if I terribly misquoted the information.

Malaysian bigpay reloaded with RM and spend overseas. No way you can get SG bigpay. Another alternative is wait for youtrip and mymy to start operating maybe next year. I hear dit can be used to store foreign currency. But how, not sure yet.

Thanks man. And yeah, hoping we can get some BNM approval on fintech that allows storing and spending foreign currency directly.... or foreign fintech that allow direct Malaysian registration

Thanks Bro.

Since this foreign source income new regulation will be revised in 2022.

My question is if I continue to accumulate and it may reach certain amount remain in Singapore acct.
I dont have intention to bring back malaysia since my current income is sufficient to cover my expenses here.

All income coming into my spore account with valid documentation ie commission agreement if bank ask to provide, can I leave it there for my future education plan for my kids.

Thank you.

since you will using it over there,...M'sia govt should not have reason to questions you...unless, it you need to bring it back,...then they may question you....

just my guesses only....

This post has been edited by MUM: Nov 9 2021, 06:48 PM

Wait for bill to pass. No point guessing now.

Your bank dont have your details here ?

Some bank even collect income tax residency details, must declare this.

That guy was to China. I'm talking abt SG here,...

And the things I are debating with you is from pre-VTL for Msia,... don't talk abt post-VTL.

Sorry. My bet. Went digging up how strict sg quarantine was. Even transit also block off.

Appreciate if you could bring up with IRB if opportunity arise . Since the local dividend is not taxable income. Then, the law will only consistent that foreign dividend are not taxable also.

Frankly, bros,... I think IRB wouldn't really care under what category ur incoming funds would be in. Capital exemption or capital gains or option premiums,...

Your best bet now would be to quickly open a foreign bank account to park your funds in offshore. The plan your funds movement as the development of this new removal of exemption continues to take place.

Yes boss... this is my problem now... looks like ANY inward remittance from Jan 1 is taxable income... all my savings is offshore, if they don't segregate old money (before Jan 1) vs new... I'm in big trouble

Luckily I have plenty of offshore bank accounts.

you misunderstood... I am remitting $5-10k per month for spending...

Bro,... just some suggetions,... you can do one of a few things now :-

1) remit back 6 mth to 1 year of funds now to cover yr expenses prior to Jan 1. As time goes by, procedures will be improved,... or this whole fiasco will just fail because it's not feasible to implement this for individuals.

2) start building up a local income-generating entity, eg set-up a business or something so that you won't need to use ur foreign income for expenses.

3) start establishing a residence somewhere else so that you don't need to stay in Msia for 183 days or more per any Financial Year. Then you would be a non-tax resident.

thanks for looking out...

got a few options I'm exploring... will see how it goes lah...

I really hope your point 1) where this fails and it won't be implemented for individuals really come true