So you guys are saying no need to move money back, but directly use the "SGD debit card" from Wise or Revolut in any POS terminal in Malaysia? So when money is deducted in buying goods, it is deducted in MYR but internally is converted to MYR from SGD via Wise/revolut from SGD money deposited in Wise/revolut earlier? (which means wise/revolut functions like a bank account?)

correct.. . just spend like a tourist here lah... by that time myrsgd maybe 6:1 cheap cheap... hahaha

income tax ask "did you transfer/remit money back"... "no"... hahaha

anyways when you retire should be premier or private banking status liao... bankcard should be zero markup fee... so just use those directly lah... don't waste time with wise, revolute, etc... not only pos, can withdraw from atm also at zero fee... hahaha

TOS

My money have never been brought back to Malaysia. It's a one way trip. Been always like that since I started.

The question is even if I don't intend to bring back the money will it be tax? If yes how much?

We only know once the bill is clear.

Unless you want to chase air miles then use bank card. If you use bank cards Vs fintech, you instantly lose like 3% but you gain like 20% provided you know how to play the miles game.

This post has been edited by Ramjade: Nov 1 2021, 02:15 PM

Got uni class on that day, cannot join.

I have a question for you. You invest now in various overseas market to prepare for retirement right? Or at least some life goals in the future, I hope?

So that means at some point later in life, say for example when you retire, you need to spend those money that you invested, obviously they have to be brought back to Malaysia for you to spend on retirement, no?

Or you plan to retire elsewhere?

Or say that money is for your wedding, (you are still single? ) then when you wed in M'sia, obviously you have to repatriate that money back to spend in the end.

So by hook or by crock, a portion of your money will have to come back to Malaysia anyhow in the future, you can't escape unless you go through the "illegal" route. Of course in the cases above, I assume the tax laws remain the same, which might not be.

he using fuzzy logic with selective memory

MasterCard has hidden FPX conversion rate and it won’t be spot rate but overnight rate which sometimes can goes to up 0.5% higher together with bank charges be prepared to at least 1.5% markup for every transaction

Wonder got U turn selection

use visa... problem solved... lol

https://www.theedgemarkets.com/article/prop...says-tax-expert

Bro, I have never withdraw my money for I think 7-8 years already. All my salary all dump overseas.

How to retire?
Simple. Use epf and savings.

I planned to move to new Zealand,, Canada or Portugal or Finland or Netherlands.

My savings rate already 75%. If I need something just save up for it. Remember my overseas investment are now self reliant already thanks to options. I don't need to transfer money overseas anymore and still can continue to invest and grow my wealth and still get cash flow to fund my investment account. Another perks of not being a dividend Investor. If I cont to be dividend Investor, I need to wait 12 years for it to happen or don't know how many donkey years.

But I do see having to pay tax on that. Hence I am going to register myself and vote after all this while. Retirement is a long journey. Say another 10 years time, 10 years time govt tax may change (highly doubt it) or govt change can happen. No one expect BN to lose right?

I expect they are going to piss off lots of online seller with that tax. So anything can happen.

This post has been edited by Ramjade: Nov 1 2021, 09:20 PM

All the best with your plan. Since you will retire elsewhere, then yes you don't need to repatriate your money back and won't likely get taxed.

It's just dream. Unlikely will happen. Might try Portugal though. Cause if US people can retire to Portugal, why not.

Anyway I am ready to pay tax even though I am bitter about it.

Cannot escape still got 0.5% on top of it

you so sure got 0.5%?

and now visa dun have hidden fpx fee only mastercard?

a lot of old folks like to retire to cheaper n warmer climates

you get a lot of old folks in Florida for example

my Dutch friend bought a boat, retired to Spain...

imho... no need to migrate if skill set is good... just become an expat enjoy big pay n benefits

Both also 0.5% hidden FPX fee so can’t escape no matter how

you can bs noobs lah... not veterans... lol

using visa and mastercard at pos/pss... where got connect to fpx?... totally different unconnected payment system... lol

Well said. well said.