A Fatal Social Security Mistake
When Benjmain Franklin wrote, “…in this world nothing can be said to be certain, except death and taxes” few could...
Read moreLief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
Simply put, Singapore’s tax revenue system comprises personal tax, corporate tax, Goods and Services tax, and property tax. In addition workers have a National Insurance deduction taken directly from their wages. This is used to fund Singapore’s public healthcare system.
Singapore does not tax residents on foreign-earned income, though foreign-sourced dividends can be taxable if received in Singapore under certain conditions. Local-source dividends are exempt from taxes as long as the company already paid the reducible 17% corporate tax.
Double Taxation avoidance treaties mean that companies taxed abroad are not liable to pay tax in Singapore.
Start Your New Life Today, Overseas
The Double Taxation Avoidance (DTA) is an agreement with over 70 nations including most of the major players in Europe, Asia, and the Americas. This progressive agreement is another reason business and corporations are able to expand into Singapore.
Property tax in Singapore ranges from 2% to 20%. Singapore does not tax corporations or individuals on capital gains, unless they are in the business of trading shares. The country imposes neither wealth nor inheritance tax. In addition there is no tax on income received from overseas sources.
Stamp duties on real estate can be expensive, having been raised by the government in response to an overheating property market in 2009.
Property taxes are assessed on a property’s gross annual rental value according to a progressive scale of 0% to 16% for owner-occupied dwellings, 10% to 20% for nonowner-occupied, and 10% for nonresidential properties.
Singapore’s free-port status means that few items are assessed custom duty.
When Benjmain Franklin wrote, “…in this world nothing can be said to be certain, except death and taxes” few could...
Read moreWhen Benjmain Franklin wrote, “…in this world nothing can be said to be certain, except death and taxes” few could...
Read moreWhen Benjmain Franklin wrote, “…in this world nothing can be said to be certain, except death...
Read more"Panama City will be the next Singapore..." I couldn't tell you how many times I've heard that prediction—from Panama property developers, real estate agents, investment advisors, and market pundits—over the years I've been doing business in this country. I was in Singapore not long ago, and I can tell you that Panama City doesn't stack up. The infrastructure and levels of quality, service, and overall experience don't compare. But you've got to put any comparison between these two places into...
Read more© 2008 - 2024 Live and Invest Overseas - All Rights Reserved.
Sign up to receive the FREE daily e-letter, Overseas Opportunity Letter and we’ll immediately email you our editors’ latest research report…
RETIRE OVERSEAS AND LIVE LIKE ROYALTY
© 2008 - 2024 Live and Invest Overseas - All Rights Reserved.