| If I have lost my SPR status due
to a permanent posting to another country,
am I still entitled to participate in SRS
scheme, and withdraw the money after retirement?
Will I be forced to make a lump-sum withdrawal
instead and be taxed on the full withdrawal
amount?
If you lose your SPR status, you are still
eligible for participation in the SRS scheme.
You may also decide to make SRS withdrawals
at a later stage. However, as a foreigner,
you would qualify for an additional concession
(penalty-free withdrawal). This concession
is available to foreigners who withdraw
their SRS monies entirely in one withdrawal
transaction. The conditions for this concession
are as follows:
-
you have been a non-Singaporean for
a continuous period of 10 years preceding
the date of withdrawal ; and
-
you have maintained your SRS account
for a period of not less than 10 years
from the date of your first contribution
to your SRS account.
Under the above conditions, only 50% of
the lump-sum withdrawal is taxable. |
