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Tax suggestion: impose capital gains tax on HDB gains when PR sells HDB

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Old 14-02-2018, 10:06 PM   #61
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That's why I suggested a deferral capital gain taxes.

You don't need to pay taxes as long as you maintain your PR. Can also apply to citizens. If citizens or PR terminate their statuses, then they need to pay those deferred taxes.

The objective is you want citizens and PR to continue living here in Singapore. And not milking this country dry and end up retiring else where.

Anyway, all these are discussions and proposals only.
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Old 14-02-2018, 10:23 PM   #62
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Talking about selling of HDB, I wonder why this family sold their HDB?

Such a sad story. Now they are living at Changi Airport.

Peng Hui Ying 45, told Lianhe Wanbao that since selling her flat off in 2016, she, her 74-year-old mother, and 13-year-old son have been moving between two-room rental flats.
http://www.asiaone.com/singapore/3-g...irport-instead
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Old 14-02-2018, 10:30 PM   #63
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That's why I suggested a deferral capital gain taxes.

You don't need to pay taxes as long as you maintain your PR. Can also apply to citizens. If citizens or PR terminate their statuses, then they need to pay those deferred taxes.

The objective is you want citizens and PR to continue living here in Singapore. And not milking this country dry and end up retiring else where.

Anyway, all these are discussions and proposals only.
This kind is like CPF. Govt if do that very hard to ask back for it thereafter. If the PR sell and used up all the $$, what can u do if they decide to go back for good to their country haha
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Old 14-02-2018, 10:31 PM   #64
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Talking about selling of HDB, I wonder why this family sold their HDB?

Such a sad story. Now they are living at Changi Airport.



http://www.asiaone.com/singapore/3-g...irport-instead
ya lo...the story did not mention why.

They only want to write the sad part but not why they sold it for
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Old 14-02-2018, 10:34 PM   #65
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The objective is you want citizens and PR to continue living here in Singapore. And not milking this country dry and end up retiring else where.
Why is that necessarily so?

Pre-retirees are doing things like producing and raising babies (a few), working and paying taxes, and not consuming many government services (except for the citizens and their HDB BTOs). On a lifecycle basis, prime age working adults are net contributors. PRs even more so than citizens. If anyone is "milking" Singapore, the prime age working adults (and especially the non-citizen and non-BTO ones) are not.

Retirees, however, aren't usually paying much in taxes, and they're consuming lots of government services, especially medical care. If anyone is "milking" Singapore, they are.

So, is it a problem that some retirees leave Singapore (and perhaps visit family and friends from time to time in Singapore)? I don't think that's an actual problem to be solved. It's freedom of choice, and that's fine.

Mike, I think you've got this one exactly backwards. The government (and citizens) get their support from prime age working adults in Singapore. And that's especially true for the non-citizen prime age working adults in Singapore -- they're money machines, and they're required to be. (Or they're emptying bedpans, cleaning toilets, pouring concrete, wheeling elderly Singaporeans in hospitals.... Those are big contributions, too.)

The government is quite open about this reality, if you care to look. Citizens are the biggest net burden on public finances, and everybody else subsidizes them -- that's just how the budgetary and economic math works. And that's not a criticism, not at all! It's a great deal for citizens, as it should be.
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Old 14-02-2018, 10:35 PM   #66
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This kind is like CPF. Govt if do that very hard to ask back for it thereafter. If the PR sell and used up all the $$, what can u do if they decide to go back for good to their country haha
Hold their CPF lah.

Why do you think people want to relinquish their statuses?
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Old 14-02-2018, 10:35 PM   #67
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Lol
How much can a 3-room flat worth even in
RM ?
He must be staying in some cave & free food from the temples.

My ex Malaysian boss sold his 3rm flat (bought pretty early) and retire back home at the age of 40. I guess most of his retirement fund came from the flat.
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Old 14-02-2018, 10:43 PM   #68
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They only want to write the sad part but not why they sold it for
Or where the sale proceeds went, or what the employment income situation is.
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Old 14-02-2018, 10:53 PM   #69
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Exactly. And roughly 2/3rds of that PR trickle progresses to citizenship (and the privileges of citizenship), which is absolutely essential because there just aren't enough Singaporean babies. A 1.2 birth rate is national death otherwise, literally.

So what if PRs can buy HDB resale units, with ABSD (tax), and with almost zero ability to rent those units (unlike citizens). Every dollar PRs use to buy those resale units goes straight into the pockets of citizens, enriching citizens very nicely indeed. It's a great system...for citizens. Cut off those few PR buyers and it's citizens who suffer, not PRs.


No, they cannot. Both citizens and PRs must terminate their statuses in Singapore in order to be eligible to withdraw CPF funds. Both citizens and PRs have the ability to do that -- there's no difference here. Citizens terminate their Singaporean citizenships, and PRs terminate their Singaporean Permanent Residence. Both can "escape," if they wish.

Singaporeans can acquire other citizenships really quite easily if they wish. That's not a particular obstacle if a Singaporean wants to "escape."
Which citizenship easily to acquire? Tell me.
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Old 14-02-2018, 11:05 PM   #70
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Why is that necessarily so?

Pre-retirees are doing things like producing and raising babies (a few), working and paying taxes, and not consuming many government services (except for the citizens and their HDB BTOs). On a lifecycle basis, prime age working adults are net contributors. PRs even more so than citizens. If anyone is "milking" Singapore, the prime age working adults (and especially the non-citizen and non-BTO ones) are not.

Retirees, however, aren't usually paying much in taxes, and they're consuming lots of government services, especially medical care. If anyone is "milking" Singapore, they are.

So, is it a problem that some retirees leave Singapore (and perhaps visit family and friends from time to time in Singapore)? I don't think that's an actual problem to be solved. It's freedom of choice, and that's fine.

Mike, I think you've got this one exactly backwards. The government (and citizens) get their support from prime age working adults in Singapore. And that's especially true for the non-citizen prime age working adults in Singapore -- they're money machines, and they're required to be. (Or they're emptying bedpans, cleaning toilets, pouring concrete, wheeling elderly Singaporeans in hospitals.... Those are big contributions, too.)

The government is quite open about this reality, if you care to look. Citizens are the biggest net burden on public finances, and everybody else subsidizes them -- that's just how the budgetary and economic math works. And that's not a criticism, not at all! It's a great deal for citizens, as it should be.
Your view is government view. People’s view is foreigners take their job then spend the saving in other countries. The wealth is gone.
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Old 14-02-2018, 11:08 PM   #71
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Why is that necessarily so?

Pre-retirees are doing things like producing and raising babies (a few), working and paying taxes, and not consuming many government services (except for the citizens and their HDB BTOs). On a lifecycle basis, prime age working adults are net contributors. PRs even more so than citizens. If anyone is "milking" Singapore, the prime age working adults (and especially the non-citizen and non-BTO ones) are not.

Retirees, however, aren't usually paying much in taxes, and they're consuming lots of government services, especially medical care. If anyone is "milking" Singapore, they are.

So, is it a problem that some retirees leave Singapore (and perhaps visit family and friends from time to time in Singapore)? I don't think that's an actual problem to be solved. It's freedom of choice, and that's fine.

Mike, I think you've got this one exactly backwards. The government (and citizens) get their support from prime age working adults in Singapore. And that's especially true for the non-citizen prime age working adults in Singapore -- they're money machines, and they're required to be. (Or they're emptying bedpans, cleaning toilets, pouring concrete, wheeling elderly Singaporeans in hospitals.... Those are big contributions, too.)

The government is quite open about this reality, if you care to look. Citizens are the biggest net burden on public finances, and everybody else subsidizes them -- that's just how the budgetary and economic math works. And that's not a criticism, not at all! It's a great deal for citizens, as it should be.
I think you are not looking at the bigger and longer term picture.

Relying on able and young foreigners to drive the economy is just a short term view. Yes I understand older people can be a drag to the economy.

In the longer term view, Singapore has to address the declining birth rate. We need to rely on our own population to drive the country. We cannot continue to see foreigners come and go

In my view, we need to try to encourage people to work, start a family and retire here.

If retirees remain in this country, chances are their children and grandchildren will remain in the same country.
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Old 14-02-2018, 11:11 PM   #72
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Your view is government view. People’s view is foreigners take their job then spend the saving in other countries. The wealth is gone.
Exactly! We need to look at the overall view as a country and for the next generations.

We shouldn't view like what the American government views on their trillions dollars of debt. Just continue printing $$$ and kick the can down the road.
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Old 14-02-2018, 11:19 PM   #73
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Which citizenship easily to acquire? Tell me.
There are some citizenships available for outright purchase, mostly island nations such as St. Kitts and Nevis, Dominica, Antigua and Barbuda, Saint Lucia, Cyprus, and Grenada. No residence required (except for Antigua and Barbuda which requires 5 days). Malta requires 6 months of residence within a 1 year period. Bulgaria is pretty rapid, too. Austrian citizenship is in principle purchasable, albeit discretely and at a very high price.

Among countries that allow naturalization after a short period of legal residence, there's Macedonia (1 year), the Dominican Republic (2 years), Paraguay (3 years), Uruguay (3 years if you're in a family living together there/broadly defined, 5 years if single), and Russia (3 years).

There are also some citizenships available via marriage no matter where the couple lives. Marry an Italian, for example (same or opposite sex) and you can acquire Italian citizenship about 5 years after your wedding (the waiting period is a maximum of 3 years, and the applications are processed in about 2). There are also some citizenships available as privileges with particular job postings. As one example, if you serve as a professor at an Austrian university (and don't already have an EU citizenship), you can acquire Austrian citizenship upon request.

Then there are special moments in history when you can join a military force and become an instant or near instant citizen of that country. U.S. citizenship was instantly available to any/every able bodied recruit who volunteered during World War I. The French Foreign Legion is still open for business even today, still accepting recruits, although French citizenship isn't instantly granted upon admission.

So there you go, as just some of the options. Have fun.
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Old 14-02-2018, 11:25 PM   #74
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Or where the sale proceeds went, or what the employment income situation is.

exactly

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Old 14-02-2018, 11:25 PM   #75
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In the longer term view, Singapore has to address the declining birth rate.
And what do you propose to solve that problem? Should Mediacorp start a new, free-to-air, adult film channel?

Many, many countries have low birth rates and are trying to increase baby production. I'm not aware of any countries that have enjoyed much success in their efforts. (Some, at the margins, but it's extremely expensive. Importing babies, as well educated young adults with children, is hugely less expensive.)
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