Hi Paul,
I did a search but no avail. Realize I didn't ask most important aspects!
1. If we get lucky and win big in casino, how do we bring the money back to SG.
2. Is our winnings taxable? Do we need to declare?
I read that you can tell genting side to give you a cheque in SGD? And this cheque can be put into our SG bank? Like DBS etc.
Also read that it is not taxable if its SG casino. But not sure about genting?
Can send some links too, I can read it up.
Thanks for replying me in advance
Cheers!
Think I mentioned before in Part 2 thread. Just summarising it based on my experience.
1. You can request a Winners Cheque either in SGD (DBS cheque for my case) or in RM.
For SGD, the exchange rate will be based on Genting offered rate which is pretty terrible. The amount on the cheque will be exactly what you get as the cheque is issued based on Local SG Bank. Regular banking cheque clearance time frame.
For RM, your exact winnings in RM will be printed on the cheque. When you bank in to your SG account, it will be based on Bank FX rate and subjected to a Processing and Commission Fee. This will take up to six weeks to clear as the cheque needs to be send back to Malaysia for their bank to verify and release the amount.
2. Winnings are non taxable in Singapore regardless where you win your money from. But subjected to the 20k SGD money laundering rule where you will need to declare if you carry any monies exceeding 20k.