Inherit

[ZWH rebmem]

Lets say one of the family pass away.
Before pass away gave you a lump sum of cash.
You dont know how he/she saved up the money.

Is there a need to declare it ? Or rather how do we declare it ?

 

[BBCWatcher]

Lets say one of the family pass away.
Before pass away gave you a lump sum of cash.
You dont know how he/she saved up the money.

Mysterious!

If you have knowledge a crime has been committed, contact the police and file a report. Otherwise....

Is there a need to declare it ? Or rather how do we declare it ?

Singapore does not have estate or inheritance taxes. Other countries do, and in some cases residents of Singapore are affected by other countries' estate/inheritance taxes. Those tax obligations still exist, if they exist.

If the lump sum is actual cash, as in bearer negotiable cash and/or cash equivalents, that you or somebody else is carrying across an international border, then that cash/cash equivalent holding must be declared to customs authorities, Singapore's included.

 

[wira]

Mysterious!

If you have knowledge a crime has been committed, contact the police and file a report. Otherwise....


Singapore does not have estate or inheritance taxes. Other countries do, and in some cases residents of Singapore are affected by other countries' estate/inheritance taxes. Those tax obligations still exist, if they exist.

If the lump sum is actual cash, as in bearer negotiable cash and/or cash equivalents, that you or somebody else is carrying across an international border, then that cash/cash equivalent holding must be declared to customs authorities, Singapore's included.

I think bank will also ask questions for source of funds if you deposit huge Lump sum of cash unless you hide under mattress.