Any extra taxes or complications for asset transfer between 2 different nationals?

[eastsider]

Hi all,

Just heard from my PRC colleague that his PRC wife (both SPRs) is intending to get him to switch together to become Singapore citizens nx week.

Just curious if any members here switch from other nationals to become a Singapore Citizen?

Is there any extra taxes or superb complicated procedure for asset transfer in the future between 2 different nationals? (parents to children). My colleague is a nice guy but his wife is quite the sassy type and will insist him to do the things she wants but i reminded him just now that there may be difficulties in the future for asset transfer.

Anyone here experience that before?

Thanks.

[pegasi]

I think you need to state whether you are referring to asset transfer from CN to SG national, or the other way round, in order to find people with similar experience to share, as such is gorverned by the local law where the asset is. Most countries inluding SG also forbid foreign ownership of certain asset so it also depends on what asset you are talking about.

[eastsider]

1) from China to Sg

2) from Malaysia to Sg

Assets refer to anything but cash. Can be properties, shares, boat, cars, swiss acc gold bars etc

[ac_wong75]

Hi Tse Tse, each asset class as you mentioned has different implications and tax guidances. For example properlties or land,
there are specific laws that does not allow for foreign ownership ie a Singaporean cannot own a specific type of land with a different land tenure in MY as an example. Thus the asset trasnfers will be more complicated.

Things like Swiss accounts and gold bars, there is no particular issues only transactions and service fess when you are looking to do certain banking transactions which can be rather expensive... ie moving banking relationships. To date there are no prohibitive taxes such as withholding taxes and etc btw Swiss and SG.. but depends on the home country ( India and China, where there are more strict fx and currency controls) such taxes and additional expenses will be levied.

Think you need to establish what is being transfered first and its implications will be clearer and of course the method and strategies involved will be better advised.. Just 2 cents worth. from the very little knowledge i know fromy tax text book.. but of course any experts here in the forum may pitch in