Last Updated: April 2026
Singapore's departure from a tax perspective is among the simplest of any major economy — no capital gains tax means no deemed disposal concerns, and the territorial system means foreign income was never taxed in Singapore anyway. For foreign nationals who are leaving Singapore permanently, the primary financial decision is the CPF (Central Provident Fund) withdrawal. For Singapore Citizens and PRs who are leaving temporarily or permanently, different CPF rules apply. The IRAS tax clearance process, managed via the employer, ensures that any outstanding Singapore income tax is settled before departure.
Singapore-to-USA migration is significant among finance, tech, and multinational professionals. Key SG-US planning points:
CPF as a US resident: If you leave CPF funds in Singapore (e.g., as a PR retaining status via REP), the CPF accounts must be reported to the IRS. CPF is not covered by the Singapore-USA DTA as a recognised pension — the IRS may treat CPF as a foreign financial account. FBAR: CPF accounts exceeding $10,000 must be reported on FinCEN Form 114 annually as a US resident. FATCA: IRAS and Singapore financial institutions report US-person accounts to the IRS under FATCA. If you withdraw your CPF before becoming a US tax resident (while the Singapore work pass cancellation is being processed but before you enter the USA), the withdrawal may not be US-taxable — the timing of US residency commencement is critical.
Singapore-USA DTA: The 1988 Singapore-USA DTA is relatively limited in scope. No provision for CPF specifically. Employment income from Singapore work up to departure: Singapore-source income, taxed via IR21 clearance. US resident claiming FTC: Singapore taxes paid on Singapore employment income can be claimed as FTC on the US return for that period of dual overlap.
No CGT advantage is fully preserved: Gains on Singapore assets (property, SGX shares) sold while you are a US resident are US-taxable. There is no Singapore tax, but the US taxes its residents on worldwide income including capital gains. The Singapore CGT exemption does not create a US exemption — it simply means you pay US rates with no offsetting FTC (since no Singapore tax was paid).
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Get International Health Cover from Day One →As an Employment Pass (EP) holder, you are not a Singapore Citizen or PR — your CPF contributions were mandatory during your employment. To withdraw: (1) your employer files Form IR21 for tax clearance; (2) after your last working day, ICA cancels your work pass; (3) you leave Singapore; (4) apply to CPF Board for withdrawal via cpf.gov.sg using your SingPass (while it is still active) or by mail. Required documents: work pass cancellation confirmation, copy of passport, overseas address. CPF Board typically processes the withdrawal in 7–10 working days. Proceeds: paid to your Singapore bank account (if still active) or to an overseas bank account if requested. The full balance — OA, SA, and MediSave (limited to your own contributions plus interest; employer Medisave contributions may have restrictions) — is paid out. Tax on CPF withdrawal: not taxable in Singapore. Your destination country may or may not tax the CPF withdrawal — if you have already left Singapore and are receiving it as a non-resident, it is generally not Singapore-sourced income.
In most cases, the IR21 employer tax clearance handles your Singapore tax for the year of departure — IRAS calculates and collects your tax via the clearance process, and you do not need to file a separate individual return for that year. However, if you have non-employment Singapore income (rental income from a Singapore property, self-employment income, director's fees after your last employment day), you may need to file an individual income tax return (Form B or B1) with IRAS. Singapore's tax year is the calendar year (January 1 to December 31), and the filing deadline is April 15 (or April 18 for electronic filing). After departure: if you retain Singapore rental property, file a NR return (non-resident) with IRAS for rental income. Contact IRAS's international tax team for non-resident return guidance.
Singapore does not have a mandatory occupational pension beyond CPF. Any supplementary retirement plans (SRS — Supplementary Retirement Scheme) work as follows: SRS balances can be withdrawn on departure from Singapore, but withdrawals before age 62 are subject to a 5% penalty plus full income tax on 100% of the withdrawal. Withdrawals after age 62: only 50% of the withdrawal is taxed. For most departing EP holders who are under 62: the SRS penalty makes early withdrawal costly — consider leaving the SRS invested and withdrawing at age 62+ for tax efficiency. Singapore life insurance and endowment policies: can be maintained as a non-resident (most Singapore insurers continue to administer policies for overseas policyholders). GE Life, AIA Singapore, Prudential Singapore — check your policy's non-resident continuation terms.
HDB (Housing Development Board) flats are subject to residency requirements. You must occupy the HDB flat as your principal residence while holding a valid Singapore immigration status (Citizenship or PR). If you leave Singapore permanently or renounce your PR: you must sell or transfer the HDB flat. Eligibility period: typically 5 years minimum occupation period (MOP) before selling. If within MOP: you generally cannot sell on the open market — exceptions exist for renunciation. Private residential property (condominiums): no residency requirement — you can retain and rent out a private condo as a non-resident. Rental income is Singapore-source income — taxable in Singapore at non-resident rates. File a NR tax return with IRAS for rental income. Foreign ownership restrictions: non-residents cannot purchase new HDB flats or most landed residential properties in Singapore — relevant if you plan to return.