Singapore Immigration Bank and Tax Introduction

As one of the major financial centers in the world, Singapore provides opportunities for foreigners to enter the banking system, which is distributed in dozens of local and foreign banks and financial institutions in the city. Let's introduce Singapore's banks and taxes for immigrants. Welcome to read!

Banks in Singapore

Since there are so many foreign banks and local banks in Singapore, foreigners will certainly not bring losses to reputable service providers. When choosing a bank, it is very important to consider the services provided, location and ATM network.

Opening a bank account in Singapore is easy, and the process can be completed in one day. English is the main administrative and professional language in Singapore, so foreigners are unlikely to face language barriers when managing funds.

The document requirements vary from bank to bank, but foreigners may need passports, employment permits and minimum deposits to open an account.

Singapore currency

The monetary unit is Singapore dollar, abbreviated as SGD. One dollar is divided into 100 cents.

Remarks: SGD 2, SGD 5, SGD 10, SGD 20, SGD 50, SGD 100, SGD 1 0,000, SGD10,000.

Coins: 1, 5, 10, 20 and 50 cents and 1 Singapore dollar.

ATM is located in most buildings, and credit cards are widely accepted, but international cards will generate high transaction costs.

Taxes in Singapore

All foreigners working in Singapore are obliged to pay income tax, but the specific situation depends on their tax residence status.

Foreigners who stay in Singapore for one year is equal to or more than 183 days, or if they have permanent residency (SPR) in Singapore, they are regarded as tax residents in Singapore. Non-residents pay taxes at the fixed tax rate of 15% or at the same tax rate as their taxpayers, whichever is higher. Residents pay taxes step by step according to their income level, with the tax rate ranging from 0% to 22%, and are eligible to apply for various tax reductions and exemptions.

Extended reading: five common sense notes of Singapore immigrants

I. Internal policies

The development of this strategy has a long historical process. In 2005, the initial investment of Singapore immigrants was set at 6,543,800+100,000, and no specific details such as residence were required. In 2009, it was increased by 500,000 yuan, and 16 was changed to 2.5 million yuan. In 2007, the property did not change, but the residence requirement was increased, which meant that the holding period must reach a certain number of years, and the company's turnover was re-stipulated.

Second, bilingualism

There are many Chinese in Singapore, so the languages spoken there are bilingual, that is, Chinese and English, which shows the strength of China there. I used to think that going abroad to settle down is like starting over in a strange place. Like Spain, I still have to speak English and Spanish. It is really tempting for me to have an immigrant country that can speak Chinese.

Third, how to apply

If you want to invest in Singapore, you need to go through certain procedures. First of all, you need to submit all the documents and related documents with an estimated amount of 5650 yuan, obtain the payment certificate of ebd employees, obtain supplementary materials, obtain the approval certificate of the executive board later, and then implement the investment. After that, you need to obtain the equity and the final supporting documents, and finally go through the formalities, that is, the medical certificate and your ID card.

Fourth, marriage laws and regulations.

According to some new regulations, a citizen in China, a person who has a new nationality and has been living there, and another person who has no nationality can be the conditions for their immigration. As long as you get married, you can immigrate.

Recently, however, there has been an illegal act. Some China people use the act of marrying others to get green cards for others to gain benefits and need to be permanently disqualified.

Verb (abbreviation of verb) special case

Some people have certain talents, such as athletes and Beijing opera dancers, which can be used as their own advantages. By using some of them, we can get the people of this country because they need talents.