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Anonymous

25 Apr 2021

General Investing

Foreigner Topping up SRS to max and then becoming Singapore PR same Tax Year

Hi,

From my understanding if you are a foreigner and max top up your SRS account with 37.5k that becomes tax deductible.

Will that still be the case if you become a Singapore PR in the same Tax year? (top up done before Singapore PR status granted).

Discussion (1)

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The Max SRS contribution for a foreigner is 35.7K and not 37.5K.

The banks are going to consider your maximum limit depending on your status at the time of contribution. However if you become a PR during the year then your max contribution will be prorated.

So if you are a foreigner for 6 months and PR for 6 months, then your max contribution would be 25,500 / (35700+15300)/2.

If you are expecting to become a PR this year, you maybe better off to top up 15,300 now and if by the end of the year you are still a foreigner then top up the rest.

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