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Anonymous
Want to invest in foreign stocks but need to do some homework first
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Will credited to your cash equivalent account in your brokerage. For SCB, it will be transferred to your foreign currency settlement account.
There are other fees that you need to consider beyond the withholding taxes. Some brokerages charge monthly/annual custodian/custody fee for foreign stocks. Some charge platform fees.
For Singapore, generally investment dividends are not income taxable for individuals. For US stocks, the 30% withholding tax on dividends is charged by US when you sign the W8-BEN form at your brokerage.
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Most of us invest overseas via a custodian account method. The dividends will be credited to our bank account tagged to the brokerage (mainly via EPS tracking). Yes, it will be taxed but the tax will be determined by the overseas country rate- Singapore dosen't
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Elijah Lee
06 Dec 2019
Senior Financial Services Manager at Phillip Securities (Jurong East)
Straight into your brokerage account, in the currency of the stock.
Taxes will depend on which country the stock is listed in.
For example, HK has no dividend holding tax. US has 30%.
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Nope, as foreign stocks are usually stored in custodian accounts. So it will not be deposited in you...
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If you do it through SCB, you can request the counter or the RM to open a foreign currency account. let me confirm with my RM friend and update here.
through a traditional broker, they will deposit into the trust account. If no trust they will send u a cheque.