How would renouncing my PR in Singapore affect my SRS account?

Renouncing your Singapore PR will affect your SRS account; contributions are only allowed for tax residents. After 10 years of $15K/yr contributions, you'll have $150K. If you renounce, you'll wait until the official withdrawal age (usually 62+) to avoid penalties, but 50% of the withdrawn amount will be taxable. Seek advice on tax implications and consider your options carefully. If you require assistance with PR matters in Singapore, feel free to reach out to Immigration SG LLP (IASG) via WhatsApp at +65 9612 2961 or access their website at https://iasg.com.sg/singapore-pr/ for tailored guidance and support.

Hi Anon,

I believe that you're correct!

But just in case you're still unsure, let me try and break it down for you-

Withdrawal of SRS funds for both Singaporeans and Non-Singaporeans will have an added 5% penalty ontop of the 50% tax if the withdrawal is made before the reitrement age of 62 years old, this is applicable to all withdrawals!

However, if you are a foreigner (non-Singaporean Citizen, non-PR), you can withdraw your SRS monies without the 5% penalty if you meet the following criteria:

1. You're not a Singaporean Citizen or PR on the day of the withdrawal, and the 10 years preceeding that.

2. Your SRS account has been open for a minimum of 10 years- the start date would be your first contribution to your SRS account

3. The withdrawal is a one-time FULL withdrawal from your SRS account.

Remember that this will only help you bypass the 5% penalty fee, NOT the 50% tax that is still applicable to all SRS withdrawals!

Hope this helps!