facebookI am a foreigner and unable to contribute to CPF. Is there any good alternative that works like CPF? - Seedly

Anonymous

18 Apr 2019

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I am a foreigner and unable to contribute to CPF. Is there any good alternative that works like CPF?

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There isnt.

If u do intend to stay in Sg for at least another 10years, u can consider using SRS. You will need to direct the investments yourself. But you'll get tax relief for every dollar u topped up (max $35.7k) per year. Eg, your taxable income is $40k, for every dollar u earn above 40k is taxed at 7%. Therefore, if u topped up $1000 into your SRS account, u get $1000 tax relief, u saved 7% of $1000 = $70 tax money. Effectively have gotten 7% return on your money, The higher your tax bracket, the higher your effective return.

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