Asked by Anonymous

People often think that CPF die die also cannot touch. Everyone knows there's a hack to get all the CPF money; that is to renounce citizenship. But why is it still less people are following this hack?

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  • Nicholes Wong
    Nicholes Wong, Diploma in Business Management at Nanyang Polytechnic
    Top Contributor

    Top Contributor (Feb)

    404 Answers, 543 Upvotes
    Answered on 11 Jan 2019

    They want to stay in Singapore but still want to take out CPF.

    OR

    They want to renounce but complain no money to move. (most likely dont save enough or spend too much everyday)

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  • Lee Chun Kiat
    Lee Chun Kiat
    15 Answers, 18 Upvotes
    Answered on 12 Jan 2019

    This is interesting, co-incidentally I have shared this hack in hwz forum yesterday.

    I believe the reasons people ignoring this “hack” are:

    1) They prefer to YOLO first than delay gratification, after all the money will be locked for 25-30 years before it becomes a meaningful sum to be withdrawed (assuming you renounce citizenship). However, it is always too late when they realise that it is time to top up cpf, then they start to complain govt for not helping the poor, the rest are history.

    2) They are afraid of govt will change the policy and ban lump sum withdrawa even you renounce citizenshi?

    3) They are confident that they can beat the cpf guaranteed interest by investing themselves. While I do not deny that there is a small group of investors who has no problem generating better returns from investment, one must be clear about the difference of risk levels between cpf and investment. Many simply ignore the risk taken, while criticising that the biggest risk is govt (conspiracy theory yeah).

    What makes me wonder is that they rather “save” in structured note or endowment plan (not saying these are not good), than trusting the bond with AAA rating.

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  • Loh Tat Tian
    Loh Tat Tian, Ex-Financial Advisor, Founder at Singapore Insurance Value Finding
    238 Answers, 341 Upvotes
    Answered on 11 Jan 2019

    Maybe because, in their heart, they know they cannot move out of SG

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