[ Offshore Tax ] What is CPF in Singapore?

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The CPF is a mandatory social security savings scheme funded by contributions from employers and employees.
The CPF is a key pillar of Singapore’s social security system, and serves to meet retirement, housing and healthcare needs.

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DERREN JOSEPH:
Can you provide an overview, of what CPF is and basically how it's funded and how it's treated from a Singapore task perspective?

BOON YIP YEE:
Okay. CPF is a defined scheme in, a pension scheme, in Singapore. So essentially all employers have to contribute. So do the employees, right? So it works similarly in countries like Malaysia. So in terms of tax-wise, for corporate, they get tax deductions for whatever contribution they make to the employees. And obviously, the individuals get a tax deduction at the individual tax level for the contribution they made. Yeah. So it's a pension that for, for PI and PI and citizen right in the past many, many years ago. I couldn't remember. I think in Singapore during the industrialization, I think they, they do give CPF for non, non-Singapore, non-PR, but no longer now. Yeah. Longer. Yes.

DERREN JOSEPH:
Yeah. Thanks for that. Yeah. When I arrived in Singapore nine years ago, and I remember some of the, when I started working the practice in Singapore, some of the long term us citizens working in Singapore did at some point in time have CPS. So that's a point. So we get this question all the time, particularly from Singapore who may be moving to the US or from US persons in Singapore, whether you'd be a green card holder or citizen who may be considering PR PR application to Singapore, or your PR might just be about to be approved, which may be the case of this person who sent this question through. Right? So, you know, as Bo says, it is, it will reduce your taxable income from a Singapore perspective, but not from a US perspective, it does not. So by contributing to CPF from a US tax perspective, and unfortunately cannot, it doesn't reduce your taxable income. In addition, the employer contribution to your CPF may be taxable as a benefit to you. So it increases your us tax liability. And at the end of each year, you log into your CPF account and you get that statement. Cause it works on the calendar. You're like the US if you have an interest in any return on the CPF investment. So the interest becomes taxable to you on your schedule B the CPF also appears on your F bonds. So fin sends one four, which will be far and bank account report. We need to include the CPF there as well. And if you go, if you combine financial assets, and exceed certain thresholds, it may also be on the fact form of form 8938, which forms part of your US tax returns. So the CPF very important if it is as a US person and you considering to become, I mean, it's, it's, it presents itself as a slightly additional compliance burden from a US perspective. But of course, the returns on that investment is, you know, depending on your situation, of course, but it probably makes it all worthwhile. So good luck with your PR application.


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