+44 7393 450837
advice@adamfayed.com
Follow on

Can I withdraw money from SRS account as an expat?

“Can I withdraw money from SRS account?” is not an unusual concern among expats looking to access their funds.

Withdrawing funds from this account might have complicated procedures and repercussions, including different fees and tax issues.

This post will cover SRS meaning and withdrawal of SRS funds. The following points will be discussed:

  • What is SRS account?
  • SRS withdrawal rules
  • Can I withdraw money from SRS account?
  • How do I withdraw money from SRS as an expat?
  • How much can I withdraw from SRS?
  • How much can I withdraw from SRS without tax?
  • SRS withdrawal tax
  • SRS withdrawal period
  • SRS withdrawal strategy

If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or WhatsApp (+44-7393-450-837).

You may increase your retirement savings and trim your tax liability by carefully managing your withdrawals, which could help guarantee a more secure retirement.

What is SRS account?

In Singapore, the Central Provident Fund is supplemented by the voluntary Supplementary Retirement Scheme (SRS).

The scheme was created in 2001. It gives participants the flexibility to make payments that can be injected in a range of authorized investments.

SRS Withdrawal Rules

Can I withdraw money from SRS account as an expat

Can I withdraw money from SRS account?

Of course. Anytime, participants have the option to take cash or invest the money they have deposited into their SRS account.

How do I withdraw money from SRS as an expat?

When taking out money from your Supplementary Retirement Scheme (SRS) account, you must speak with your operator. You also must fill out the necessary paperwork, be aware of the tax ramifications, and confirm that you fit the residence criteria.

Normally, a few working days will pass after your request is processed. The money is then moved to the bank account you have specified.

Your income tax return needs to be filed in Singapore following the withdrawal. You may receive a refund for any excess withheld tax when it has been accounted for. Your liability at the time of withdrawal will depend on your residence status; if you are no longer a tax resident, you may be subject to a different tax rate.

How much can I withdraw from SRS?    

You are not restricted in how much you can withdraw from your Supplementary Retirement Scheme account as an expat in Singapore.

How much can I withdraw from SRS without tax?

In terms of SRS withdrawal limit that’s tax-free, it’s set at 50% if you do so after you reach the current statutory retirement age of 63. If money is withdrawn because of a terminal disease, the first S$400,000 is exempt from tax.

SRS withdrawal tax

SRS withdrawal tax

A 100% tax plus a 5% penalty applies to the full amount of early withdrawals taken before the specified retirement age.

Upon withdrawal, foreign nationals are subject to a 24% withholding tax, which is deducted from their real tax obligation. The actual tax that is due will be determined by the progressive resident rates if the expat or Singapore Permanent Resident is a tax resident of Singapore.

If the progressive resident rates are applied, or 15%, the real tax payable for non-residents will be the larger amount.

Withdrawals are subject to 100% taxation in the case of bankruptcy.

SRS withdrawal period

When you reach the statutory retirement age, you can begin taking withdrawals from your SRS account without incurring penalties.

You may continue to withdraw your SRS funds for up to ten years following your initial penalty-free withdrawal.

Foreign nationals with SRS accounts that have been open for at least ten years are eligible to make a single, penalty-free withdrawal of their entire balance; however, fifty percent of the money taken out will be taxed.

SRS withdrawal strategy

Take into account the following crucial elements while creating a successful withdrawal plan for supplementary retirement scheme for foreigners:

  • Appropriately time withdrawals, i.e., refrain from cashing out early
  • Spread withdrawals
  • Beware of taxes and check status for tax residency

Review your financial status on a regular basis and make any necessary adjustments to your supplementary retirement scheme withdrawal plan. This entails taking adjustments to personal income, tax rules, and financial objectives into account.

Especially if you’re an expat, a well-thought-out SRS withdrawal plan can greatly improve your retirement plan.

Pained by financial indecision?

Adam Fayed Contact CTA3

Adam is an internationally recognised author on financial matters with over 830million answer views on Quora, a widely sold book on Amazon, and a contributor on Forbes.

Leave a Reply

Your email address will not be published. Required fields are marked *

This URL is merely a website and not a regulated entity, so shouldn’t be considered as directly related to any companies (including regulated ones) that Adam Fayed might be a part of.

This Website is not directed at and should not be accessed by any person in any jurisdiction – including the United States of America, the United Kingdom, the United Arab Emirates and the Hong Kong SAR – where (by reason of that person’s nationality, residence or otherwise) the publication or availability of this Website and/or its contents, materials and information available on or through this Website (together, the “Materials“) is prohibited.

Adam Fayed makes no representation that the contents of this Website is appropriate for use in all locations, or that the products or services discussed on this Website are available or appropriate for sale or use in all jurisdictions or countries, or by all types of investors. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.

The Website and the Material are intended to provide information solely to professional and sophisticated investors who are familiar with and capable of evaluating the merits and risks associated with financial products and services of the kind described herein and no other persons should access, act on it or rely on it. Nothing on this Website is intended to constitute (i) investment advice or any form of solicitation or recommendation or an offer, or solicitation of an offer, to purchase or sell any financial product or service, (ii) investment, legal, business or tax advice or an offer to provide any such advice, or (iii) a basis for making any investment decision. The Materials are provided for information purposes only and do not take into account any user’s individual circumstances.

The services described on the Website are intended solely for clients who have approached Adam Fayed on their own initiative and not as a result of any direct or indirect marketing or solicitation. Any engagement with clients is undertaken strictly on a reverse solicitation basis, meaning that the client initiated contact with Adam Fayed without any prior solicitation.

*Many of these assets are being managed by entities where Adam Fayed has personal shareholdings but whereby he is not providing personal advice.

This website is maintained for personal branding purposes and is intended solely to share the personal views, experiences, as well as personal and professional journey of Adam Fayed.

Personal Capacity
All views, opinions, statements, insights, or declarations expressed on this website are made by Adam Fayed in a strictly personal capacity. They do not represent, reflect, or imply any official position, opinion, or endorsement of any organization, employer, client, or institution with which Adam Fayed is or has been affiliated. Nothing on this website should be construed as being made on behalf of, or with the authorization of, any such entity.

Endorsements, Affiliations or Service Offerings
Certain pages of this website may contain general information that could assist you in determining whether you might be eligible to engage the professional services of Adam Fayed or of any entity in which Adam Fayed is employed, holds a position (including as director, officer, employee or consultant), has a shareholding or financial interest, or with which Adam Fayed is otherwise professionally affiliated. However, any such services—whether offered by Adam Fayed in a professional capacity or by any affiliated entity—will be provided entirely separately from this website and will be subject to distinct terms, conditions, and formal engagement processes. Nothing on this website constitutes an offer to provide professional services, nor should it be interpreted as forming a client relationship of any kind. Any reference to third parties, services, or products does not imply endorsement or partnership unless explicitly stated.

*Many of these assets are being managed by entities where Adam Fayed has personal shareholdings but whereby he is not providing personal advice.

I confirm that I don’t currently reside in the United States, Puerto Rico, the United Arab Emirates, Iran, Cuba or any heavily-sanctioned countries.

If you live in the UK, please confirm that you meet one of the following conditions:

1. High-net-worth

I make this statement so that I can receive promotional communications which are exempt

from the restriction on promotion of non-readily realisable securities.

The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:

I had, throughout the financial year immediately preceding the date below, an annual income

to the value of £100,000 or more. Annual income for these purposes does not include money

withdrawn from my pension savings (except where the withdrawals are used directly for

income in retirement).

I held, throughout the financial year immediately preceding the date below, net assets to the

value of £250,000 or more. Net assets for these purposes do not include the property which is my primary residence or any money raised through a loan secured on that property. Or any rights of mine under a qualifying contract or insurance within the meaning of the Financial Services and Markets Act 2000 (Regulated Activities) order 2001;

  1. c) or Any benefits (in the form of pensions or otherwise) which are payable on the

termination of my service or on my death or retirement and to which I am (or my

dependents are), or may be entitled.

2. Self certified investor

I declare that I am a self-certified sophisticated investor for the purposes of the

restriction on promotion of non-readily realisable securities. I understand that this

means:

i. I can receive promotional communications made by a person who is authorised by

the Financial Conduct Authority which relate to investment activity in non-readily

realisable securities;

ii. The investments to which the promotions will relate may expose me to a significant

risk of losing all of the property invested.

I am a self-certified sophisticated investor because at least one of the following applies:

a. I am a member of a network or syndicate of business angels and have been so for

at least the last six months prior to the date below;

b. I have made more than one investment in an unlisted company in the two years

prior to the date below;

c. I am working, or have worked in the two years prior to the date below, in a

professional capacity in the private equity sector, or in the provision of finance for

small and medium enterprises;

d. I am currently, or have been in the two years prior to the date below, a director of a company with an annual turnover of at least £1 million.

 

Adam Fayed is not UK based nor FCA-regulated.

 

Adam Fayed uses cookies to enhance your browsing experience, deliver personalized content based on your preferences, and help us better understand how our website is used. By continuing to browse adamfayed.com, you consent to our use of cookies.


Learn more in our Privacy Policy & Terms & Conditions.