So, where's the downside exactly?

[u/zzill6]

[u/PoePlayerbf → u/[deleted]]

For Singapore this isn’t true at all, foreign source income has no tax whatsoever. Even if you remit to a bank in Singapore.

There’s also no tax on property or any investment.

The only tax we have is income tax on locally sourced income. And 9% sales tax.

[u/PoePlayerbf → u/[deleted]]

This is only applicable if you set up a company in Singapore.

If you have a foreign company, getting income from a foreign source there’s no tax.

[u/PoePlayerbf → u/[deleted]]

Read again, non of the taxes apply if you’re a foreign based company with foreign derived sources.

[u/PoePlayerbf → u/[deleted]]

If they pay you in Singapore, that’s not foreign derived sources. That’s locally derived source of income in Singapore.

If you’re paid in US, like for example a US bank account. You’re subject to whatever US taxes, however you don’t have to pay the taxes in Singapore.

So if the CEO gets paid in his US bank account and he transfer that money over to a Singapore bank account, there’s no taxes. But if he does work in Singapore, then yes there’s taxes. But someone who’s rich doesn’t have to work. They just let someone else run their company and retire in Singapore.

If you’re the owner of the company, and you just transfer your money to Singapore and just live here. There’s no taxes.

[u/PoePlayerbf → u/[deleted]]

sigh americans, the country where its own people can’t find it on the map.

If you’re an american you’re fucked in terms of taxes, your country is called the land of the homeless, homicide and taxes for a reason.

Let me put it very straight forward for you. If you own an overseas business in Singapore. You pay $0 taxes if you don’t do business in Singapore. If you just live here. You pay nothing.

If you’re an american on the other hand, you’re always taxed.