PR Early retirement

[FongWaiLeong]

I am a SPR, Malaysian, planning to retire early when I am 45 yo (40 this year). Single and no spouse. Retire in Perak where living cost is significantly lower than in Singapore.

1. I won't be able to renew REP if I don't stay in Singapore for long enough to renew REP, as well as not being employed (cause retire, not paying income tax). am I still able to enter Singapore if my REP is expired (enter with white card)

2. SPR will be revoked if I exit Singapore without a valid REP. In case if I cannot renew REP due to No.1 reasons after I enter Singapore with white card, do I need to work and stay in Singapore for long enough to get my REP meeting the renewal criteria?

3. Any solution to keep my SPR status valid while I am retiring outside if Singapore.

[PNGMK]

1. yes.

2. No - once you leave Singapore without a REP, PR basically gone.

3. Not easy - usual method is secondment by a Singapore co to an overseas posting. You can get away with a few years. IF you're going to retire though to Perak, why bother about SPR?

[FongWaiLeong]

Thanks for the answer.
Look like will get stuck if enter Singapore with white card while not able to get REP renewed. yeah you are right, since retire SPR doesnt matter, just all the investment I have are mainly in Singapore and tie to my SPR (accounts opened with SPR). I feel that if SPR gone it will be very difficult to keep all the investment as some of them only for SPR. also, should be able to get back all the CPF if SPR gone by leaving Singapore without a valid REP?

[PNGMK]

CPF and SRS aren't a problem if you're not PR (actually CPF may be closed by gahmen). Generally banks aren't closing accounts if you lose your PR from what I see. However EP holders have issues I think.

[FongWaiLeong]

Even banks are not closing accounts, but when identity verification is needed, I think I have no SPR IC to show that I am the person since the SPR status is gone. Feel that passport doesn't help because accounts are registered with my SPR IC number. Also my SGX and stock broker also registered under my SPR. Guess if the SPR is there would save a lot of time for these potential administrative issues.

[therat]

You need to check the respective investment organisation about what if you lost PR. As we don't know what investment you have.

CPF has stopped giving interest for those non PR

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[FongWaiLeong]

If CPF stops giving interest to non PR, look like it will be a wise move to renounce SPR and withdraw all (or as much as possible that is eligible to be withdrawn) CPF allocate them in other investment. But Perak is west Malaysia and I guess they do not allow to withdraw CPF even you have renounced SPR before retirement age?

[PNGMK]

If CPF stops giving interest to non PR, look like it will be a wise move to renounce SPR and withdraw all (or as much as possible that is eligible to be withdrawn) CPF allocate them in other investment. But Perak is west Malaysia and I guess they do not allow to withdraw CPF even you have renounced SPR before retirement age?

This is a question I think you need to ask CPF. It's in a state of flux I suspect.

[PNGMK]

Even banks are not closing accounts, but when identity verification is needed, I think I have no SPR IC to show that I am the person since the SPR status is gone. Feel that passport doesn't help because accounts are registered with my SPR IC number. Also my SGX and stock broker also registered under my SPR. Guess if the SPR is there would save a lot of time for these potential administrative issues.

I would not return your physical NRIC if you surrender (or lose) REP.

[therat]

Starting 1 Apr 2024, CPF accounts held by non-Singapore Citizens and non-Permanent Residents are automatically closed. Balances in closed accounts will also cease to earn interest at prevailing CPF rates from 1 Apr 2024.

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[bro75]

If you are on PTS scheme, your REP will be renewed based on your residence in Singapore and also based on meaningful employment during the preceding period. If you are retired before 40, there is a chance your REP will not be renewed or renewed only for a shorter period. Having said that, if you do not leave Singapore, you can be a PR forever. For many people however, this is not practical. So, prepare to lose your PR soon if you retire at 40. You can also apply for SG citizenship to keep staying in Singapore.