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Moving from the USA to Singapore
Everything American professionals need to know about the Employment Pass (EP), tax, housing, and settling in.
~30,000 Americans. Strong American Chamber of Commerce (AmCham), American Association of Singapore (AAS), American Women's Association (AWA) networks.
Employment Pass Minimum Salary
SGD 5,600/month (age 23)
Tax Comparison
United States (US) federal 22-37% + state vs Singapore 0-24%
Tax Treaty
NO comprehensive Double Taxation Agreement (DTA)
What works in your favor
- ✓Singapore tax rate (0-24%) typically much lower than United States (US) federal+state
- ✓No capital gains tax, no dividend tax, no inheritance tax
- ✓Foreign Earned Income Exclusion (FEIE) can exclude up to USD 130,000 of foreign earned income
- ✓Strong American community (American Association of Singapore (AAS), American Women's Association (AWA), American Chamber of Commerce (AmCham))
Things to watch out for
- ⚠United States (US) citizens must file Internal Revenue Service (IRS) taxes globally — even while in Singapore
- ⚠NO comprehensive US-Singapore DTA (only limited air transport agreement)
- ⚠Foreign Bank Account Report (FBAR) required if foreign accounts > USD 10,000
- ⚠Foreign Account Tax Compliance Act (FATCA) reporting if foreign assets > USD 200,000
- ⚠Singapore unit trusts/ETFs may be Passive Foreign Investment Companies (PFICs) (punitive US tax)
Double Taxation Agreement (DTA) Details
NO comprehensive Double Taxation Agreement (DTA) — must use Foreign Earned Income Exclusion (Foreign Earned Income Exclusion (FEIE)) or Foreign Tax Credit (Foreign Tax Credit (FTC)) for double tax relief