OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.
The United States and Singapore have strong political, trade, and investment ties. They are currently negotiating partners in the Trans-Pacific Partnership (TPP) initiative, and also collaborate on a number of trade and economic programs that seek to broaden business and investment opportunities in the United States and throughout Southeast Asia. The countries share a robust two-way trade relationship in goods and services. For American citizens who wish to exchange USD to SGN and transfer money from USA to Singapore, there are currently no restrictions.
American citizens are not required to have a visitor’s visa if planning to stay in Singapore for less than four weeks. Upon arrival, Americans will be given a Visit Pass at the airport, which is typically valid for two to four weeks. If planning to stay longer, an official permit is required. The duration of the permit can vary, depending on the individual situation. Please refer to the Singapore Immigration & Checkpoints Authority website for more information on visa requirements, longer-stay permits, and what is required to work and live in Singapore long-term.
If planning to work in Singapore, American citizens will need to obtain an Employment Pass. Once the Employment Pass is granted and held for a period of time, the holder can submit an application for permanent residence.
Foreigners and non-residents are able to purchase apartments (called strata-titled properties) without the approval of the Singapore Land Authority (SLA). However, for American citizens who wish to purchase land, single-standing homes, or bungalows, they will need to obtain permission from the SLA. To find out more information on requirements for foreigners purchasing real estate, or to submit an application form for approval, please refer to the SLA website. Once the necessary requirements have been met, American citizens can arrange to transfer money from USA to Singapore to fund their property purchase.
American citizens who plan to study in Singapore at a school or institution registered with the Ministry of Education are required to apply for a Student’s Pass. Applicants must first be accepted by the school where they will study, and must have a local sponsor who is a Singapore citizen or permanent resident.
American citizens living and working in Singapore with an Employment Pass will be taxed on any income earned. Non-residents earning income who have spent less than 60 days in Singapore are exempt from Singapore income taxes. For those non-residents who spend more than 60 days but less than 183 days in Singapore, earned income is taxed at either the resident rate of between 2-28% or at 15%, depending on the non-resident’s tax bracket.
US citizens are also required to file a tax return with the US government for any income earned abroad, and may owe taxes on income earned from work done in Singapore. Currently, there is no tax agreement in place between Singapore and the United States. For American citizens who wish to transfer money from USA to Singapore to cover any taxes owed, there are no restrictions that limit money transfer options.
American citizens are not eligible for coverage under any of Singapore’s state medical plans. Most US citizens living and working in Singapore receive coverage from their employer’s health care plan, or take out private insurance. Although government health and medical facilities are available to visitors and non-residents, it is advisable for Americans visiting Singapore for a short period and for those living there to take out a private health insurance policy or traveler’s health insurance coverage.
American citizens living in Singapore are eligible to vote by absentee ballot in US primary, general, and presidential elections. They must first complete and return a voter registration/absentee ballot to the elections office of the last state where they lived before moving abroad. Once approved, they will receive their ballot by mail for each election and must return it via postal mail or a special delivery service such as UPS or FedEx.
The United States and Singapore are both members in the Trans-Pacific Partnership negotiations, which seek to broaden trade and investment opportunities in the United States and throughout Asia Pacific. They also collaborate on a number of other trade and political initiatives with free exchange from the US dollar to Singapore dollar. Singapore is the United States’ seventeenth-largest goods trading partner, with total goods imported into Singapore from the US totaling approximately $31 billion USD in 2013. Two-way trade of combined goods and services totaled $68 billion USD in 2012. Top import categories in 2013 included machinery, mineral fuel, electrical machinery, aircraft, and optic and medical instruments. In 2012, US foreign direct investment and money transfers to Singapore totaled $138.6 billion USD, an increase of 16.9% from 2011.
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
