[ Offshore Tax ] Tax Advice for new US Expats in Singapore

[ Offshore Tax ] Tax Advice for new US Expats in Singapore

What Does It Mean to Become an Expatriate?
An expatriate or "expat" is somebody who leaves their country of origin and settles abroad for an extended period, often permanently.
How Do Americans Become Expats?
If you are an American citizen who moved to another country and planned to stay there, you have become an expat.
What Is Expat Taxation?
Americans living overseas still have to file U.S. tax returns unless they relinquish their American citizenship. Several international tax treaties exist to help minimize double taxation.

TIMESTAMPS:
0:00 INTRO
0:10 Mining taxes in Singapore for US ex-pats
1:40 Banking in Singapore for US ex-pats
3:30 Transfers or gift taxes for US ex-pats
5:00 FBARs for US ex-pats
5:54 OUTRO

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AUDIENCE:
So my questions are about filings.

DERREN JOSEPH:
Yeah.

AUDIENCE:
I am new to Singapore and so for 2022 I have, so all of my questions are simple, and all should fall under that. So I dunno if there is just a conversation that you might have about the basics of filing taxes in Singapore, that might cover all of them or I can ask them all. But essentially, I understand I'm supposed to take my American income from Singapore and I imagine that they take Singapore dollar and transfer it into American or figure out how much I gave or

DERREN JOSEPH:
Yeah,

JOHN SHOEMAKER:
There are some advantages. Derren knows Derren does this every day as a job. I'm like, I'm like, oh, who's the guy Theta the Quent Tarantino movie? Okay. Like Reservoir? No, not Reserved. Anyway, Harvey can tell the wolves, I'm like the wolf who comes in where there's a really bad problem. I clean it out. I don't everyday stuff he can tell about. I know there are some advantages to your can use of the timing, like you can take the exchange rate at the end of the year but you paid it earlier.

DERREN JOSEPH:
Yeah. Is kind of, I, I guess like, just to keep it brief and in the time that we have, we tell clients who've just arrived in Singapore, do your best and what do you mean by that? So be it's an acronym, so be pay at, pay attention to your, pay attention to your banking because that's something to which, you know, most people would be unfamiliar. Fact that you have accounts outside of the US you need to keep the statements because the online stuff only goes back so far because you need to populate a report, to the Financial Crimes Enforcement Network every year. The FBARs, some commonly call the F bars and you're supposed to retain those bank records for a certain number of years as well. So that's banking e estimated taxes because when you were back in the US you got paid in a W2 probably and there was withholding. So you don't have to worry about stuff like that. But now you need to pay attention to whatever estimated taxes may be due. That's assuming that you're above the exclusion because of failure to make periodic payments, Aris doesn't like to wait to get taxes, they wanna get it along the way and you'll be faced with something called an underpayment penalty if you don't pay them in a timely fashion S state.

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