Singapore NRI Guide

Singapore’s tax system is light: resident rates top out at 24%, there is no capital gains tax, and most foreign income an individual receives is not taxed at all. For an NRI, the questions that remain are about India, about CPF and about property.

Your first few weeks

Employment Pass and S Pass holders collect their pass card through the Ministry of Manpower soon after arriving. Your FIN, the number on that card, is what you will use for banking, housing and government services, and Singpass, Singapore’s digital identity, gives you access to most of them online.

DBS, OCBC and UOB all open accounts for new arrivals, and PayNow, linked to your mobile number, is how most local payments move.

In India, have your resident savings account converted to NRO and open an NRE account for money you send home. Our NRI banking guide explains the difference.

Tax in Singapore

Singapore taxes income by calendar year. You are tax resident if you are in Singapore for at least 183 days in a year. Residents pay progressive rates from 0% to 24%. Non-residents pay a flat 15% on employment income, or resident rates if those work out higher.

Singapore does not tax capital gains, and individuals are generally not taxed on foreign income they receive, even when it is brought into Singapore. Interest on your NRE deposits, which India does not tax either, therefore stays untaxed in both countries.

Tax in India on your Indian assets

India still taxes income that arises in India. Under the India-Singapore tax treaty, gains on Indian shares bought on or after 1 April 2017 are taxable in India; shares bought before that date were protected by the earlier treaty terms. Our DTAA estimator shows how the treaty applies to your income.

CPF and property

Employment Pass and S Pass holders do not contribute to CPF. Once you become a permanent resident, you and your employer both contribute: 20% from you and 17% from your employer while you are under 55, on monthly wages up to SGD 8,000 from 2026.

Buying a home is expensive for foreigners by design. Additional buyer’s stamp duty is 60% of the price for a foreigner buying any residential property, against 5% on a first home for a permanent resident and nothing for a citizen. Most NRIs on work passes rent.

Saving money in Singapore

Figures are as of September 2026.

• SRS. Foreigners can pay up to SGD 35,700 a year into a Supplementary Retirement Scheme account and deduct it from taxable income. Early withdrawals are taxed in full with a 5% penalty, except that a foreigner who withdraws everything after holding the account for ten years pays tax on only half.
• Donations. Gifts to approved charities (institutions of a public character) earn a 250% tax deduction, now extended to the end of 2029.
• Reliefs have a ceiling. All personal reliefs together, SRS included, are capped at SGD 80,000 a year, so check the cap before planning around several of them.
• Local transfers. PayNow and FAST transfers between Singapore banks are free and instant.
• Bonus-interest accounts. Several banks pay higher rates on savings when you credit your salary, pay bills or spend on their cards. Rates change often, so compare them before you move a large balance.

Moving back to India

If you leave Singapore permanently and give up permanent residence, you can withdraw your CPF savings; take tax advice on how India will treat them. Your employer has to seek tax clearance from IRAS before your final pay is released. In India, you may qualify as resident but not ordinarily resident for your first years back, which can keep foreign income out of Indian tax; our RNOR tracker works out your status. Compare the cost of sending your savings home on our INR converter.