Singapore income tax for traders

[AndyN]

If someone's income comes from trading in financial instruments that are not listed in Singapore (or the broker that provides them is not in Singapore), are they taxed on this income anyway? If so, what is the lure of Singapore then? Its tax rates are quite high after all.

 

[troubled soul]

There is no income tax due on sales of shares, properties, and other intangible assets in Singapore, but they become taxable when your primary purpose in buying and selling is to make profits. This especially applies to traders or dealers whose income is generated simply from conducting one's business.

 

[kilor]

Do you really want to live in Singapore?

 

[AndyN]

Do you really want to live in Singapore?

It would be better than Dubai, for instance. But it would tax trader's profits as income.

My concerns when it comes to no-tax countries are as follows:
1. Caribbean jurisdictions - hurricanes
2. Seychelles - impossible to get residence permit
3. Dubai - jail sentence for saying the f* word in public? - no, thanks
4. Gibraltar cat 2 - still need to pay an ever increasing lump sum tax
5. Monaco - overpriced real estate; lack of space
Any other countries I missed?

 

[bonox]

3. Dubai - jail sentence for saying the f* word in public? - no, thanks

almost same in Singapore. If you leave something on the floor they will arrest you

Switzerland and Luxembourg as we discussed in a few other threads sounds still viable for me.

 

[AndyN]

Switzerland and Luxembourg both have high tax rates. Why are there good for you?

 

[FlipnShip]

It would be better than Dubai, for instance. But it would tax trader's profits as income.

My concerns when it comes to no-tax countries are as follows:
1. Caribbean jurisdictions - hurricanes
2. Seychelles - impossible to get residence permit
3. Dubai - jail sentence for saying the f* word in public? - no, thanks
4. Gibraltar cat 2 - still need to pay an ever increasing lump sum tax
5. Monaco - overpriced real estate; lack of space
Any other countries I missed?

Maybe Malaysia or the Dubai comapany setup and living in Thailand on an Elite Visa?

 

[Praetorian]

It would be better than Dubai, for instance. But it would tax trader's profits as income.

My concerns when it comes to no-tax countries are as follows:
1. Caribbean jurisdictions - hurricanes
2. Seychelles - impossible to get residence permit
3. Dubai - jail sentence for saying the f* word in public? - no, thanks
4. Gibraltar cat 2 - still need to pay an ever increasing lump sum tax
5. Monaco - overpriced real estate; lack of space
Any other countries I missed?

1. Bahamas is solid and has good infrastructure, interesting tax rates as well and very close proximity to Miami. If any hurricanes happen you'll have many ways to protect yourself even though some property damage is the trade off.
2. Seychelles used to be a good place but not anymore, too much hassle that makes it not worth the trouble.
3. Dubai is fine unless you're a complete reckless maniac, don't race in the highway with a ferrari and don't do something obviously illegal (Trafficking, fraud, etc) and no one will bother you. If you got dirty business keep it outside of the UAE and you'll be good to go.
4. Gibraltar is fine but like Monaco, if you hate golden prisons you'll hate the place quickly.
5. Monaco is monaco, every single person i know who lives there just spends their time driving to France and Italy because they're too bored of the principauté.

Try Malta, Cyprus, even Hong Kong if you got the money. I know a few traders that moved to HK specifically because of their trading activities, though with China close by it's becoming a difficult place. Thailand is another option i've seen a few traders take.

Don't expect a magic 0% tax haven, as time goes by they'll all be gone. Expect to pay some tax at the minimum, but as long as you're not paying crazy US/EU rates you won't be in a bad position.