This must be the top open secret that the Singapore Government does not want you to know. Other than you being the Government and starts collecting ERP, CPF, GST and all kind of taxes, there is no other safer way to make money in Singapore than what I am going to reveal here, tongue in cheek!
I am talking about becoming a “temporary” Singaporean, apply for a new highly subsidised HDB flat, wait for five years, and you can sell it and make a handsome profit and migrate away. Not only that, you can also withdraw all the retirement money we call CPF and with the highly prized red passport, you will be welcome with open arms in many other parts of the world including USA, Australia, Canada and UK since you are a “foreign talent” to begin with. The prized HDB which only Singaporeans can enjoy is highly controlled by the Government and the only way for the price of this “asset” is up for the last 40 over years, even during bad times in the few crises in the 70s,80s,90s, SARS and the recent financial crisis. Even for many Singapore PR families who can not lay their hand on new HDB flats, their resale HDB flats would have easily appreciated between 50% to 200% over the last 10 years alone!
It is a little known secret that only 300 or so “New Citizens” each year know about this and is largely under the radar of the Government. But now that the secrets is out, you need to move fast before the Government plugs this loophole quickly. Askmelah has a few workable solutions to plug this loophole.
- 300 new citizens give up their status each year – The Straits Times 22 Mar 2012
- Is this my Singapore? My home and my country?
Source: ChannelNewsAsia 28 February 2012 1407 hrs
An average of 1,200 Singaporeans renounced their citizenship every year between 2007 and 2011.
Of these, 300 were naturalised citizens.
But the renunciation rates for both naturalised citizens and Singapore-born citizens were low at 0.1 per cent or less.
Deputy Prime Minister Teo Chee Hean gave this update in Parliament on Tuesday.
Mr Teo also explained why some give up their citizenship and assured members that every application for citizenship was carefully evaluated.
Mr Teo said: “Every application for permanent residence or Singapore citizenship is evaluated holistically on a range of criteria, including economic contributions, qualifications, age, family profile, and length of stay in Singapore.
“The reasons for emigration vary. Some emigrants leave for family reasons, because of marriage or to reunite the family members overseas, while others do so for a different living environment.
“All Singapore citizens and permanent residents who own HDB flats will have to sell their properties if they renounce their citizenship or cease to be permanent residents. There are no exceptions to this rule.”