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Tax Obligations for Americans Living in Singapore or Those Holding U.S. Assets

Singapore is a popular destination for foreigners living and working abroad. Many Singapore residents, including Americans and those owning U.S. assets, must navigate the complexities of the United States’ international tax laws, which apply based on citizenship, residency and economic ties.

Understanding and planning for potential U.S. tax liabilities, such as America’s transfer tax, is crucial for anyone abroad with U.S. assets — no matter if they are American or have ever been to the country, writes Hone Maxwell Associate Jared Garfield in Dollars & Sense.

In his article “Tax Planning Tips for Foreigners Living in Singapore with U.S. Assets,” Jared explains the possible U.S. tax obligations for foreigners living in Singapore with U.S. financial ties. The regulations vary for those who can be classified as a “U.S. person” or a “non-U.S. person holding U.S. assets.”

Compliance with the transfer tax, the most common tax in these contexts, is critical to avoid penalties and interests. Working with an experienced international tax law attorney is key to ensuring that tax reporting and payment obligations are being met.

Disclaimer: Hone Maxwell LLP articles and blogs are not intended as legal advice. Additional facts, facts specific to your situation or future developments may affect subjects contained herein. Seek the advice of an attorney before acting or relying upon any information herein.

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