Moving back to India from Singapore?
Here's what changes for your CPF, SRS, RSUs, brokerage accounts, and tax residency.
ISO Certified
SIPC Insured
SEBI RIATax residency
When do you become an Indian tax resident again?
Your residency status is determined by days spent in India.
Either of these makes you a tax resident
Rule 1
182 days or morein India during one financial year.
Rule 2
60 days or more this yearand365 days or more across the previous 4
Once you're a resident, your global income, including Singapore dividends and capital gains, becomes taxable in India. Your move date relative to the financial year can shift this by a full year.
Transitional status
What is RNOR, and why does it matter?
Between NRI and ordinary Indian resident, there's a transitional status called Resident but Not Ordinarily Resident (RNOR). During this window, your Singapore-sourced income is generally not taxed in India.
You qualify if
- 1You were an NRI for 9 of the previous 10 years, or
- 2You spent fewer than 730 days in India over the previous 7 years.
RNOR window typically lasts
2 – 3 years
Outside Indian tax during RNOR
- ✓Capital gains from selling Singapore stocks
- ✓Withdrawals from your CPF or SRS
- ✓Singapore rental income
- ✓Interest from Singapore bank accounts
Crucial Rule: To utilize these exemptions, funds must be received in your Singapore bank account first. Direct wiring to an Indian account makes them taxable.
Filing requirements
Disclosures and filings at each stage
Your filing obligations are limited during RNOR, and ramp up sharply once you become an Ordinary Resident.
| Requirement | NRI | RNOR | Ordinary Resident |
|---|---|---|---|
| Singapore income taxable in India | No | No | Yes |
| Schedule FA (foreign asset disclosure) | No | No | Yes |
| Schedule FSI (foreign source income) | No | No | Yes |
| Form 67 (foreign tax credit claim) | No | No* | Only if claiming foreign tax credit |
| Advance tax on foreign income | No | No | Yes |
| Black Money Act penalties for non-disclosure | No | No | Yes |
* Form 67 may apply to an RNOR in case of foreign income that becomes taxable in India.
The key shift from RNOR to Ordinary Resident: your global income becomes taxable, and you need to disclose all brokerage accounts and holdings, CPF balances, SRS accounts, and property to the Indian tax authorities.
Brokerage accounts
What happens to your Singapore brokerage accounts?
When you move back, retail brokerages (like Tiger Brokers or Moomoo) and local banks may restrict your account or force you to liquidate.
Option 1: Transfer in-kind (Recommended)
Move your entire eligible portfolio to an India-friendly global broker like Paasa without selling. No capital gains triggered.
Option 2: Liquidate your holdings
Sell your positions immediately and repatriate the cash, which may trigger high wire fees and poor FX rates.
Equity compensation
What happens to your RSUs and stock options?
Singapore taxes RSU gains as employment income, and specific clearance rules apply when you leave.
1. Vesting during NRI status
Taxed as ordinary Singapore employment income. Your employer withholds tax on the vesting date.
2. Tax Clearance (Deemed Exercise)
Under IRAS rules, unvested RSUs are taxed upfront upon departure based on the notional gain, unless your employer applies for the Tracking Option.
3. Selling as an Ordinary Resident
Once back in India, capital gains on sale are taxable. A foreign tax credit is available for any Singapore tax already paid.
Retirement accounts
What happens to your foreign retirement accounts?
Your primary retirement savings in Singapore are portable. You do not have to close them when you leave.
| Account | Action on Departure | Singapore Tax | Indian Tax (as Ordinary Resident) |
|---|---|---|---|
| SRS | Can remain open | 15% - 24% withholding on withdrawal | Taxable at slab rate; foreign tax credit applies |
| CPF | Withdrawal allowed at 55 | Completely tax-free | Taxable as pension income at slab rate |
Property
What happens to your Singapore property?
Singapore has no capital gains tax on property. You can continue to hold and rent it out indefinitely.
Rental income
Singapore does not withhold tax on residential rent. India taxes it after you become ROR at your applicable slab rate.
Capital gains on sale
Singapore levies 0% capital gains tax. India taxes the gain once you are a full ROR at 12.5% without indexation.
Exit tax
What is the Singapore Tax Clearance (Form IR21)?
Global Investments & Real Estate
Singapore has no capital gains tax, so there is no deemed disposition or departure tax on your global investments or real estate.
Form IR21 Clearance
Your employer must file Form IR21 one month before you leave. Your final salary and bonuses are legally withheld until IRAS issues a Clearance Directive.
FAQ
Common questions returning Singapore NRIs ask
Country guides
Guides for where you're returning from
Each guide breaks down brokerage, retirement, tax, and exit considerations for your origin country.
How Paasa helps
Built for returning Indian professionals
From navigating your RNOR window to generating exact Schedule FA filings, Paasa is the financial home for your transition back to India.
In-kind brokerage transfers
Move eligible accounts from Singapore brokerages so you don't book taxable capital gains.
Estate Tax Protection
Direct access to Ireland-domiciled UCITS ETFs, allowing you to legally shield your investments from the 40% US Estate Tax applied to non-residents holding US equities.
Schedule FA and FSI reports
Year-end disclosures generated for every foreign holding, tailored exactly for Indian reporting requirements.
LRS-compliant remittance
Send money abroad under the USD 250,000 annual window to keep compounding your wealth globally.
RNOR-aware strategy
Built around your specific planning window so you can optimize cost-basis resets before the window closes.
You own your assets
Your holdings are held in your name at our global custodian, Interactive Brokers.
SEBI REGISTERED RIA: INA000021058
Enterprise-grade security, certified for sensitive and regulated data
Book a call with a Paasa advisor to map out your Singapore exit (CPF/SRS withdrawals, tax clearance, and Schedule FA filings).