What is the tax liability for traders in singapore? Can someone simply open a trading account there to trade US and UK markets and keep all the profits they make with no tax? If this is the case, one could conceivably live in singapore just to trade and periodically visit the US and other locations when one is not trading. Anyone know other countries where trading is not taxed? Thanks
I have to agree with NANA on this one. My brother has spent time in Singapore, and he says that the people involved in the markets are pretty savvy.... One way to get past the "naysaying family members" is to simply agree with them. Yes, most traders fail (as do most businesses). Yes, many people try to con me. Yes, trading is like gambling. Then simply add a few words. "Would you prefer that I spend the rest of my life in a "job" (we all know that there are fewer and fewer jobs that pay well). Shall I be unhappy (perhaps you have a family business?)...and simply "settle" for working for someone else? Ask them: "Do you think I am so stupid that I would fall for a "con job"? Did you not raise me better than that? Instead of "closing the door to opportunity, would you please help me to choose between what is real and what is a "con job?" And finally....isn't everyday a gamble of sorts anyway? We all have just so many "possible" days allotted to us (notwithstanding certain religious beliefs), let's make the best of them. Don't exclude or rebel against your family...embrace them and their strengths to help you ..... You'll find that, deep down, they think they have the answers, and that they won't be "conned"....and so if you include them in your plans....it may just get you the support you seek. Don (no con job here....no offices in Singapore.....yet??)
Bubble gums are forbidden too. Also, there is no jury in a trial, only the judges. All of them are appointed by the government, of course. If you own some real estate properties that are in the way of a civil project, the government will buy it back at prices well below the market values. You cannot take the government to the court either. Many years ago, a landlord did that and won, a great achievement considering the structure of the juridical system there. The government promptly passed a law and closed the loophole by revoking that particular right of all property owners. All young men have to stay out of school for two years to receive military training. However, if his parents are rich, and able to send him abroad before age 18(or something like that), he will be exempt. In a exam, if there are two correct approaches to the same question, and the student adopts the one that is not taught by the teacher, he/she will receive no credits. Needless to say, that causes a lot of problems, when Singaporeans try to compete with Koreans, Japanese, Americans, Chinese, Indians, etc. Hence, few years ago, the government begins to encourage creative thinking. After each major election, it is almost a routine that the government will sue the leader of the opposition party. A huge fine will then impose to make sure that guy goes bankrupt. Some opposition leaders just fled the country. A taxi driver told me once that China is practicing low tech communism, while they have high tech communism in Singapore. The former will put the dissidents in jail. The latter will confiscate their capital and properties. The government will then try make them work like slaves for the rest of their lives. I like to confirm that my statements were strictly in jest TOO.
Wow. That is pretty ridiculous. I think I'd just trade there and live somewhere else the rest of the time. Assuming, of course, that there is, in fact, no tax liability for capital gains.
Hi - Just a few thoughts: 1. I graduated from a top 5 MBA program in the US. 90% of my classmates that were bankers, consultants, etc. didn't understand the first thing about trading. Therefore, it really shouldn't be that troubling that your family and friends don't understand either. 2. And, please, don't take this the wrong way...even I don't take 20-year-olds seriously. That's simply because when we were all that age we changed our minds a 100 times about what we wanted to be and do. Now, if you REALLY, REALLY want to be a trader then you have to WORK at it and will EVENTUALLY get the respect of people around you. You earn respect through accomplishment and experience, not just because you want it badly enough. That's just the way the world works. 3. I have traded a number of markets (fixed income, currencies, equities, relative value, directional), in the US and London, and when I go to a party and don't want to talk to anyone about the markets (or, worse yet, what they should do with their money...gimme a break) I tell them I own a donut shop (i.e. I don't give a flying f**k about impressing people). Makes for some interesting conversation and the girls talk to me anyway. The point is that if you are in this business to get acknowledgement or approval from your peers you will be disappointed. The ONLY reason you should be a trader is because you desire more than anything else to prove to YOURSELF that you can produce...money, that is. And that proving process never ends. It goes on day, after day, after day. With the above thoughts in mind I encourage you to pursue you goal. I've definitely not hit any sort of jackpot yet, but I can still say the the rewards are definitely worth the troubles. Good luck.
Brings back memories of when I was a young market maker on the exchange floor, 70's & 80's, ...no one ever heard of a market maker and could care less about options or Black Scholes modeling....so I just said that either I inherited money (some females liked that)...or that I owned a car dealership (most guys like that).....(although the donut shop idea has it's appeal...."hmm, donuts" ) It's a little harder to escape the market "label" now....but it's also grown into a bit more 'cool' profession....at least some people know what you're talking about.... Don
"Donut shop" came from my undergraduate days when we were courted by the CIA/NSA (I was an applied physics major). Running joke/not really a joke was that if we disappeared for an interview we said we were interviewing for "Dunkin Donuts".
Thanks guys for all the encouraging replies. To tell you the truth, I was half expecting "stfu noob" lol. As you all know from my originating post, I live in Singapore. I confirm everything that has been posted here about my country. NO JOKE! You guys scared me;I would never ever expect foreigners to know so much about my country, today was sure an eye opener. Those who posted wrote as if they were living here themselves! I would like to...but I can't add more to this particular topic for the obvious reason. (Stated for the record: "the obvious reason" being I am a patriotic Singaporean who loves and respect my government, the republic of Singapore. ) Oh, and yes, Singapore a is TAX HAVEN for traders. ~~zero tax on captial gains~~ :eek: