Should PRs Leaving Singapore be Allowed to Keep All of Their HDB Sales Proceeds?
This is the title of an
article that first appeared on the MoneySmart blog. The question of the article
is whether Singapore Permanent Residents (PRs) should be allowed to withdraw
all their CPF money and Housing and Development Board (HDB) sales when they
In my mind, the answer to
that question is simple; YES!
Of course they should be allowed to withdraw all their money.
What's the reason foreigners are coming to Singapore in the first place? They
are here to make money. So once they are done, they will want to take their
money out when they leave Singapore. What's wrong with that?
For Singaporeans who think
they should not be allowed to do so, think about this; what will happen to the
money if they are not allowed to do so? The money in their CPF will stay in the
CPF! Do you think the Singapore government will move that money to the accounts
of Singaporeans? Dream on if you think the answer to that is a "yes".
Singaporeans have little to
no control over the timing and amount of their CPF money they can withdraw and
many Singaporeans are angry with the government on this. Let's not allow the government to do the same thing to
our foreign workers as well.