Complete Guide to Singapore Tax Residency Criteria and CRS Information Exchange Process

How is Singapore tax residency determined?

According to the Inland Revenue Authority of Singapore (IRAS), determining whether a person is a Singapore tax resident mainly depends on two factors:

• Actually residing or working in Singapore for 183 days or more within a year.
• It's particularly important to note that if you hold a Singapore work pass (such as EP, SP, etc.), even if you leave Singapore temporarily, as long as the work pass remains valid, this period of absence is generally considered as paid leave or business travel, and also counts as working time in Singapore. (This includes weekends and public holidays too!)

📚 Reference: IRAS《Working out my tax residency》

How does Singapore implement CRS information exchange?

Simply put, CRS (Common Reporting Standard) requires financial institutions to report account information of non-Singapore tax residents to the Inland Revenue Authority of Singapore (IRAS), which then exchanges this information with corresponding countries according to CRS rules.

The specific process works as follows:

1. Determining tax residency status when opening an account
   • When opening a bank account, financial institutions will require you to complete a self-certification of tax residency.
   • If you declare yourself as a Singapore tax resident, you need to provide your SG TIN (Singapore Tax Identification Number), which is typically your NRIC (National Registration Identity Card number) or FIN (Foreign Identification Number).
   • Even for new pass holders who have just obtained EP, SP, DP or LTVP, using the FIN number as a tax number is generally acceptable. Banks will typically verify the validity of your identity through Singpass or documentation.
   • As for whether you have actually stayed for 183 days, banks cannot verify this - it relies entirely on your self-declaration.
2. Account classification and information reporting
   • If you provide an SG TIN and declare yourself as a Singapore tax resident:
     • The bank will classify your account as a Singapore tax resident account. Information from such accounts will not be reported to IRAS and naturally will not be exchanged with other countries.
     • Usually about a week after opening the account, you will receive a Singapore tax resident declaration letter from the bank, officially confirming your account status.
   • If you don't provide an SG TIN and don't declare as a Singapore tax resident:
     • The bank will determine your account as a non-Singapore tax resident account based on your nationality and identity.
     • Information from such accounts will be collectively reported to IRAS, which will then decide whether to exchange the relevant information with your country of tax residence.

📚 Reference: IRAS《CRS FAQs》（PDF, 458KB）
📚 Banking practice reference: Numerous local bank account opening cases (such as DBS, UOB, OCBC, etc.)

Therefore, if you need Singapore tax resident status, you only need to have a Singapore work visa or similar status to achieve this. This way, your account information will not be exchanged to other countries through CRS, providing greater privacy for your tax information.