What works in Singapore

Tactical asset allocation after tax in Singapore: the rules of the UCITS ETFs, US ETFs, in plain words with sources, and what they cost 107 strategies over 2006 to 2026.

Version: 2.1
Published: 8 October 2026
Rules last checked: 22 October 2026

Ordinary account, Irish UCITS ETFs

Almost tax-free, through Irish funds.

Tax cost a year (median): 0.1 pts
Median strategy, before / after tax: 7.7% / 7.6%
S&P 500 held, after tax: 9.5%
60/40 after tax (worst fall): 7.0% (-24%)

47 of 107 strategies beat a 60/40 after tax in this account with a smaller worst fall; 27 beat the S&P 500 held throughout. Returns a year, in SGD.

The rules

No capital gains tax for individuals investing for themselves; foreign dividends received by a resident individual are exempt.
Irish UCITS ETFs lose 15% US withholding on US dividends inside the fund, and nothing on US Treasury interest.
They are not US assets, so no US estate tax.
Gains could be taxed as trading income if IRAS saw the activity as trading (frequency, holding period, intention); it publishes no threshold.

Confidence in these rules: medium. Checked 22 October 2026. Sources: IRAS: Gains from sale of property, shares and financial instruments; IRAS: Income received from overseas (individuals); US-Ireland income tax treaty (1997), Article 10 Dividends (IRS treaty text).

Ordinary account, US-listed ETFs

The 30% US withholding is a cost; the US estate tax is the bigger risk.

Tax cost a year (median): 0.7 pts
Median strategy, before / after tax: 7.7% / 7.1%
S&P 500 held, after tax: 9.2%
60/40 after tax (worst fall): 6.5% (-25%)

48 of 107 strategies beat a 60/40 after tax in this account with a smaller worst fall; 24 beat the S&P 500 held throughout. Returns a year, in SGD.

The rules

No Singapore tax, but the US withholds 30% on dividends of US ETFs (there is no US-Singapore treaty). We apply it to bond-fund distributions too, which can be exempt if the fund reports them as interest and the broker applies it: that would cut the cost from 0.7 to 0.3 points a year.
US ETFs are US assets: above USD 60,000 they are subject to US estate tax of up to 40% at death, with no treaty relief for Singapore residents.
Leveraged ETFs need the broker's Customer Account Review (MAS rules).
Selling commodity-pool units (DBA, GSG, UUP, UGL) can trigger 10% US withholding on the proceeds.

Confidence in these rules: medium. Checked 22 October 2026. Sources: IRS Publication 515 (2026), Withholding of Tax on Nonresident Aliens and Foreign Entities; IRS: Some nonresidents with U.S. assets must file estate tax returns; MAS Notice SFA 04-N12, Sale of Investment Products (last revised 4 Jan 2019).

Every strategy, account by account

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How this was computed, the limits, and every other country are in the full study.