A Singapore-resident NRI or OCI holder can remit up to USD 1 million per financial year from an NRO account, covering property sale proceeds and inheritance, after Indian tax and with Forms 15CA and 15CB. Money traceable to earlier remittances from Singapore can often go back through the NRE route. Our team assembles the legal file and works alongside your chartered accountant and Indian bank.
- Document route
- Singapore notary public, then apostille from the Singapore Academy of Law
- Time difference
- Singapore is 2h30 ahead of IST all year
- NRE and FCNR
- Freely repatriable
- NRO and assets
- USD 1 million per financial year
Repatriation of Funds from Singapore: how it works
We document the origin of the funds: property bought with Indian money or with Singapore dollars remitted to India, an inheritance, or matured deposits. The file includes sale and purchase deeds, the buyer's tax deduction certificates, succession papers and NRO statements. A chartered accountant certifies Form 15CB, Form 15CA is filed online and the bank processes the transfer. Where property was bought with NRE or foreign funds, sale proceeds of up to two residential properties can be repatriated outside the annual limit.
Indian banks increasingly ask for detailed source-of-funds evidence on large outward transfers, so we give them a single organised file. Singapore generally does not tax individuals on foreign-sourced income received or on capital gains, so the Indian side is where tax must be settled: correct deduction by the buyer, and a refund through an Indian return if too much was withheld. If the bank raises a new query, we deal with it so the transfer is not delayed.
What clients in Singapore should know
- Singapore's territorial tax system generally exempts foreign-sourced income received by individuals, which simplifies the Singapore side of most repatriations.
- NRE interest is exempt in India; NRO interest is taxable with deduction at source.
- Amounts above USD 1 million from NRO funds in one Indian financial year need prior RBI permission.
Step by step from Singapore
Video consultation
A call at a time that suits Singapore, after we have read your documents.
Documents signed in Singapore
Singapore notary public, then apostille from the Singapore Academy of Law
Work in India
Our team files, appears and follows up in India, and shares scans of everything filed.
Result and handover
Certified copies and originals are couriered to you in Singapore where needed.
The full guide
This page covers what changes when you are in Singapore. For the law, the documents and the step-by-step procedure, read our main page on Repatriation of Funds, or see all services for clients in Singapore and the Cross-Border Tax & Money practice area.
Questions from clients in Singapore
Can my late mother's deposits be moved to Singapore?
Yes. After the bank releases them to you as heir, they move through your NRO account within the yearly ceiling.
Does Singapore tax the money I bring in?
Generally not for individuals, as foreign-sourced income received in Singapore is usually exempt.
How long does a remittance take?
A few working days once the documents are complete.