Singapore legislation
Regulation 5
Regulation 5
Application of section 4B(6)(e) of Act
Subregulation 1
Subject to regulation 6, for the purposes of section 4B(4) of the Act, “deposit” does not include —
a sum paid by or on behalf of any person in consideration for the issue to him by the recipient of —
bonds or NCDs denominated in any foreign currency;
bonds or NCDs denominated in Singapore dollars with an original maturity period of not less than 12 months; or
bonds or NCDs denominated in Singapore dollars with an original maturity period of less than 12 months and issued with a denomination of not less than $200,000;
a sum paid by or on behalf of any person whose total net personal assets exceed in value $2 million (or its equivalent in foreign currency) at the time of the payment, whose financial assets (net of any related liabilities) exceed in value $1 million (or its equivalent in foreign currency) at the time of payment, or whose income in the preceding 12 months is not less than $300,000 (or its equivalent in foreign currency) at the time of the payment, in consideration for the issue to him by the recipient of bonds or NCDs denominated in Singapore dollars with an original maturity period of less than 12 months;
a sum paid by or on behalf of a company whose total net assets exceed $10 million in value or its equivalent in foreign currency as determined by the last audited balance-sheet of the company in consideration for the issue to the company, by the recipient, of bonds or NCDs denominated in Singapore dollars with an original maturity period of less than 12 months;
a sum paid by or on behalf of an officer of the recipient, a close relative of an officer of the recipient or a close relative of the recipient (if the recipient is a natural person), in consideration for the issue to the payer by the recipient, of bonds or NCDs denominated in Singapore dollars with an original maturity of less than 12 months;
a sum paid by or on behalf of any person in consideration of the issue to him of Singapore Government Securities; or
a sum paid by or on behalf of any person in consideration of the issue to him of bonds issued by any statutory board.
Subregulation 2
In determining the value of a person’s total net personal assets for the purposes of paragraph (1)(b), the value of the person’s primary residence is taken to be the lower of the following:
the value calculated by deducting any outstanding amounts in respect of any credit facility that is secured by the residence from the estimated fair market value of the residence;
$1 million.