Regulation 3
Status of foreign account where settlor becomes citizen of Singapore or resident in Singapore
of Income Tax (Exemption of Income of Foreign Account of Philanthropic Purpose Trust) Regulations 2007
Where any settlor (being an individual) who injected funds or assets into a foreign account of a philanthropic purpose trust subsequently becomes a citizen of Singapore or resident in Singapore, that account shall continue to be regarded as a foreign account for the purposes of section 13O of the Act if —
as from the date on which the settlor becomes a citizen of Singapore or resident in Singapore, he does not —
inject any funds or assets into that account; or
receive or enjoy any benefit under that account; and
if the settlor had previously been a citizen of Singapore or resident in Singapore and had ceased to be such citizen or resident before the constitution of the trust, a period of at least 5 years has elapsed between the date he last ceased to be a citizen of Singapore or resident in Singapore before the constitution of the trust and the date he subsequently becomes a citizen of Singapore or resident in Singapore.