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Legal Templates
Wealth Declaration Form

Wealth Declaration Form for Singapore

Wealth Declaration Form Template for Singapore

A Wealth Declaration Form under Singapore law is a comprehensive document used to declare an individual's financial assets, income sources, and net worth. It complies with Singapore's strict financial regulations, including MAS guidelines and anti-money laundering requirements. The document serves as a formal declaration of wealth sources and typically includes detailed information about bank accounts, properties, investments, and other valuable assets, both within Singapore and overseas.

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What is a Wealth Declaration Form?

The Wealth Declaration Form is a critical compliance document used in Singapore's financial sector to establish the legitimacy of wealth and assets. It serves multiple purposes including anti-money laundering compliance, know-your-customer requirements, and financial transparency. The form requires declarants to provide detailed information about their wealth sources, financial assets, and income streams. This document is particularly important in Singapore's strictly regulated financial environment, where financial institutions must maintain high standards of due diligence and compliance with MAS regulations.

What sections should be included in a Wealth Declaration Form?

1. Personal Information: Declarant's details including full name, ID/passport number, nationality, residence status, and contact information

2. Declaration Purpose: Statement of purpose for the wealth declaration and intended use of the declaration

3. Assets Declaration: Comprehensive listing of all assets including real estate, investments, bank accounts, vehicles, and valuable personal property

4. Income Sources: Detailed breakdown of all income sources including employment, business interests, investments, and other regular income

5. Verification Statement: Formal declaration of truth and accuracy of the information provided, with acknowledgment of legal consequences for false declarations

What sections are optional to include in a Wealth Declaration Form?

1. Foreign Assets: Section for declaring overseas assets, investments, and bank accounts - required when declarant holds assets outside Singapore

2. Trust Structures: Details of trust arrangements where declarant is either trustee or beneficiary, including trust assets and beneficial ownership

3. Corporate Interests: Information about business ownership, shareholdings, and corporate directorships - required for business owners or major shareholders

4. Liabilities Declaration: Details of significant debts, loans, and other financial obligations - recommended for complete financial picture

What schedules should be included in a Wealth Declaration Form?

1. Schedule A - Supporting Documents Checklist: Comprehensive list of required documentation to verify declared wealth and assets

2. Schedule B - Asset Valuation Reports: Professional valuations of significant assets including real estate and business interests

3. Schedule C - Bank Statements: Recent statements from all declared bank accounts, both local and overseas

4. Schedule D - Property Documentation: Title deeds, property ownership certificates, and related property documentation

5. Schedule E - Investment Portfolio Summary: Detailed breakdown of investment holdings including stocks, bonds, and other financial instruments

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Declaration Form

Sector

Compliance

Cost

Free to use
Relevant legal definitions



























Clauses
























Industries

Income Tax Act (Chapter 134): Primary legislation governing income taxation in Singapore, crucial for declaring taxable assets and income sources

Goods and Services Tax Act (Chapter 117A): Regulates consumption tax and may be relevant for business assets or luxury goods declarations

Property Tax Act (Chapter 254): Governs taxation of real estate properties, essential for declaring property assets

Estate Duty Act (Chapter 96): Although abolished, provides historical context for wealth declaration practices in Singapore

Corruption, Drug Trafficking and Other Serious Crimes Act: Contains anti-money laundering provisions requiring declaration of legitimate sources of wealth

MAS Notice on Prevention of Money Laundering and CFT: Regulatory guidelines for financial institutions on customer due diligence and wealth source verification

Securities and Futures Act (Chapter 289): Regulates securities, derivatives, and other investment products that need to be declared

Banking Act (Chapter 19): Governs banking operations and requirements for declaring bank accounts and related assets

Insurance Act (Chapter 142): Regulates insurance products and policies that need to be included in wealth declarations

Personal Data Protection Act 2012: Ensures proper handling and protection of personal data in wealth declaration forms

Foreign Account Tax Compliance Act (FATCA): US law requiring declaration of foreign financial accounts, applicable to Singapore financial institutions

Common Reporting Standard (CRS): International standard for automatic exchange of financial account information

Companies Act (Chapter 50): Relevant for declaring corporate assets and shareholdings in companies

Residential Property Act: Governs ownership of residential properties in Singapore, important for property asset declarations

Central Provident Fund Act: Relates to mandatory retirement savings that need to be included in wealth declarations

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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