How to Withdraw Your Full CPF When Leaving Singapore

At a Glance

Withdraw full CPF after PR renunciation approval.

New 2024 rules: Automatic account closure for non-citizens/non-PRs.

Apostille or Embassy notarization required for overseas applications.

Deciding to wrap up your life in Singapore and head back home? One of the biggest tasks on your checklist is likely withdrawing your CPF (Central Provident Fund). Since this represents years of hard-earned savings, the process can feel overwhelming and complex at first glance.

If you are a Permanent Resident (PR), simply packing your bags isn't enough. You must legally renounce your PR status and complete your tax clearance before you can fully reclaim your funds. Here is a comprehensive guide to the CPF withdrawal process, based on the latest regulations.

1. Renouncing PR (ICA) and Tax Clearance (IR21)

The first hurdle is officially renouncing your Singapore PR status through the Immigration & Checkpoints Authority (ICA). While this can now be done easily via an online portal, you should plan ahead as approval takes time.

ICA PR Renunciation: Apply online by submitting a letter of renunciation, a copy of your passport, and returning your Singapore IC. Approval typically takes about 4 weeks. Once processed, you will receive a 'Letter of Renunciation,' which is the most critical document for your CPF withdrawal.

IRAS Tax Clearance (IR21): If you are resigning from your job to leave the country, your employer must file Form IR21 to settle your taxes. Your final month's salary may be withheld temporarily for this purpose. Your CPF withdrawal will only proceed smoothly once all tax liabilities are cleared.

2. Closing Your CPF Account and Applying for Withdrawal

Under new regulations effective April 1, 2024, CPF accounts for those who have lost their citizenship or PR status will enter an automatic closure process. However, the funds will not be automatically transferred to your overseas bank account.

How to Apply: It is fastest to apply while you are still in Singapore. Book an appointment at a CPF Service Centre and apply in person. If you have already returned to Korea, you must apply by mail, which involves a more tedious notarization process.

Interest Cessation: Once your account is closed, the standard high interest rates (4–6%) no longer apply. Until March 31, 2027, a lower interest rate of approximately 0.05% will be paid; after that, no interest will be earned. It is financially wise to withdraw your funds as soon as possible after returning home.

3. Timeline and Payment Methods

The process from application to receiving funds can take several weeks. Use the table below to plan your finances accordingly.

Stage	Estimated Time	Notes
PR Renunciation Approval	~4 Weeks	ICA processing time
CPF Withdrawal Review	~12 Weeks	After document submission
Deposit to SG Bank Account	2 Business Days	Via GIRO
Transfer to Korean Bank Account	5–12 Business Days	Via Telegraphic Transfer (TT)

4. Applying by Mail from Korea: Important Notes

If you are applying from Korea, you must complete 'Form CPF-CA' and send it by mail. The most important part is verifying the authenticity of your documents.

Using an Apostille: Since South Korea is a member of the Apostille Convention, you can have your documents notarized at a local notary office and then get an Apostille from the Ministry of Foreign Affairs. This is often more efficient than booking an appointment at the Singapore Embassy in Seoul.

Remittance Fees: Receiving funds directly into a Korean account may result in exchange rate losses and overseas transfer fees. If possible, keep your local Singapore bank account (DBS, UOB, etc.) open, receive the funds there first, and then use a remittance app to transfer the money to Korea to save on costs.

Practical Tips for Success

Finally, here are three essential tips that could save you significant time and money.

Maintain Your Singapore Bank Account: Do not close your local bank account until the CPF funds have been deposited. Receiving funds via GIRO is faster and avoids heavy fees. The exchange rate loss and fees on a transfer of SGD 10,000 can be quite substantial.

Keep Your Singpass Active: Ensure your Singpass login is working before you cancel your Singapore mobile number. Checking your tax clearance status or CPF progress becomes very difficult without Singpass access. Consider switching to a low-cost SIM-only plan to keep your number active temporarily.

Check Your MediSave: When you withdraw your CPF, the balances in your Ordinary Account (OA), Special Account (SA), and MediSave Account are all refunded. However, keep in mind that any outstanding hospital bills or HDB loan balances will be deducted from the total before payout.