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Are dividends from Syfe's portfolios subjected to US withholding tax?

Yes, for certain portfolios — but it depends on the type of ETF or fund and its country of domicile.

Syfe Core and Syfe Select Portfolios

These are ETF-based portfolios, and many of the ETFs — particularly the equity-based ones — are US-listed. For these ETFs, a 30% withholding tax on dividends applies.

This tax is standard and would apply even if you purchased the same ETFs on your own as a Singapore-based investor.

  • Bond ETFs: Some ETFs, such as bond ETFs, may be eligible for tax reclaim.

    No action is required from you — our broker will automatically claim the recoverable amount and credit your account accordingly.

  • Non-dividend-paying ETFs: Certain ETFs, like gold ETFs, do not pay dividends and therefore do not incur any withholding tax.

Syfe Income+ Preserve and Income+ Enhance Portfolios

The constituent funds within Income+ portfolios are Irish-domiciled, which makes them more tax-efficient with respect to dividend withholding.

  • Compared to US-domiciled ETFs, using Irish-domiciled funds can help Singapore-based investors save up to 15% in dividend withholding taxes.

Syfe Income+ Max Portfolio

  • Income+ Max is an ETF-based portfolio. Most of its ETFs are Irish-domiciled UCITS ETFs, which are more tax-efficient with respect to dividend withholding than US-domiciled ETFs.
  • Compared to US-domiciled ETFs, using Irish-domiciled ETFs can help Singapore-based investors save up to 15% in dividend withholding taxes.
  • The portfolio also holds a US-domiciled gold strategy ETF (IGLD). Dividends from this ETF are subject to a 30% US withholding tax.