@dsyhome0510 , first my apologies for such a long delay in responding to your post. Please do forgive. At this point I am not sure if you still need the answer but just in case:
1. The Singapore CPF, just like Provident Funds in many countries in the South and South East Asia is somewhat akin to US 401K type of savings for retirement of the employee ( except for the compulsory aspect ). The contribution by the employee may or may not be tax advantaged and there may or may not be an employer matching contribution. In all cases the growth is not taxed ( i.e. counted as income ) till distribution ( often lump sum ) at retirement or earlier under some conditions.
2. These accounts all have "present day value"
3. These all also will be distributed as and when the beneficiary retires and /or dies. Thus in many ways it acts as an investment. account ( just managed by the administrator ). Note that this is in contrast to Social Security equivalents ( which are not reportable for FBAR and FATCA regs. )
4. Therefore my conclusion is that these need to be counted as foreign asset for purposes of FBAR and/or FATCA regulations.
Does this answer your query ?
