Hey my Singaporean friends, just want to know whether HYIP is legal in Singapore? Has singaporean government taken any action against HYIP scammers?

Do come more often to JB

Well there is a pretty gray line between legal or not hence if the HYIP is a legal company in singapore and it has all legal support from the Govt it is ok. However to date I have not really see a legal HYIP started in Singapore yet.

Autosurf I remember seeing one which register itself as a company in Singapore but end up closing down without refunding (partly due to the Stormpay issues which help this company to cover it ass). The company if I am not wrong stop operations after a while, dun think it manage to go pass 2 months.

In Singapore starting such programs are not easy especially with the legal system here so if you are asking if HYIP is legal in Singapore, I would say it is not.

In my opinion, if you are running a HYIP as an admin, its illegal. If you are an investor, there's nothing illegal about it. Also, strictly speaking, if you exchange your egold out to SG currency, I think you need to pay tax as its considered as an income, but if you keep it as egold, you don't need to pay tax. There are ways to get around the tax issues of course.

Yup, I believe there is alot of discussions on the tax issues in the past here in SG's MMG. Those whoa re interested can do a search for those thread

I agree with what you wrote. As for the tax issue, I am not very sure.