The Great CPF Cash-Out: How One Malaysian Hairstylist Gamed Singapore's System For 30 Years

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Addy Lee just pulled off what might be Singapore’s most expensive haircut – and it cost the system millions.

The former celebrity hairstylist, who spent three decades styling the locks of Singapore’s elite, has officially said “sayonara” to his permanent resident status.

His parting gift? A complete Central Provident Fund (CPF) withdrawal that he claims will keep him living it up in Thailand for the next 30 years without lifting a finger.

“I can live 30 more years – eat, drink, play, not work, lie there – and it would likely still be enough,” the 54-year-old Malaysian told Singapore media.

The Perfect Malaysian Exit Strategy

Lee’s exit strategy reads like a masterclass in cross-border system optimisation.

Then, when it’s time to retire, renounce PR status, cash out the entire CPF piggy bank, and relocate to Thailand, where the Singapore dollars stretch like a good hair elastic.

It’s the ultimate “thanks for the memories” move, complete with a Facebook farewell tour that reads like a love letter to his adopted country.

In his latest Facebook post, Lee gets refreshingly honest about his retirement math, explaining that his plan at 50 was to retire and relax after selling his assets, giving him more time to spend with his mother and sister while being able to travel home to Malaysia or bring his mother to stay with him in Bangkok.

Translation: CPF withdrawal plus property gains equals early retirement across three countries – Malaysia, Thailand, and occasional visits to Singapore.

Passport Privilege in Action

The timing couldn’t be more perfect – or infuriating, depending on your passport colour.

While Singaporean sons are still fulfilling their NS obligations and watching their CPF accounts like locked treasure chests until they turn 65, Lee’s generation of Malaysian PRs got to play by different rules.

They contributed during Singapore’s economic golden years, benefited from property appreciation that turned modest investments into gold mines, and now get to peace out with their retirement funds intact.

Lee’s story isn’t just about one Malaysian’s retirement plan – it’s a mirror reflecting Singapore’s immigration policies and their unintended consequences.

For every success story like his, there’s a Singaporean wondering why their CPF feels more like a government IOU than actual savings, while their Malaysian neighbours get to cash out and cruise.

Lee sold Monsoon to Mary Chia Holdings in 2020 and briefly co-founded e-commerce company Mdada before health issues forced his exit in 2023.

Now, apparently healthy enough to plan three decades of leisure split between Thailand and Malaysia, he’s living proof that sometimes the best business strategy is knowing when – and where – to fold.

The Malaysian Dream, Singapore-Funded

As Singapore grapples with rising costs, housing affordability, and an ageing population, Lee’s great escape raises uncomfortable questions about fairness, citizenship, and who really benefits from the Singapore dream.

His story represents thousands of Malaysian PRs who built wealth in Singapore’s boom years, only to take their winnings back across the causeway when the music stopped.

For now, he’s just another Malaysian retiree planning to split his time between Thailand and home – except that his retirement fund comes with a Singapore government guarantee and 30 years of compound interest.

Not bad for a guy who started out just cutting hair and ended up cutting the ultimate deal.

The moral of the story? In Singapore’s system, timing isn’t everything – it’s the only thing that matters.

And for this Malaysian hairstylist, the timing was absolutely perfect. “Thank you Singapore Made me a someone,” indeed – someone with enough money to retire in style across Southeast Asia.

Parts of this story have been sourced from 8days.

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