Nationals and Permanent Residents of countries which Singapore has special Free Trade Agreements (FTAs) with Singapore are accorded the same Stamp Duty treatment as Singapore Citizens when they buy Singapore properties, which means, unlike nationals of other countries who have to pay a total of 18(15+3)% when buying Singapore properties, citizens of these countries only pay 3% of stamp duties for their first residential property, same as Singapore citizens. Other conditions applicable will be that this is the only residential property will be that they don't currently own any other Singaporean properties and all buyers of this property(if it is a joint purchase) are of the nationalities that are able to enjoy this benefit and fulfill the conditions.
This essentially means these citizens essentially save a whopping 15% of the property price compared to foreigners from other countries. For a property value of US$1 million, this will translate into a saving of US$150,000!
Under the respective FTAs, Nationals or Residents of the following countries will enjoy the same stamp duty treatment as Singapore citizens:
1. Nationals and Permanent Residents of Iceland, Liechtenstein, Norway or Switzerland
2. Nationals of the United States of America
A copy of the passport is required as supporting documents to apply for the remission of the 15% stamp duty or ABSD(Additional Buyer's Stamp Duty) for these nationals. One can refer to the Inland Revenue of Singapore website.
So what does this mean if you are one of those who enjoy this benefit?
The interest in Singapore real estate is still strong despite the cooling measures in the past few years and slowing economies in certain Asian countries and Singapore. But one of the biggest hurdles to foreigners buying Singapore properties is the 15% additional stamp duty levied on foreigners.
So properties prices have fallen of late due to such and other cooling measures. But it is meant to be a temporary cooling measures and not a long term policy, though the government is not saying when they will lift it, but speculations are that they(government) will ease these measures one day.
So what happens when these measures are eased? Likelihood is that the interest from local Singaporeans and foreigners will return to snap up properties like what they did a few years back. That's when one should make use of the opportunity now to take up a Singapore property, especially for those who are privileged not to pay the 15% duties like local Singaporeans.
In the long run, the Singapore government has a grand plan to increase the population from the current 5.54 million people to up till 6.9 million people in 2030. Read on the Population White Paper.
The increase will mainly be by inviting more educated and highly productive professionals to live in Singapore as Permanent Residents and expatriates. That's almost a 25% increase in population! Just imagine the number of infrastructures that are need to accommodate the extra 25% population. The number of extra residential property units need is enormous. It will potentially be the next wave of growth for Singapore and by investing in Singapore properties now, you can secure a foothold in enjoying the growth of Singapore.
Don't miss the opportunity, read on the list of residential condos direct from Singapore developers now! Or contact me here.
This essentially means these citizens essentially save a whopping 15% of the property price compared to foreigners from other countries. For a property value of US$1 million, this will translate into a saving of US$150,000!
Under the respective FTAs, Nationals or Residents of the following countries will enjoy the same stamp duty treatment as Singapore citizens:
1. Nationals and Permanent Residents of Iceland, Liechtenstein, Norway or Switzerland
2. Nationals of the United States of America
A copy of the passport is required as supporting documents to apply for the remission of the 15% stamp duty or ABSD(Additional Buyer's Stamp Duty) for these nationals. One can refer to the Inland Revenue of Singapore website.
So what does this mean if you are one of those who enjoy this benefit?
The interest in Singapore real estate is still strong despite the cooling measures in the past few years and slowing economies in certain Asian countries and Singapore. But one of the biggest hurdles to foreigners buying Singapore properties is the 15% additional stamp duty levied on foreigners.
So properties prices have fallen of late due to such and other cooling measures. But it is meant to be a temporary cooling measures and not a long term policy, though the government is not saying when they will lift it, but speculations are that they(government) will ease these measures one day.
So what happens when these measures are eased? Likelihood is that the interest from local Singaporeans and foreigners will return to snap up properties like what they did a few years back. That's when one should make use of the opportunity now to take up a Singapore property, especially for those who are privileged not to pay the 15% duties like local Singaporeans.
In the long run, the Singapore government has a grand plan to increase the population from the current 5.54 million people to up till 6.9 million people in 2030. Read on the Population White Paper.
The increase will mainly be by inviting more educated and highly productive professionals to live in Singapore as Permanent Residents and expatriates. That's almost a 25% increase in population! Just imagine the number of infrastructures that are need to accommodate the extra 25% population. The number of extra residential property units need is enormous. It will potentially be the next wave of growth for Singapore and by investing in Singapore properties now, you can secure a foothold in enjoying the growth of Singapore.
Don't miss the opportunity, read on the list of residential condos direct from Singapore developers now! Or contact me here.