Geylang Properties: Foreign Buyers Exempt from Recent Tax Increase

Geylang Properties News - Singapore's property tax won't hurt these foreign buyers

Geylang Properties News REAL ESTATE buyers of several nationalities, including Americans, are exempt from Singapore's recent tax exemption for foreigners.

Nationals from the United States, Iceland and Norway, among others, are treated with stamp duty the same as Singapore citizens, based on their respective free trade agreements from about a decade ago.

In April, the Government increased the Additional Buyer Tax (ABSD) rate on residential properties, in a new set of cooling measures aimed at curbing investment demand.

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For Singapore citizens, the ABSD when purchasing a second Geylang Properties will increase from 17% to 20% and from 25% to 30% for the third property onwards. For Singapore permanent residents (PR), ABSD will be increased to 30% from 25% on their second property and to 35% from 30% on their third and subsequent properties.

Foreigners bear the brunt of the increase, with ABSD on any property purchases doubling from 30% to 60%. The 65 percent rate will apply to residential properties purchased by institutions or trusts, up from 35 percent. The new rates take effect on April 27.

Citizens of the United States, Iceland and Norway are less interested in buying property in Singapore than are Chinese and Malaysians. Nicholas Mak, research director of real estate platform Mogul.sg, explains that Americans play a smaller role among foreign buyers because they are often attracted to properties in the US or in the UK.

Geylang Condos - The timing of the announcement of the latest cooling measures comes ahead of a general election scheduled for 2025. With housing a hot issue, authorities have raised taxes on property buyers higher value property in the latest Budget.

Lim Yew Soon, managing director of developer EL Development, said that at the recent Blossoms by the Park launch, four apartments were sold to Americans and four to Chinese. The launch comes two days after the new ABSD rate goes into effect. BLOOMBERG

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