Additional Buyer’s Stamp Duty (ABSD)
Since 8 December 2011, foreigners who want to acquire a residential property here has to pay an additiona1 buyer's stamp duty (ABSD) on the higher of the total purchase price or market valuation. The ABSD rate has been revised from 10% to 15% from 12 January 2013. Previously, foreigners only have to pay a Buyer’s Stamp Duty, on the higher of the total purchase price or market valuation, of1% on first $180,000 2% on next $180,000 3% for the remainder
However, citizens and PRs (Permanent Residents) of a few countries that have signed free trade agreements (FTAs) with Singapore are exempted from ABSD. These areNationals and Permanent Residents of:-
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Housing types
HDB While about 80% of Singapore's population dwells in public housing, or what is commonly known as HDB (Housing Development Board) flats. Foreigners are not eligible to purchase this category of housing as these are subsidied flats. An exception applies if you have a Singapore citizen spouse. Under HDB's Non-Citizen Spouse Scheme, a SC-Foreigner couple can buy a HDB flat from the resale market. Please refer to HDB website for the details (HDB, “Eligibility To Buy: Non-Citizen Spouse Scheme”). Non-landed Single foreigners or foreigners with non-Singapore citizen spouse have their choices limited to strata-titled private residential properties only. For this class of property, they can purchase non-landed ones without any special application. However, if a foreigner wants to acquire all the apartments within a building or all the units in an approved condominium development, he must first obtain the approval of the Minister for Law. Landed Landed properties fall under the purview of the Restricted Residential Property Act. Foreigners acquiring “detached house, semi-detached house, terrace house (including linked house or townhouse)” (SLA,“Foreign Ownership of Properties”) have to obtain prior approval from the Minister for Law. And the land area of the property cannot be more than 1,393.5 sq metres (15,000 sq ft). The application process usually takes 6 weeks and is subjected to approval. For the full details of the restrictions governing foreign ownership of properties, visit the Singapore Land Authority (SLA) website (SLA,“Foreign Ownership of Properties”). Sales of the landed property is allowed only after a minimum occupation period of three years [SLA, “FAQ on Foreign Ownership of Land under the Residential Property Act (The Act)”]. Landed: Sentosa Cove Since August 2004, Singapore relaxed its foreign ownership rules to allow foreigners to purchase landed properties on Sentosa Cove with an express process of 2 days. Applications have to be made with the Land Dealings Unit. Further there is no minimum occupation period. Whether the landed residential property is on Sentosa Cove or elsewhere, it must be owner-occupied (ie. No renting out) and the foreign owner is only allowed to own one restricted residential property at any one time in Singapore.About Property Buyer http://www.PropertyBuyer.com.sg/mortgage We are a research-focused Singapore mortgage consultancy which helps you compare Singapore home loans either for new loans or refinancing. We use loan reports from Singapore's best loan analysis system (exclusive to us) at http://www.icompareloan.com/consultant/ to serve our customers. Our services are completely FREE to you as the banks pay us a referral fee upon loan disbursement. SMS: (65) 9782 8606 Email: loans@PropertyBuyer.com.sg