Are you a foreigner and looking to buy a property in Singapore but fear the high ABSD rates? Well, you may be given the same treatment as your fellow Singaporean counterparts. Find out now if you are eligible!
In July 2018, the Government announced raised ABSD rates for everybody, whether you are a Singapore Citizen, a Singapore Permanent Resident, a Foreigner or an Entity. The new rates were effective after 5 July 2018 as seen in the following table.
Now, if you are a National or Permanent Resident of the following countries, you will be accorded the same Stamp Duty treatment as Singapore Citizens:
All Nationals of the United States of America are also eligible for such a treatment.
The process is fairly simple, all you have to do is obtain a remission certificate via the e-Stamping Portal here.
This ABSD remission comes under the Free Trade Agreements that Singapore has with these countries. No longer would these Nationals or Permanent Residents have to pay a huge ABSD of 20%. Instead, your first property will incur 0% ABSD, your second property will only 12% ABSD and any subsequent properties will only incur 15% ABSD.
If you are a National of these countries and residing in Singapore, maybe you may finally stop renting and settle down here with a house or two of your own. Even if you are not residing in Singapore, perhaps it’s time to consider investing in Singapore properties and exploring the opportunities available. Our team is more than willing to guide you through this process and advise you accordingly!
For more information of the ABSD Remission under Free Trade Agreements (FTAs), do refer to the Inland Revenue Authority of Singapore website here.