Singapore’s property tax won’t be hurting these foreign buyers

Singapore’s property tax won’t be hurting these foreign buyers

Property buyers of certain nationalities including the US are exempt from Singapore’s recent tax hike for foreigners.

Nationals from the US, Iceland and Norway, among others, are accorded the same stamp duty treatment as Singapore citizens, based on respective free trade agreements about a decade ago.

Foreigners Eligible for ABSD Remission under Free Trade Agreements:

US nationals
The groups have been less avid buyers of property in the city-state compared with Chinese and Malaysians. Americans play a smaller role among foreign buyers because they typically gravitate toward property within the US or in the UK, according to Nicholas Mak, Chief Research Officer at real estate platform MOGUL.sg.

The timing of the announcement comes ahead of a general election due by 2025. With housing a hot issue, authorities raised taxes for buyers of higher-value properties in the latest budget.

At the recent launch of condominium Blossoms by the Park, four units were sold to US buyers and four to Chinese, according to Lim Yew Soon, managing director of the developer EL Development Pte. The launch came two days after the new stamp duties took effect.