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Additional Buyer's Stamp Duty From 8Th Dec 2011

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13% Buyer’s Stamp Duty for:

All foreigners buying 1st residential property in Singapore (Additional 10%)

Non-Individuals (corporate entities)

6% Buyer’s Stamp Duty for:

All Permanent Residents 2nd residential property (Additional 3%)

All Singaporeans 3rd residential property (Additional 3%)

source:

http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=3202&category=Press%20Release&year=2011&RA1=&RA2=&RA3=

 

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This is great! I am sure someone will start saying that these measures are not going to affect the market and that prices will continue to go up.

Let's wait and see. :P

13% Buyer’s Stamp Duty for:

All foreigners buying 1st residential property in Singapore (Additional 10%)

Non-Individuals (corporate entities)

6% Buyer’s Stamp Duty for:

All Permanent Residents 2nd residential property (Additional 3%)

All Singaporeans 3rd residential property (Additional 3%)

source:

http://app.mnd.gov.sg/Newsroom/NewsPage.aspx?ID=3202&category=Press%20Release&year=2011&RA1=&RA2=&RA3=

 

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This is great! I am sure someone will start saying that these measures are not going to affect the market and that prices will continue to go up.

Let's wait and see. :P

This new cooling measure is for private property, of cos it will not affect hdb resales flat. Why are you talking about?

 

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Since long time ago, every Singaporean/PR is only allowed to own 1 HDB flat. Majority of us only have 1 shelter.

Those measures are targetted at speculators in private property market who own many properties. I think govt's main objective is to discourage the speculators in China from "frying" the housing market here. They have no chance to fry China housing market anymore due to their govt's interference.

 

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Citizens of 5 countries to pay same stamp duty as S'poreans

The citizens of five countries that have free trade deals with Singapore will be treated as Singaporeans for the purposes of the new stamp duty measures, these 5 countries are:

- United States

- Switzerland

- Liechtenstein

- Norway

- Iceland

Free trade agreements usually ensure that a country's citizens are accorded certain trade protections when they are in the partner nation.

But the foreigners from these five countries can apply for remission or relief.

The Inland Revenue Authority of Singapore (Iras) website says they must provide identification, acceptance to option to purchase/sale, the purchase agreement and the ABSD declaration form.

Other situations where remissions can apply may include:

- Cases where married couples have mixed residency status, ie. a PR who currently owns a property while his Singaporean spouse owns none can apply for relief from the additional stamp duty when they co-purchase a home

- A PR and a Singaporean spouse who co-own a property, can apply to be exempt from the 3% levy when they next jointly buy a property

People who want to downgrade from private housing to an HDB flat will be allowed a concessionary period to sell their private residential properties. The application for relief in such cases can be made through the HDB.

source: http://www.iras.gov.sg/irasHome/page04.aspx?id=910

 

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hmmm just asking for advise.. looking at buying a condo at the moment.. saw 1 unit at 1.5mil last wk.. like very much.. If i am going to offer now, shld i offer 30% lower?

Prices is expected to drop ard there... right ?

I mean.. now i have cash... can always look for another house.. unlike seller .. may not have so many buyer liao.. esp at 1.5mil.

Edited by HappyHouse88
 

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Why not ask the question of why a foreigner is so keen on investing in a Singapore property? For the monied, finding returns for the moneys they have could be a real challenge in today's investment environment (how much interest do you get in your saving account?).

Moreover, the government is most probably anticipating an inflationary surge in private property prices; Eurozone has lower its rate, China to follow soon.

For a qualified foreigner, the cost of applying for SPR is $100. The added benefit now is a potential saving of 10% stamp duty of a property he has been eyeing.

Deal or no deal?

 

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But I was referring to the private properties market....where did I mentioned HDB flats?

What are you talking about? :unsure:

This new cooling measure is for private property, of cos it will not affect hdb resales flat. Why are you talking about?

 

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My wife and myself are both singaporeans by birth. I want to know the following

a) Before marriage - i own a hdb - property tax - 4%

b) after marriage - i co-own condo with my wife (wife is first time owner of condo) - therefore property tax is still 4%

c) plan to buy a 3rd pty - legally i will be consider a 3rd time purchase. But my wife is consider a 2nd time purchase. Therefore is stamp duty at 3% or 6% now ?

d) also plan to buy a 4th pty - legally i will be consider a 4th time purchase. But my singaporean brother is a 2nd time purchase. Therefore is stamp duty at 3% or 6% ?

Question is what is the incrementally rate if i buy with family members who are not affected by the stamp duty rules ?

 

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c) plan to buy a 3rd pty - legally i will be consider a 3rd time purchase. But my wife is consider a 2nd time purchase. Therefore is stamp duty at 3% or 6% now ?

d) also plan to buy a 4th pty - legally i will be consider a 4th time purchase. But my singaporean brother is a 2nd time purchase. Therefore is stamp duty at 3% or 6% ?

Question is what is the incrementally rate if i buy with family members who are not affected by the stamp duty rules ?

As a co-buyer is buying a third or more property, ABSD is payable 3%+3%=6%

 

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hmmm just asking for advise.. looking at buying a condo at the moment.. saw 1 unit at 1.5mil last wk.. like very much.. If i am going to offer now, shld i offer 30% lower?

Prices is expected to drop ard there... right ?

I mean.. now i have cash... can always look for another house.. unlike seller .. may not have so many buyer liao.. esp at 1.5mil.

There are no hard & fast rules, depends on your particular case...

why is the seller selling?

Does he have holding power?

If not desperate to sell maybe he will keep & rent out OR hold on and monitor the market?

Are there any other interested buyers?

How long is the unit in the market?

Can you find a close substitute if the condo is sold to another buyer?

....etc

 

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Why the 5 Countries are exempted from ABSD:

Switzerland, Lichtenstein, Norway and Iceland are members of the European Free Trade Association (EFTA).

Under that agreement, Singapore must treat EFTA nationals as if they were Singaporeans for purposes of investment, including investments in property.

Under the U.S.-Singapore FTA (USSFTA) Singapore must treat Americans as if they were Singaporeans through the national treatment obligation.

Any privileges provided to other countries must be extended to Americans.

This obligation is known as “most-favored nation” treatment, and it allows Americans to claim the benefits accorded EFTA nationals under the EFTA-Singapore FTA.

source:

http://aseanec.blogspot.com/2011/12/in-singapore-property-market-not-all.html

 

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Why the 5 Countries are exempted from ABSD:

Switzerland, Lichtenstein, Norway and Iceland are members of the European Free Trade Association (EFTA).

Under that agreement, Singapore must treat EFTA nationals as if they were Singaporeans for purposes of investment, including investments in property.

Under the U.S.-Singapore FTA (USSFTA) Singapore must treat Americans as if they were Singaporeans through the national treatment obligation.

Any privileges provided to other countries must be extended to Americans.

This obligation is known as “most-favored nation” treatment, and it allows Americans to claim the benefits accorded EFTA nationals under the EFTA-Singapore FTA.

source:

http://aseanec.blogspot.com/2011/12/in-singapore-property-market-not-all.html

MOF and MND jointly announced this must have already considered the EETA & USSFTA.

Since the FTAs are bi-directional: they buy ours, we buy theirs lor.

What abt the education fees? Same same?

 

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