Singapore government doubles residential property tax for foreigners to 60 per cent
SCMP, 27 Apr 2023
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A surprise measure announced by the Singapore government on April 26, 2023, will double property tax, known as the additional buyer’s stamp duty (ABSD), for foreigners to a whopping 60 per cent. The hike is intended to ensure affordable housing for locals and cool the city state’s property market, which has seen private home prices jump by an estimated 3.2 per cent in the first quarter of 2023. ABSD increases for Singapore citizens and permanent residents will be significantly smaller and will only apply to second and subsequent property purchases.
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A surprise measure announced by the Singapore government on April 26, 2023, will double property tax, known as the additional buyer’s stamp duty (ABSD), for foreigners to a whopping 60 per cent. The hike is intended to ensure affordable housing for locals and cool the city state’s property market, which has seen private home prices jump by an estimated 3.2 per cent in the first quarter of 2023. ABSD increases for Singapore citizens and permanent residents will be significantly smaller and will only apply to second and subsequent property purchases.
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#scmp #Asia #Singapore
