Singapore has been voted as one of the most livable place in the world. Banks like J.P Morgan predict that property prices in Singapore will double until 2030. Here no capital gains tax applied for buy and hold. It has been a politically economically stable nation with a proven track record.
Let’s take a look at all the tips for foreigner to buy property in Singapore:
1 Are foreigners allowed to buy property?
Foreigners have no restrictions to buy property, except for HDB apartments. However, Singaporean-Foreigner couples can buy HDB apartments. For landed houses, foreigners need to be permanent residents for at least 5 years, or act as investors and make a significant financial contribution.
2 What kind of taxes do I need to pay?
Foreigners don’t need to pay Capital Gains Tax in general. Investors are only subject to CGT in case they have an obvious profit seeking incentive. Each case is treated individually. Stamp duty, property tax and rental income tax are mandatory. One should bear in mind that the Singaporean Government has introduced an Additional Buyer’s Stamp Duty (ABSD) of 15% to foreigners, in order to cool down the market.
3 Can I get a local mortgage as a foreigner?
Foreigners can get local mortgages through banks such as UOB and HSBC.
It’s important to contact a handful a banks to get up to date information. The financial options available will also vary from person to person.
4 Can I get a resident permit if I invest in property?
Foreigners are not capable to get a resident permit by simply buying property in Singapore. It’s generally difficult to become a Singaporean citizen and foreigners are not allowed to have dual citizenship.
Where I can buy property in Singapore
In Singapore, living or buying executive condominium are popular, they are aspiration for some Singaporeans. But for others, particularly those who cannot afford private housing but do not qualify for an HDB flat, it may be a necessity.
Who buy EC?
- ‘Sandwiched’ Singaporeans
- Buyers who can comfortably handle the down payment
- Buyers who consider the EC an investment
- Buyers who will make actual use of the facilities
Rivercove Residences Executive Condominium (EC) is an ideal choice for anyone who wants an affordable quality home, new EC in Sengkang, Singapore EC, Sengkang EC, Anchorvale EC, and Showflat. Register now for more details.