Stamp Duties in Singapore

Stamp Duties for buying private property in Singapore

When buying a private property, do take into consideration the tax levied on the property purchase in Singapore, essentially it is the Buyer’s Stamp Duty (BSD) and the Additional Buyer’s Stamp Duty (ABSD).  Buyer’s Stamp Duty rate was raised from 3% to 4%, and applied on the value of residential property in excess of $1 million. The revised rates will apply to all residential properties acquired on or after 20 February 2018.

The current BSD rates are:

Purchase price or market value of property BSD rate
First $180,000 1%
Next $180,000 2%
Next $640,000 3%
Remaining amount 4%
Additional Buyer’s Stamp Duty (ABSD) was introduced by the Government to be paid by certain groups of people who buy or acquire residential properties (including residential land) on or after 8 December 2011.
On 11 Jan 2013, the Government announced the revised ABSD rates applicable to purchases or acquisitions of residential properties on or after 12 Jan 2013.  It has further announced on 5-July-2018 of the revised rate so as to keep price increases in line with the economic fundamentals and to cool the property market. With effect 6-July-2018, new ABSD rates to take effect as well to also tighten loan-to-value (LTV) limits on the residential property purchases.
The current ABSD are :
itizenship ABSD Rate on
1st Purchase
ABSD Rate on
2nd Purchase
ABSD Rate on
3rd & Subsequent
Purchase
Singapore
Citizens
Revised: NA Revised: 12% Revised: 15%
Permanent
Residents
Revised: 5% Revised: 15% Revised: 15%
Foreigners and nonindividuals
(corporate entities)
Revised: 20% Revised: 20% Revised: 20%
ABOUT SELLER’S STAMP DUTY (SSD) 
The Government imposed a Seller’s Stamp Duty (SSD) on all residential properties and residential lands that are bought.

The rates of SSD payable on residential property purchased on and after 20 Feb 2010 and sold within certain duration, are summarized in the table below:

Date of Purchase or Date of Change of Zoning /  Use  Holding Period SSD Rate (on the actual price or market value, whichever is higher)
Between 20 Feb 2010 and 29 Aug 2010 (all  inclusive) Up to 1 year  1% on first $180,000
2% on next $180,000
3% on remainder
More than 1  year  No SSD payable
Between 30 Aug 2010 and 13 Jan 2011 (all  inclusive) Up to 1 year  1% on first $180,000
2% on next $180,000
3% on remainder
More than 1  year and up to 2  years  0.67% on first $180,000
1.33% on next $180,000
2% on remainder
More than 2 years and up to 3 years  0.33% on first $180,000
0.67% on next $180,000
1% on remainder
More than 3 years No SSD payable
Between 14 Jan 2011 and 10 Mar 2017 (all inclusive) Up to 1 year  16%
More than 1 year and up to 2 years  12%
More than 2  years and up to 3  years  8%
More than 3  years and up to 4  years  4%
More than 4  years  No SSD payable
 On and after 11 Mar 2017 Up to 1 year  12%
More than 1 year and up to 2 years  8%
More than 2 years and up to 3 years 4%
 More than 3 years  No SSD payable

Source : IRAS

 

ABOUT FOREIGNERS UNDER FREE TRADE AGREEMENTS (FTAs)
Foreigners of certain nationalities who fall within the scope of the respective FTAs will be accorded with the same treatment as Singapore Citizens.

Nationals of:-

  • United States of America
  • Switzerland
  • Liechtenstein
  • Norway
  • Iceland

Such buyers are required to submit an application for remission so as to enjoy the same treatment as Singapore Citizens.

*The information provides herein are for general reference purpose.  It does not constitute any financial or investment advice. Buyer to seek relevant authorities or financial institute for advice of any sales and purchase eligibility in making any investment or other decision.

 

Last updated : 15-August-2018