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Costs for Foreigner with ownership Singapore Private Property

Cost For Foreign buyers buying Singapore Private Properties

If you are a Foreigner looking to buy, your upfront Cost will be your Downpayment/ property purchase price as well as  Buyers Stamp Duties and the ABSD Taxes + Annual Payable Property Tax.

Downpayment

For Foreigners to get a loan in Singapore.

The banks will need to assess to your overseas pay slips. It will be good if you can go for the banks in Singapore that you have an account in overseas. That will help the banks to cross-referencing.

There is a chance you may get around 60-70% Loan of the purchase prices subject to bank.

Buyer Stamp Duties (BSD) rates Applicable to acquisitions on or after 15 February 2023:

For residential properties:
Portion of property value below $1m: 3% Buyer Stamp Duties

Portion of property value above $1m and up to $1.5m: 4% Buyer Stamp Duties

Portion of property value above $1.5m and up to $3m: 5% Buyer Stamp Duties
Portion of property value above $3m: 6% Buyer Stamp Duties


That’s about all that you need to pay.Formula for quick BSD calculation

Less than $1 million

(3% x purchase price or market value) – $5,400 = BSD you have to pay

Between $1 million to less than $1.5 million

(4% x purchase price or market value) – $15,400 = BSD you have to pay

Between $1.5 million to less than $3 million

(5% x purchase price or market value) – $30,400 = BSD you have to pay

More than $3 million

(6% x purchase price or market value) – $60,400 = BSD you have to pay


 

If the property you own is Condominium or Apartment, the management fees shall vary and is payable on a quarterly basis.

If the property you intend to rent it out, Net rental income earned by foreigners who are non-residents are taxed at the prevailing non-resident rate of 22% (20% prior to Year of Assessment 2017).

 
Additional buyer’s stamp dutyRate till April 26New rate from April 27
Singapore citizensFirst residential property0%0% (No change)
Second residential property17%20%
Third and subsequent residential property25%30%
Permanent residentsFirst residential property5%5% (No change)
Second residential property25%30%
Third and subsequent residential property30%35%
ForeignersAny residential property30%60%
Entities, trusteesAny residential property35%65%
Housing developersAny residential property35% (remittable, subject to conditions) + 5% (non-remittable)35% (remittable, subject to conditions) + 5% (non-remittable) (No change)

Foreigner and Singapore Citizen Property Tax

For Owner Occupied Units

Owner-Occupier Tax Rates
Annual Value ($)Effective 1 Jan 2015Property Tax Payable
First $8,000
Next $47,000
0%
4%
 $0
$1,880
First $55,000
Next $15,000

6%
$1,880
$   900
First $70,000
Next $15,000

8%
$2,780
$1,200
First $85,000
Next $15,000

10%
$3,980
$1,500
First $100,000
Next $15,000

12%
$5,480
$1,800
First $115,000
Next $15,000

14%
$7,280
$2,100
First $130,000
Above $130,000

16%
$9,380

For Non Owner Occupied Units

Annual Value ($)Effective 1 Jan 2023Property Tax Payable
First $8,000
Next $22,000
0%
4%
$0
$880
First $30,000
Next $10,000

5%
$880
$500
First $40,000
Next $15,000

7%
$1,380
$1,050
First $55,000
Next $15,000

10%
$2,430
$1,500
First $70,000
Next $15,000

14%
$3,930
$2,100
First $85,000
Next $15,000

18%
$6,030
$2,700
First $100,000
Above $100,000

23%
$8,730

 

Annual Value ($)Effective 1 Jan 2024Property Tax Payable
First $8,000
Next $22,000
0%
4%
$0
$880
First $30,000
Next $10,000

6%
$880
$600
First $40,000
Next $15,000

10%
$1,480
$1,500
First $55,000
Next $15,000

14%
$2,980
$2,100
First $70,000
Next $15,000

20%
$5,080
$3,000
First $85,000
Next $15,000

26%
$8,080
$3,900
First $100,000
Above $100,000

32%
$11,980

If you intend to rent out the Property. Your Rental income Taxable

Non-residents

Non-resident individuals are taxed at a flat rate of 22% (24% from year of assessment 2024), except that employment income is taxed at a flat rate of 15% or at resident rates with personal reliefs, whichever yields a higher tax. A non-resident director’s remuneration does not qualify for the reduced rate, and withholding tax (WHT) at 22% (24% from year of assessment 2024) must be deducted from remuneration paid to a non-resident director.

At Buycondo.sg, We have assisted many Foreigner Investors in Singapore to procure their Nest Home as well as investment property and handle the Property Management as a one stop Solution. Call us now and extend our services to secure the next home purchase in Singapore.

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