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) – $60,400 = BSD you have to pay
If the property you own is Condominium or Apartment, the management fees shall vary and is payable on a quarterly basis.
If the property you intend to rent it out, Net rental income earned by foreigners who are non-residents are taxed at the prevailing non-resident rate of 22% (20% prior to Year of Assessment 2017).
Adjustments to ABSD rates 27 April 2023
| Additional buyer’s stamp duty | Rate till April 26 | New rate from April 27 | |
|---|---|---|---|
| Singapore citizens | First residential property | 0% | 0% (No change) |
| Second residential property | 17% | 20% | |
| Third and subsequent residential property | 25% | 30% | |
| Permanent residents | First residential property | 5% | 5% (No change) |
| Second residential property | 25% | 30% | |
| Third and subsequent residential property | 30% | 35% | |
| Foreigners | Any residential property | 30% | 60% |
| Entities, trustees | Any residential property | 35% | 65% |
| Housing developers | Any residential property | 35% (remittable, subject to conditions) + 5% (non-remittable) | 35% (remittable, subject to conditions) + 5% (non-remittable) (No change) |
Foreigner and Singapore Citizen Property Tax
For Owner Occupied Units
| Owner-Occupier Tax Rates | ||
|---|---|---|
| Annual Value ($) | Effective 1 Jan 2015 | Property 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 2023 | Property 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 2024 | Property 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.
