Buyer Stamp Duty

Buying a residential property is a major investment and there are many factors to consider during the purchase of a property. One factor is the Buyer’s Stamp Duty (BSD) and the Additional Buyer’s Stamp Duty (ABSD), which are taxes levied on purchases of property in Singapore.

 

Buyer’s Stamp Duty (BSD) 

Purchase Price or Market Value of the Property

BSD Rates for Residential Properties

BSD Rates for Non-Residential Properties

First $180,000

1%

1%

Next $180,000

2%

2%

Next $640,000

3%

3%

Next $500,000

4%

4%

Next $1,500,000

5%

5%

Amount exceeding $3,000,000

6%

5%

New BSD rates with effect from 15 Feb 2023.

 

Additional Buyer’s Stamp Duty (BSD) 

Nationality

1st Property

2nd Property

3rd Property

Singapore Citizens

N.A.

17%

25%

Permanent Residents

5%

25%

30%

Foreigners

30%

30%

30%

Entities / Companies

35%

35%

35%

 

From 9 May 2022 onwards, any transfer of residential property into a living trust will be subject to an ABSD rate of 35%. 

Profile of Buyer

ABSD Rates on or after 9 May 2022

Trustee buying any residential property

35%

 

 

Foreigners Eligible for ABSD Remission under Free Trade Agreements (FTAs)

Conditions for Remission

Under the respective FTAs, Nationals or Permanent Residents of the following countries will be accorded the same Stamp Duty treatment as Singapore Citizens:

1. Nationals and Permanent Residents of Iceland, Liechtenstein, Norway or Switzerland

2. Nationals of the United States of America

 

 

References:
1. Buyer's Stamp Duty (BSD) https://www.iras.gov.sg/taxes/stamp-duty/for-property/buying-or-acquiring-property/buyer's-stamp-duty-(bsd)

2. Additional Buyer's Stamp Duty (ABSD) https://www.iras.gov.sg/taxes/stamp-duty/for-property/buying-or-acquiring-property/additional-buyer's-stamp-duty-(absd)

3. Foreigners Eligible for ABSD Remission under Free Trade Agreements (FTAs) https://www.iras.gov.sg/taxes/stamp-duty/for-property/appeals-refunds-reliefs-and-remissions/common-stamp-duty-remissions-and-reliefs-for-property/foreigners-eligible-for-absd-remission-under-free-trade-agreements-(ftas)

 

 

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HO WEI QUAN
SMD
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