ANNOUNCEMENT 07 Dec 2011In December 2011, the government of Singapore announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Ministry of Finance. (2011). Additional Buyer's Stamp Duty for a Stable and Sustainable Property Market. Available at http://app.mof.gov.sg/newsroom_details.aspx?type=press&cmpar_year=2011&news_sid=20111207420849181770
On 7 December 2011, the government of Singapore announced a disproportional increase of the stamp duty for foreign buyers of residential property.
In a move intended to dampen the rise of property prices, the Ministry of Finance introduced an Additional Buyer's Stamp Duty (ABSD) yielding a total stamp duty differing along nationalities:
Prior to the change, the common stamp duty had been 3 percent regardless of units bought and nationality of the buyer.