ANNOUNCEMENT 07 Dec 2011

In December 2011, the government of Singapore announced altered domestic business conditions for foreign investors.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



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


Inception date: 08 Dec 2011 | Removal date: open ended
Still in force

FDI: Treatment and operations, nes

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:

  • Foreign private and institutional buyers: 13 percent from the first piece of residential property.
  • Permanent foreign residents: 6 percent from the purchase of their second property unit.
  • Singaporean citizens: 6 percent from the third piece of residential property.

 
Prior to the change, the common stamp duty had been 3 percent regardless of units bought and nationality of the buyer.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A