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As a foreign buyer can I buy a new condo from developer/resale market and later on pass on the ownership to my child (21 years) as a gift without having to pay the stamp duty twice.
In Singapore the ownership is judged on the basis of name at the time of initial booking or at the time of payment of stamp duties or any specific document.Kindly clarify
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2 Answers

Robbie Chen Chee Howe
Hi,

Stamp duties applies for transfer by way of gift.

The only time when stamp duty is not applicable, is when the property is transferred by way of inheritance.

May I know why would you want to do this? What is your objectives of buying first and then pass the ownership to your child?

Should you need further assistance, please contact me at my mobile 9748 6305  . I will be happy to assist.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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GAN ENG JOO ONASSIS
Dear Buyer,

Re: Today’s SG Professional Choice- SGAgent.com & SGRealtor.com

Only for trust deed of your child, you can avoid twice buyer stamp duties.

The main concern, you will not be the legal owner of the property since you transfer the property to your child under trust. The property will be fully paid for such cases. Full ownership will be under your child at the age of 21.

This means that if you fall out with your children, you could be evicted.

Equally, you could be forced out if your children decide they want to rent or sell the property – or live there themselves. You will have no control over this, and your children will be able to make a decision without seeking your permission. Be it selling and obtain the fund solely on it own.

Legal fee will be additional of est $2K since trust need to created for your child under 21 as a separate doc.

I am contactable at 92222389  or onassis@sgagent.com / sgrealtor.com
In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

Onassis Gan | R021244C | Today’s SG Professional l SGAgent.com & SGRealtor.com

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