Hi Sir/Mdm,
The answer to your question is a YES!. Haha.
The only thing that will make some foreigners holding back from making a purchase is the Additional Buyer Stamp Duty (ABSD). Currently the ABSD is at 20% for foreigners and this does keep some overseas buyers off the market. But even with this 20% ABSD, there are still foreigners buying. There are actually foreigners who out there who are eyeing our real estate market and they are waiting for a good property to put their money in. Usually if there are any good launches with attractive prices, especially in the Core Central Region in Singapore, we will see foreigners coming in to purchase the units.
There is a workaround for this ABSD though. If today you are a citizen or permanent residents of Iceland, Liechtenstein, Norway or Switzerland, or if you are a citizen of the United States of America, then you will be treated the same as Singapore Citizens for the stamp duty. This will greatly reduce the amount you need to pay and if you are buying your first property in Singapore, you do not need to pay the ABSD, just need to pay for the normal stamp duties that everyone is required to pay.
There is one restriction on foreigners though and that is foreigners are restricted from buying landed properties in Singapore unless special approval is given from Singapore Land Authority. Usually such approvals is only granted if we can prove that the applicant makes adequate economic contributions to Singapore then it will be handled on a case by case basis. Landed houses in Sentosa Cove is not included in this restriction though.
I hope part from answering your question, I manage to give you a slightly better understanding of the situation. Do feel free to contact me if you have anymore questions or queries. Will be more than happy to share with you.
Looking forward to hear from you soon! Cheers!
Best Regards,
Jeffrey Heng
Associate Executive Director (Sincerus Division)
OrangeTee and Tie Pte Ltd
NAVIS Living Group - The fastest growing group in OrangeTee that believes in Technology, Training & Teamwork (3Ts)
Mobile :
+65 9858 1322
Email : hengjeffrey@gmail.com
Web : www.sgpropertyadvisers.com
Founder of Sincerus Division
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