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Dear Buyer,
1. If you renounce your SPR status, you do not pay anything as ABSD is calculated at the point of purchase.
2. No, you need not return your CPF that you have used.
3. No, you do not pay additional taxes/fees after renouncing your PR. However, rental income is taxable and you must also know that any property that is bought and sold within a 3-yr period involves paying SSD (seller stamp duty) to IRAS.
This is as follows:-
1st yr - 12%
2nd yr - 8%
3rd yr - 4%

As such, I would adivse you to hold the property for a longer period than this. Anyway, because SG is a land scarce country, all properties will only increase over time. The longer you hold on to it, the better your returns.

I have clients who are not citizens but bought properties some 15 years ago (when they worked here). They now live and work overseas and the same property is netting them a good rental as well as appreciated a few hundred times...

Please do contact me and I can advise you where exactly the highest returns are for rental and capital appreciation.
Cheers!

Elan Govan
MABA (Lancaster)
Huttons Asia P. L.
 90170747 
www.goodpropertiesguide.com Read More

Hi,

1) ABSD is only calculated at the point of buying. Thus if you buy at the capacity of SPR, you are subject to 5% ABSD. If you renounce your SPR and buy at the capacity of FR (Foreigner), you will be subject to 20% ABSD.
2) Funds in your CPF are your own money. So after selling if your CPF account still exists, it will return the portion used for the property.
If after selling you already closed down your CPF account, the payout will be in cash.

3) You may keep your condo for passive income. Of course the rental collected will be subject to income tax at a rate of 22% for non-residents. The property is also subject to annual property tax from 10% onwards. This is the norm for residents and non-residents.

4) Additional note for CPF savings withdrawal, you have to meet all the eligibility requirements specified by the CPF board:
Based on:
(A) Leaving or left Singapore and West Malaysia with no intention of coming back to live or work, or,
(B) If you are Malaysian and reside in West Malaysia:
a) No longer employed in Singapore
b) Have renounced your SC or SPR or were never a Singapore Citizen or Permanent Resident
c) either:
(i) 55 and above or
(ii) between 50 and 54 and haven't worked in Singapore for 2 years before application of withdrawal or
(iii) physically or mentally unable to work permanently as certified by a doctor.

5) You may refer to the CPF board regarding withdrawal and application:
https://www.cpf.gov.sg/member/account-services/account-closure/closing-your-account-when-you-leave-singapore

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Dear Sir/Mdm,

Let me try to clarify your doubts:

1. ABSD is payable when you exercise the option to purchase and your status at that point determine the amount that you will need to pay ie 5% for SPR and 20% for foreigner.

2. The CPF that you have used so far will be refunded back to your CPF account and if you were to renounce your SPR, you will be able to draw out your CPF amount in full.

3. For renting out the condo, you will need to pay income tax on the rental amount and also the property tax on an non owner occupied rate.

Please feel free to contact me so that I can give you an overview of the purchase process and run through with you some market trend and analysis.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020
Visit my website to know me better: www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

I have written a guide on buying Residential Property:
http://bit.ly/buypropertyguide

Testimonial from Satisfied Clients
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefited a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More

Hi,

Stamp duties are paid upon the property purchase, and there is no crawl back of stamp duties after the purchase. However, do take not that if you renounce your SPR before the legal completion of the property you purchase, you may be liable for higher ABSD meant for foreigners.

If you sell the property after you renounce your SPR, your cash proceeds will all be in Cash, as you no longer has CPF account.

If you rent out your property, you will be charge "non-owner occupied" rates for Property Tax, which is currently set at 10% of Annual Value.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More