Asked by Anonymous
Hi, I am 40, Singaporean, no kids, just retired and have $6,000,000 cash. The condo i live in is fully paid up for. I just returned to Singapore after 15 years abroad so i am not sure on the property laws.
My intention is to buy another 3-4 condos and live off the rent. Is it true that because i am not working, i cannot get a loan and have to pay for everything in cash? Some agents i have spoken to have described setting up trusts/companies etc to buy the property but it appears that taxes/ABSD comes into play too.
I was hoping that i could buy 10-20 condos with a minimum down payment like in the USA but many agents i approached said that this is not applicable in Singapore. It appears the best i can do i just buy everything in cash? Any advice is welcome.
My intention is to buy another 3-4 condos and live off the rent. Is it true that because i am not working, i cannot get a loan and have to pay for everything in cash? Some agents i have spoken to have described setting up trusts/companies etc to buy the property but it appears that taxes/ABSD comes into play too.
I was hoping that i could buy 10-20 condos with a minimum down payment like in the USA but many agents i approached said that this is not applicable in Singapore. It appears the best i can do i just buy everything in cash? Any advice is welcome.
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