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I read in a Bloomberg article that "Singapore Rich Kids are Ending up with Penthouses as Parents Skirt Taxes". Parents are buying luxury homes in their children's name to skip on being imposed the ABSD tax! And if the children are underage below 21, parents are tiptoeing around the ABSD by setting up a trust account in their child's name, allowing the parent to hold the property for them. It is stated that trusts aren't cheap to establish. May I know a rough estimate figure on how much would it cost to establish a trust? So I can consider this option?
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7 Answers

Hi Jess,

Setting up a trust can be quite complicated and there are some specific restrictions to consider when purchasing under trust. My team have been organising consumer seminars where we have invited representative from law firm with experience dealing with purchasing properties under trusts to share more in details in such transactions, with the last event happening just last Wednesday.

If you are keen to attend our next seminar, do get in touch with me to register your interest and I will inform you on the date and time once it is firmed up.

I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 8,500 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my clients’ portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

Please feel free to reach me from my website www.geryllim.com or connect with me directly on my mobile phone at 81577565  .

I look very much to hear from you soon.

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Geryl LIM
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www.geryllim.com
Mobile: +65-81577565  /+65-92787772
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Hi Jess, perhaps I could recommend you to my law firm so that someone from the conveyancing side could advice you further on this issue?

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Robbie Chen Chee Howe
Hi Jess,

I can get a legal representative to contact you with regards to Trust matters. I think it's best if you can hear from them direct, instead of through agents.

Please leave me your contact number so that I can get someone proper to advise you on this.

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
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Hi Jess,

It does not cost a lot to set up a trust. However, there are certain disadvantages when it comes to buying a property under a trust.

I have advised clients before on such arrangements. Please feel free to contact me so that I can explain to you further in details.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
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!!”
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We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
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Good morning Jess!

Buying a property under Trust has become quite common in recent years. Do get in touch with me and I can share more details with you. I also have a lawfirm I work with for Trust cases and they have a great legal team who can explain to you in more details too and assist you with it, should you wish to proceed.

As I do not have your contact details, kindly contact me directly by email at bhavina7777@gmail.com or call/text/whatsapp me at 91708295  , as we are not notified when you reply here. I look forward to hearing from you.

Bhavina Kaur
M: +65 91708295 
E: bhavina7777@gmail.com
W: investbuysellrent.com
F: facebook.com/investbuysellrent
Whatsapp: rebrand.ly/investbuysellrent Read More
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Hi,

While exact data is scant, we can see an increase trend in setting up trust. However, trust is not as simple as it seem as it involve a few process and quite costly.

Like the article say, we have to look at the future impact on the child and the intangible factor that will affect all parties.

It best to engage a professional to walk you through this if you have plan on this.

Feel free to contact me at 92707548  to discuss further.

Alan Sng
PropNex Read More
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