In additionally, Can you share of the best approach to buy a place with a foreigner without incurring foreigner stamp duty ?
If the partner you're referring to is your marriage partner - there will be no ABSD incurred (Matrimony House) as long as both of you only own 1 unit.
If the partner you are referring to is a "business/ investment" partner, buying either on Joint Tenancy or Tenancy in Common, ABSD will only be incurred on your partner's portion.
Call me at 93279377 anytime for me to understand more and assist you further.
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For a $2mil purchase, the buyer stamp duties amount to $64,600.
If a foreigner purchaser is involved, there will also be ABSD applicable, and this is 20% on the purchase price.
If you guys are of married status, you be pleased to know that married couples with 1 singaporean involved, and jointly purchasing the property as a matrimonial property and fulfilling other eligibility conditions would be eligible for ABSD refund / remission, hence foreigner additional buyer stamp duties of 20% will not apply, and only buyer stamp duties are applicable.
Do note if the current property is yet to be sold, the ABSD is payable first and only be eligible for refund if the property is sold within the stipulated timeline and other conditions such as matrimonial property purchase etc. fulfilled.
I have worked on similar cases and would be happy to share the best approach to structure the purchase. May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.
Ivan Ng Realtor
ERA Senior Marketing Director
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-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --
I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you. Read More
If you purchased as married couple, then no ABSD is applicable provided that you time the sale and purchase in the right order. However, if it is someone who is not related to you, then the higher 20% ABSD will apply.
However, it is also possible to structure the purchase so that you can minimise on the ABSD that is payable. Please feel free to contact me so that I can understand your situation and draw up a purchase plan for you.
(M) +65 9644 4854
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“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.”
“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
Alternatively if your partner is from one of the 5 nationalities with FTA free trade agreement with singapore , likewise NO extra property taxes or ABSD is applicable , married is not a criteria too . The 5 countries are switzerland , lietchestein, usa , iceland and norway .
Kindly contact me joanne chia for a no obligations chat for your property needs at hp 8333 3327 .
My charges are 1% commission for exclusive selling rights to your property, or 2% for open listing.
NO COMMISSION CHARGEABLE WHEN I SERVE PRIVATE PROPERTY BUYERS.
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If you're married to your partner, and that you sell your current private property before you commit to the next purchase, you will not incur any ABSD. This is because the property will be considered your first matrimonial home.
If you are not married, and your partner is not a Citizen of either Switzerland, Norway, USA, Iceland or Liechtenstein, you will incur ABSD of 20% should you purchase the property jointly.
The best approach to buy a property with a foreigner without incurring any ABSD, is to marry the foreigner.
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans.
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.
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