Singapore has doubled its tax on private property purchases by foreigners to 60 per cent in an unexpected move to cool a housing boom that has in part been driven by buyers from mainland China.
Foreigners who have secured permanent residency in Singapore will only pay a stamp duty of 5 per cent, but they will pay 30 per cent — up from 25 per cent — if they buy a second residential property. Entities or trusts purchasing any residential property will now pay a rate of 65 per cent, up from 35 per cent.
Singapore’s minister for national development Desmond Lee called the increases “pre-emptive measures” to damp local and foreign investment demand during a renewed spike in interest. Singaporean citizens, who pay minimal stamp duty on house purchases, will now be prioritised, he said.