Before making any purchases of residential properties in Singapore, it is important to be aware of the taxes that one is subjected to before making a major financial commitment. Below are some important taxes that a home buyer or seller should take note:
| Based on the purchase price or market value, whichever is higher | Percentage |
|---|---|
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Remaining amount | 4% |
The Buyer Stamp Duty is applicable to all buyers purchasing a residential property in Singapore, including new launch condominiums, HDBs and uncompleted projects.
For a residential property of price or market value of $1 million or below, the buyer stamp duty can be calculated using the formula below:
For a residential property of price or market value above $1 million, the buyer stamp duty can be calculated using the formula below:
| Profile Of Buyer | ABSD Rates | ||
|---|---|---|---|
| 1st Property | 2nd Property | 3rd Property & Subsequent Purchase |
|
| Singapore Citizens | - | 12% | 15% |
| Singapore Permanent Residents | 5% | 15% | 15% |
| Foreigners | 20% | 20% | 20% |
| Corporate Entities | 25% | 25% | 25% |
Foreigners under Free Trade Agreements (FTAs) will be accorded with the same treatment as Singapore Citizens Nationals & PRs of Switzerland, Liechtenstein, Norway, Iceland & Nationals of United States of America.
| Holding Period | SSD payable |
|---|---|
| Up to 1 Year | 12% of consideration or value, whichever is higher |
| Up to 2 Years | 8% of consideration or value, whichever is higher |
| Up to 3 Years | 4% of consideration or value, whichever is higher |
| More than 3 Years | No SSD Payable |
| Holding Period | SSD payable |
|---|---|
| Up to 1 Year | 16% of consideration or value, whichever is higher |
| Up to 2 Years | 12% of consideration or value, whichever is higher |
| Up to 3 Years | 8% of consideration or value, whichever is higher |
| Up to 4 Years | 4% of consideration or value, whichever is higher |
| More than 4 Years | No SSD Payable |
The Seller Stamp Duty (SSD) is applicable to residential property buyers who sold their property within 3 years upon acquiring the property.
The SSD was first implemented in the year 2011. SSD is payable if a property owner purchased the property on or after 14th January 2011 and sells it within 4 years. Property owners who have acquired their residential property on or after 11th March 2017 will only need to hold the property for 3 years before selling if they want to avoid SSD.
Visit IRAS website for more information.