Buying property can be daunting and complicated, especially if it's your first time. On the finances side, it's not just the home loan that you need to take note of. There are also other (often hidden) things to take into account, such as the stamp duty and property tax. For Singaporeans, if it's their first home, they're exempted from paying...
Excluding Nationals and Permanent Residents of Iceland, Liechtenstein, Norway and Switzerland, and Nationals of the United States of America, who will be subject to the same stamp duty rate as Singaporeans.
So if you're a Singaporean planning to buy a house with a PR, and this is the first residential property for both of you, you'll need to pay the five per cent ABSD. This table from IRAS summarises the ABSD rate to follow for SC/PR buyers, based on the number of residential properties owned and residency status.Regardless of whether it's the first home purchase or not, foreigners have to pay a 60 per cent ABSD, as of April 27, 2023. This is an increase from 30 per cent.
This will be 30 per cent on the second house if your spouse is a PR, or 60 per cent if they're a foreigner.If you manage to sell it within six months fromthe TOP or CSC date for an uncompleted property Likewise, to be eligible for the remission, the second residential property must be purchased under both names.
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