Singapore has the highest property tax rate for foreign buyers among major global markets after the city-state doubled the duty Thursday.
The 60% Additional Buyer’s Stamp Duty that foreigners now pay for a home in Singapore means the city’s levies exceed those of other international hubs including Hong Kong, London and New York by a large margin, according to Savills Plc.
“We are pretty adamant that this is not only going to deter but will put a brake on investments” in Singapore, said Mark Elliott, head of international residential sales at Savills in Hong Kong. “It will be great for London, the US and other markets.” For a purchase of a property worth $5 million, a foreign buyer will have to pay 65% in taxes in Singapore, including other levies, compared with about 4% in New York and 15% in London, data from Savills show. That’s about $3.25 million.
The city-state also has about double the tax rate of Hong Kong and Vancouver, which have raised duties on non-resident buyers after past inflows of money, particularly from mainland Chinese, helped drive up property prices. Hong Kong is a likely beneficiary of Singapore’s policy change because more mainland Chinese may buy luxury residential properties in the territory instead, according to Bloomberg Intelligence. While Hong Kong charges 30% stamp duties on home purchases by foreigners, those who later become permanent residents can get most of it refunded as part of the city’s efforts to attract talent.
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