Singapore has recently announced that it will double the stamp duty for foreigners buying residential property in the city-state. The move is aimed at curbing the influx of foreign investment in the property market, which has contributed to rising property prices and made it more difficult for locals to afford homes.
The stamp duty for foreign buyers will increase from 15% to 30%, effective immediately. This means that a foreign buyer purchasing a S$1 million property will now have to pay an additional S$150,000 in stamp duty.
The new measure comes after the government tightened restrictions on the number of foreign workers allowed in the country, in response to the COVID-19 pandemic. The pandemic has also led to a decline in the number of foreign buyers in the property market, as travel restrictions have made it difficult for investors to visit the country and make purchases.
Singapore’s property market has long been a popular destination for foreign investment, particularly from wealthy individuals from neighbouring countries such as China and Malaysia. The city-state’s stable political environment, favourable tax policies, and high quality of life have made it an attractive destination for investors seeking a haven for their wealth.
