Cost For Foreign buyers buying Singapore Private Properties

If you are a Foreigner looking to buy, your upfront Cost will be your Downpayment/ property purchase price as well as  Buyers Stamp Duties and the ABSD Taxes + Annual Payable Property Tax.

Downpayment

For Foreigners to get a loan in Singapore.

The banks will need to assess to your overseas pay slips. It will be good if you can go for the banks in Singapore that you have an account in overseas. That will help the banks to cross-referencing.

There is a chance you may get around 60-70% Loan of the purchase prices subject to bank.

Buyer Stamp Duties (BSD) rates Applicable to acquisitions on or after 15 February 2023:

For residential properties:
Portion of property value below $1m: 3% Buyer Stamp Duties

Portion of property value above $1m and up to $1.5m: 4% Buyer Stamp Duties

Portion of property value above $1.5m and up to $3m: 5% Buyer Stamp Duties
Portion of property value above $3m: 6% Buyer Stamp Duties

---

That’s about all that you need to pay.Formula for quick BSD calculation

Less than $1 million

(3% x purchase price or market value) – $5,400 = BSD you have to pay

Between $1 million to less than $1.5 million

(4% x purchase price or market value) – $15,400 = BSD you have to pay

Between $1.5 million to less than $3 million

(5% x purchase price or market value) – $30,400 = BSD you have to pay

More than $3 million

(6% x purchase price or market value) – $60,400 = BSD you have to pay

---

 

If the property you own is Condominium or Apartment, the management fees shall vary and is payable on a quarterly basis.

If the property you intend to rent it out, Net rental income earned by foreigners who are non-residents are taxed at the prevailing non-resident rate of 22% (20% prior to Year of Assessment 2017).

Foreigner and Singapore Citizen Property Tax

For Owner Occupied Units

Owner-Occupier Tax Rates
Annual Value ($)	Effective 1 Jan 2015	Property Tax Payable
First $8,000 Next $47,000	0% 4%	$0 $1,880
First $55,000 Next $15,000	– 6%	$1,880 $   900
First $70,000 Next $15,000	– 8%	$2,780 $1,200
First $85,000 Next $15,000	– 10%	$3,980 $1,500
First $100,000 Next $15,000	– 12%	$5,480 $1,800
First $115,000 Next $15,000	– 14%	$7,280 $2,100
First $130,000 Above $130,000	– 16%	$9,380

For Non Owner Occupied Units

Annual Value ($)	Effective 1 Jan 2023	Property Tax Payable
First $8,000 Next $22,000	0% 4%	$0 $880
First $30,000 Next $10,000	– 5%	$880 $500
First $40,000 Next $15,000	– 7%	$1,380 $1,050
First $55,000 Next $15,000	– 10%	$2,430 $1,500
First $70,000 Next $15,000	– 14%	$3,930 $2,100
First $85,000 Next $15,000	– 18%	$6,030 $2,700
First $100,000 Above $100,000	– 23%	$8,730

 

Annual Value ($)	Effective 1 Jan 2024	Property Tax Payable
First $8,000 Next $22,000	0% 4%	$0 $880
First $30,000 Next $10,000	– 6%	$880 $600
First $40,000 Next $15,000	– 10%	$1,480 $1,500
First $55,000 Next $15,000	– 14%	$2,980 $2,100
First $70,000 Next $15,000	– 20%	$5,080 $3,000
First $85,000 Next $15,000	– 26%	$8,080 $3,900
First $100,000 Above $100,000	– 32%	$11,980

If you intend to rent out the Property. Your Rental income Taxable

Non-residents

Non-resident individuals are taxed at a flat rate of 22% (24% from year of assessment 2024), except that employment income is taxed at a flat rate of 15% or at resident rates with personal reliefs, whichever yields a higher tax. A non-resident director’s remuneration does not qualify for the reduced rate, and withholding tax (WHT) at 22% (24% from year of assessment 2024) must be deducted from remuneration paid to a non-resident director.

At Wingtaiholdings.sg, We have assisted many Foreigner Investors in Singapore to procure their Nest Home as well as investment property and handle the Property Management as a one stop Solution. Call us now and extend our services to secure the next home purchase in Singapore.