This easily falls into the top 3 questions category when a prospect is considering Permanent Residency in Singapore to attain the much valued title of “Singapore PR”. Simply put it, a home purchase is usually accompanied by more thousands of dollars that include legal fees, home loan interest fees and Stamp Duty – each time you buy a property, you’re obliged to pay Buyer’s Stamp Duty (BSD) to IRAS. As a foreigner you get slapped with the Additional Buyer’s Stamp Duty (ABSD), which was introduced as part of the cooling measures to prevent unnecessary inflation of the market due to influx of foreign investors looking to milk the property cash cow.
So first, BSD:
So now let’s run through some figures in we were to compare a foreigner’s ABSD as compared to a Permanent Resident’s.
A good 15% difference between a Foreigner as compared to a Singapore PR if it is the Permanent Resident’s first residential property! And yes if you are still wondering, a HDB property do qualify as a first property in the computation of ABSD.
This simple overview of property taxes is often the major push factor of prospects in wanting to engage our services. Potential applicants will have to be extremely sure-footed in the next/first try for Permanent Residency thus their understand the value of our services. Understanding the considering factors that contribute to a successful application is key and they will be outlined during the 1 to 1 consultation with us. Also through the session, we will run you through your personal detailed report of your chances prior to our professional intervention via a highly personalised approach. In order for us to have a preliminary assessment of your profile, we will simply require you to input a few fields via our inhouse test that runs on a tried and tested algorithm built on years of experience here – https://www.tip.com.sg/pr-application-e-preliminary-profile-analysis.html
You may also visit our website at http://www.tip.com.sg to know more.