Updated: Jan 14, 2021
There are 2 types of stamp duties applicable when a person buy a property in Singapore.
The first is Buyer Stamp Duty (BSD) and the other is Additional Buyer Stamp Duty (ABSD).
BUYER STAMP DUTY
Everyone pays the stamp duty at the same rate as stated in the above table for any property they buy.
ADDITIONAL BUYER STAMP DUTY
For ABSD, it depends on Citizenship and Residency as well as whether it is a Corporate Entity. The table above shows the rate for the purchase of the first property, the second property and the third or more property. As can be seen, Singaporeans do not pay ABSD for the first property but they have to pay 12% for the second and 15% for the third or more properties.
For ABSD, the Nationals and Permanent Residents of Iceland, Liechtenstein, Norway or Switzerland, and Nationals of the United States of America enjoy the same status as Singapore Citizens.
REMISSION FOR ABSD
For married couples in Singapore with at least one spouse as Singapore Citizen, they are eligible to get remission for ABSD. How does it go? Everyone will have to pay the ABSD as usual within 14 days of signing the sales and purchase agreement. For couples eligible for remission, they can apply to get their ABSD money back if they sell their present home within 6 months of getting their second home. They must however need to remain married at the time of applying for the remission and must not have bought more properties before applying.
If the second property is under development, then the couple must sell the first house within six months of the second property getting its Temporary Occupancy Permit (TOP) or Certificate of Statutory Completion (CSC) whichever is earlier.
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