Singapore Hikes Property Tax, Doubling Rate on Foreigners to 60%

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Singapore Hikes Property Tax, Doubling Rate on Foreigners to 60%

Bloomberg2023-04-27

Singapore is raising property taxes in a bid to cool the housing market, which has defied the slump afflicting other countries. The government is increasing stamp duties for second-home buyers and ...

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LEESIMON
·2023-04-27
ok
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Alice Arnault
·2023-04-27
For foreigners , these are Some ways to reduce or are using to reduce tax: Establish a local company: By setting up a local company in the target country and placing the property under the company's name, the property might be considered a local company asset rather than a foreigner's asset. This arrangement could help reduce property taxes for foreigners. For example, if a 15% additional property tax applies to foreign individuals, but by setting up a local company, this additional tax could be avoided. Partner with a local partner: Consider forming a joint venture or partnership with a local partner. Placing the property under the joint venture's name or incorporating the local partner into the property's ownership structure could help lower property taxes. A case in point is when
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- cuteboi:
  Pls continue from "A case in point is when"......
  2023-04-27
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- KOKHWA:
  k k
  2023-04-27
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- yuki 99101:
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  2023-04-27
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Nibatry
·2023-04-27
Wow, prices of property face challenge 😳
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Success88
·2023-04-27
Good luck Singapore 😀
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While those moves had a “moderating effect,” property prices last quarter showed “renewed signs of acceleration amid resilient demand,” the statement said. Singapore’s property sector has remained buoyant even as countries elsewhere face slowdowns due to soaring interest rates and inflation.“Demand from locals purchasing homes for owner-occupation has been especially strong, and there has also been renewed interest from local and foreign investors in our residential property market,” the government said. “If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes.”The government raised the Additional Buyer’s Stamp Duty to 20% from 17% for Singapore citizens buying a second home. It was increased to 30% from 25% for citizens purchasing their third or subsequent home, and for permanent residents purchasing a second residential property.For foreigners buying any home, the rate jumped to 60% from 30%. 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This arrangement could help reduce property taxes for foreigners.&nbsp; For example, if a 15% additional property tax applies to foreign individuals, but by setting up a local company, this additional tax could be avoided. Partner with a local partner: Consider forming a joint venture or partnership with a local partner. Placing the property under the joint venture's name or incorporating the local partner into the property's ownership structure could help lower property taxes. A case in point is when","text":"For foreigners , these are Some ways to reduce or are using to reduce tax: Establish a local company: By setting up a local company in the target country and placing the property under the company's name, the property might be considered a local company asset rather than a foreigner's asset. This arrangement could help reduce property taxes for foreigners. 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prices of property face challenge 😳&nbsp;","listText":"Wow, prices of property face challenge 😳&nbsp;","text":"Wow, prices of property face challenge 😳","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947331370","repostId":1139257471,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9947333583,"gmtCreate":1682552263842,"gmtModify":1682552268361,"author":{"id":"4101948424484190","authorId":"4101948424484190","name":"Success88","avatar":"https://static.itradeup.com/news/4408e1a22d73e99adb53aa65dde8ad91","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":4,"crmLevelSwitch":0,"idStr":"4101948424484190","authorIdStr":"4101948424484190"},"htmlText":"Good luck Singapore 😀","listText":"Good luck Singapore 😀","text":"Good luck Singapore 😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947333583","repostId":1139257471,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":54,"commentSize":4,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}