• Fri
  • Aug 22, 2014
  • Updated: 9:38am

Useful facts before buying

PUBLISHED : Friday, 28 September, 2007, 12:00am
UPDATED : Friday, 28 September, 2007, 12:00am

Restrictions

Foreign people are restricted from buying*

Vacant residential land

Landed property, i.e. detached houses, semidetached houses

Landed property in strata developments which are not approved condominium developments under the government's Planning Act

*Approval for buying restricted property can be obtained from the Minister for Law

Purchase tax

Stamp duty tax equal to the purchase price times 3 per cent

Property taxes

4 per cent of annual value for owner-occupied properties

10 per cent of annual value for investment and other properties

Capital gains tax

There is no capital gains tax

Tax on rental income

You have to report the total rent received from the tenant

Financing

Foreigners earning foreign income can borrow up to 80 per cent of the purchase price

The loan can be fixed rate or floating rate

Mortgages can be with local banks or global banks with outlets in Singapore such as HSBC, Standard Chartered, ANZ and Lloyds TSB

Multicurrency offshore loans permitted through local and foreign banks in Singapore

Other Expenses

A one-time legal fee of about S$3,000 (HK$15,500) per transaction

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