SINGAPORE: Singapore raised taxes on private property purchases in a surprise move late on Wednesday night that includes a doubling of stamp duties for foreigners to an eye-watering 60%.
The additional buyer’s stamp duty for Singapore citizens and permanent residents will also face increases but much smaller ones, and only on their second and subsequent properties, according to a joint statement from the finance ministry, national development ministry and central bank. “If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes,” the authorities said.
The government said that based on last year’s data, it expects the stamp duty changes to affect roughly 10% of residential property transactions.