It was announced on the 19th February 2018 in the Singapore Budget 2018 that the Buyer’s Stamp Duty (BSD) for residential property of more than S$1million in Singapore will be increased from 3% to 4% with effect from 20th of February 2018. This was revealed by Mr Heng Swee Keat, the Minster of Finance.
The increased in the Buyer’s Stamp Duty will affect property buyer who bought a residential unit of more than a million dollars on 20th of Feb 2018 or onwards. However if the property purchased is below $1 million dollars, the Buyer’s Stamp Duty remained unchanged at 3%.
Below is a table for the Stamp Duty’s rate
Buyer's Stamp Duty (BSD)
|Based on the purchase price or market value, whichever is higher|
The Additional Buyer Stamp Duty is not affected and will remain the same.
Additional Buyer's Stamp Duty (ABSD)
|Profile Of Buyer||ABSD rate|
|Singapore Citizen Buying First Residential Property||Nil|
|Singapore Citizen Buying Second Residential Property||7%|
|Singapore Citizen Buying Third and subsequent Residential Property||10%|
|Singapore PR buying First Residential Property||5%|
|Singapore PR buying Second and subsequent Residential Property||10%|
|Foreigners and entities buying residential property||15%|