Singapore’s 60 percent property tax for non-citizens is the highest in the world

On Thursday April 27, the city-state doubled its Additional Buyer’s Stamp Duty. Now foreign home buyers will have to pay a 60% duty, which is the highest property-tax rate in the world.

If a foreigner were to buy a $5 million property in Singapore, they’d have to pay 65% in taxes, or about $3.25 million. In other major international city’s, the taxes would be much less.

Foreigners in Hong Kong have a tax rate of 29%. London, Melbourne, and Sydney are all in the 14% range. New York, in comparison, has an extreme low tax rate of just 4.3%.

Thanks to the change, foreigners are more likely to purchase property in nearby Hong Kong, Bloomberg noted.

Hong Kong is currently charging 30% stamp duty on property purchases by foreigners, but if the homeowner becomes a permanent resident later on, most of that can be refunded due to Hong Kong’s efforts to attract talent.


About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

View all posts by Miabell Mallikka

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