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Singapore Slaps New Property Tax on Super Wealthy – SCMP

The new 35% additional buyer’s stamp duty levied on houses transferred to a trust came into force this week


Singapore property
Singapore authorities had found people circumventing additional taxes by purchasing multiple homes under trusts to mask details of the actual beneficiary. Photo: Reuters.

 

Singapore has slapped additional taxes aimed at the super wealthy who buy properties under opaque structures, the South China Morning Post reported.

The new 35% additional buyer’s stamp duty levied on houses transferred to a trust came into force this week, the report said, adding that authorities had found people circumventing additional taxes by purchasing multiple homes under trusts to mask details of the actual beneficiary.

 

Read the full report: South China Morning Post.

 

 

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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