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Additional buyer's stamp duty of 35% to apply on any transfer of residential property into living trust from May 9

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SINGAPORE — Additional buyer’s stamp duty (ABSD) of 35 per cent now will apply on any transfer of residential property into a living trust occurring on or after May 9, the Ministry of Finance (MOF) announced on Sunday (May 8).

ABSD will be payable even if there is no identifiable beneficial owner at the time the residential property is transferred into a trust, MOF said in a media release late on Sunday.

ABSD may also be payable, depending on the profile of the beneficial owners of the residential property transferred into the trust. As ABSD aims to promote a"stable and sustainable residential property market", it should apply to transfers of residential properties into all living trusts, the ministry said.

 

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Additional buyer's stamp duty of 35% to apply on any transfer of residential property into living trust from May 9SINGAPORE: Additional buyer’s stamp duty (ABSD) of 35 per cent now will apply on any transfer of residential property into a living trust occurring on or after May 9, the Ministry of Finance (MOF) announced on Sunday (May 8). ABSD will be payable even if there is no identifiable beneficial own
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »