Nationals from the US, Iceland and Norway, among others, are accorded the same stamp duty treatment as Singapore Citizens. This policy - based on respective free trade agreements - came into operation in 2013.
Americans play a smaller role among foreign buyers because they typically gravitate toward property within the US or in the UK, according to Nicholas Mak, Chief Research Officer at real estate platform MOGUL.sg. The timing of the announcement comes ahead of a general election due by 2025. With housing a hot issue, authorities raised taxes for buyers of higher-value properties in the latest budget.
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