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Legal Updates...


May 2017

12.05.2017

Singapore Law - Landlord and Tenants

With effect from 15 May 2017, private residential properties may be rented to no more than 6 unrelated persons. However, existing tenancy agreement with 7 or 8 tenants will be allowed to continue until 15 May 2019 regardless of the expiration date stated in the tenancy agreement.





Mar 2017

11.03.2017

Singapore Law - New Stamp Duty - Additional Conveyance Duty (ACD)

Additional Conveyance Duty (ACD) will be levied on sale and purchase of residential properties in property-holding entities. ACD applies to entities which hold at least 50% of its net-tangible assets in residential properties. For buyers, they pay 0.2 percent share duty tax, ACD of 1-3 percent on the value of underlying residential properties and a flat 15 percent on the value of those assets. For sellers, they pay flat 12 per cent levy if they dispose their equity stake within three yeas of acquisition.

11.03.2017

Singapore Law - Seller's Stamp Duty for Residential Properties

Holding Period
Seller's Stamp Duty
from 11 March 2017 onwards
Up to 1 year
12%
More than 1 year and up to 3 years
8%
More than 2 years and up to 3 years
4%
More than 3 years
No Seller's Stamp Duty payable

Source: Ministry of Finance





Feb 2014

10.02.2014 – Property Law: Debt & Mortgage Servicing Ratios (Singapore Law). Borrower, who bought residential property before introduction of Total Debt Servicing Ratio ("TDSR") (i.e. Option to Purchase granted before 29.06.2013), will be exempted from TDSR as long as he occupies the residential property that is being refinanced. Mortgage Servicing Ratio ("MSR") will also not apply to refinancing of loans for HDB flats and Executive Condominiums that are owner-occupied and were purchased before their respective MSR implementation dates. Further, borrowers whose loan tenures for owner-occupied residential properties exceed current regulatory limits will be allowed to maintain remaining tenures of theor loans at the point of refinancing.





Sep 2013

Distinctions between Singapore Citizens and Singapore Permanent Residents
(Singapore Law):


Education

 

Citizens

Permanent Residents

Monthly school fees

 

 

Primary

Free

$90, up from $40

Secondary

$5

$120, up from $55

Pre-university

$6

$160, up from $80

University

Varies

Up to 40% more than for citizens

Primary 1 registration

Priority when balloting is necessary

 

Admitted first

 

Since 2012, only admitted after citizens

 

Source: Ministry of Education

 

 

 

Housing

 

Citizens

Permanent Residents

New HDB flats

 

 

Eligibility

Eligible if buying with spouse, fiancÚ or family member of any nationality

Eligible if buying with Singaporean spouse, fiancÚ or family member

Singles

Eligible if flat is in a non-mature estate, minimum age is 35, with a maximum income of up to $5,000

Not eligible if buying alone

Resale HDB flats

Eligibility

 

Eligible

 

Number of PR households in neighbourhood must be within 5% quota.  Malaysian PRs are exempt.  If buying with another PR, must wait three years from the date of obtaining PR.

Renting

Can rent out whole flat

Cannot rent out whole flat but can rent out spare bedrooms

Additional buyer’s stamp duty

 

 

1st property

0%

5%

2nd property

7%

10%

3rd property onwards

10%

10%

 

Source: Ministry of National Development

 

 

 

Healthcare

 

Citizens

PRs

Subsidies

 

 

B2 class ward

50% to 65%

25% to 40%

C class ward

65% to 80%

32.5% to 55%

Specialist outpatient clinics

50%

25%

Day surgery

65%

40%

Polyclinics

Varies

10 percentage points less

 

Source: Ministry of Health





Jan 2013

11.01.2013 – Additional Buyer's Stamp Duty on Residential Properties

Buyer

Buyer’s Stamp Duty

Additional Buyer’s Stamp Duty Rate from 8 Dec 2011 to 11 Jan 2013

Additional Buyer’s Stamp Duty Rate (with effect from 12 Jan 2013)

Foreigner and Entities

 

 

1% on 1st $180,000

2% on 2nd $180,000

3% on the remainder

10%

15%

Singapore PR buying 1st residential property

Nil

 

5%

Singapore PR buying 2nd and subsequent residential property

3%

10%

Singapore citizen buying 1st residential property

Nil

 

Nil

 

Singapore citizen buying 2nd residential property

Nil

7%

Singapore citizen buying 3rd and subsequent residential property

3%

10%







Dec 2011

08.12.2011 – Stamp Duty (Singapore Law). Additional buyer's stamp duty ("ABSD"). Foreigners and corporate entities buying residential property are required to pay an ABSD of 10% of the purchase price. Permanent Residents, who own one exisiting residential property, have to pay an ABSD of 3% for second and subsequent residential property. Singapore citizens, who own two existing residential properties, have to pay an ABSD of 3% of purchase price for the third and subsequent residential property.





Jan 2011 

14.01.2011 – Stamp Duty (Singapore Law). Property purchased/acquired on/after 14.01.2011 is subjected to seller’s stamp duty ("SSD") if property is sold/disposed within 4 years of acquisition. SSD is 16% (1 year or less), 12% (2 years or less), 8% (3 years or less), 4% (4 years or less) of the consideration or market value, whichever is higher. The date of purchase, acquisition and sale refers to the date the Option to Purchase is exercised or the date the Sale and Purchase Agreement is signed, whichever is earlier.

 



Aug 2010 

30.08.2010 – Stamp Duty (Singapore Law). Property purchased/acquired on/after 30.08.2010 is subjected to seller’s stamp duty ("SSD") if property is sold/disposed within 3 years of acquisition. SSD is same as buyer’s stamp duty (for 1 year or less), 2/3 of buyer’s stamp duty (for 2 years or less), 1/3 of buyer’s stamp duty (for 3 years or less).




Feb 2010

20.02.2010 – Stamp Duty (Singapore Law). Property purchased/acquired on/after 20.02.2010 is subjected to seller’s stamp duty (“SSD”) if property is sold/disposed within 1 year of acquisition. SSD is same as buyer’s stamp duty.

 






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