Property in Singapore has been a personal goal for foreign investors because of the economic and political stability which makes the prices of property in Singapore extended to surge up since the past three decades. In addition to higher prices of property, the Singapore dollar also seems to strengthen in rate which makes your property investment becomes more precious, especially if you buy a condo unit at Seaside Residences Singapore.
Property tax is the thing that you cannot avoid when you intend to conduct property investment in Singapore. As a good investor or citizen, you certainly pay the property taxes in a form of the citizen’s responsibility to support the country. Here are some property taxes that you need to know before you buy or rent the property, especially for the condominium:
Normal Buyer Stamp Duty Tax
When you buy a condo in Singapore, there is a requirement to pay buyer stamp duty tax for executed documents in selling and purchasing a property located in Singapore. Buyer stamp duty tax will be calculated on the condo’s price as noted in the file to be stamped or market price of the condominium in Singapore.
Additional Buyer Stamp Duty Tax
The Additional Buyer Stamp Duty Tax commonly is assigned when it comes with more than one buyer. Typically, the higher additional buyer stamp duty tax will be applied to the profile of highest additional buyer stamp duty rates.
Seller Stamp Duty Tax
The seller stamp duty tax rate is determined by the condo’s type, date of purchase and sale. In Singapore, there are different rates of tax which is typically started from 1% until 3%.
Goods and Service Tax
The goods and service taxes are commonly called as VAT or Value added tax assigned in selling and leasing the property. The rate of this tax is approximately 7%.
If you want to know more about the property tax, please visit the marketing gallery of Seaside Residence Singapore.