Singapore’s government aims to promote a sustainable property market and prioritize owner-occupied housing by implementing increased Additional Buyer’s Stamp Duty (ABSD) rates from 27th April 2023.

• Foreigners buying residential properties will face a rise from 30% to 60% in ABSD.
• Entities or trusts (excluding housing developers) will experience a raise from 35% to 65% in ABSD.
• Singapore Permanent Residents (PRs) purchasing their 1^st residential property will see ABSD of just 5%.

These changes increase the gulf between status of foreigners and PRs, bringing more benefits to those who have obtained the PR status in Singapore.