FTA - 10% ABSD dont apply?

[Ringo33]

Saw this article about Singapore EU FTA by end 2012. Does it mean that once FTA is enforced, foreigner buyer from EU countries will no longer need to pay 10% foreigner ABSD?

http://www.channelnewsasia.com/stori...235096/1/.html

[buttercarp]

Saw this article about Singapore EU FTA by end 2012. Does it mean that once FTA is enforced, foreigner buyer from EU countries will no longer need to pay 10% foreigner ABSD?

http://www.channelnewsasia.com/stori...235096/1/.html

According to the present rule, foreigners from the FTA countries enjoy the same status as Singaporeans with regards to buyer's stamp duty.
Next time when EU joins FTA, I suppose IRAS will review the rule again?

http://www.iras.gov.sg/irasHome/page...822#Foreigners under Free Trade Agreements (FTAs)


Foreigners under Free Trade Agreements (FTAs)

Nationals and/or Permanent Residents of the following countries who fall within the scope of the respective FTAs will be accorded with the same treatment as SCs.
Nationals and Permanent Residents of:-

• Iceland
• Liechtenstein
• Norway
• Switzerland

Nationals of:-

• United States of America

Such buyers are required to submit an application for ABSD remission, together with the following list of supporting documents in copy to IRAS so as to enjoy the same treatment as SCs. Please proceed to pay BSD while applying for remission.

[hyenergix]

This is a loop-hole that should be closed asap. I believe more westerns are arriving at our shore and will start buying up houses as they are staying here for longer term, thus saving on rental and earning on capital gain.

[Ringo33]

This is a loop-hole that should be closed asap. I believe more westerns are arriving at our shore and will start buying up houses as they are staying here for longer term, thus saving on rental and earning on capital gain.

Actually absd are targeting at foreigners who have no business here in Singapore. Those already living in Singapore will perhaps apply for PR before they buy.

[hyenergix]

Actually absd are targeting at foreigners who have no business here in Singapore. Those already living in Singapore will perhaps apply for PR before they buy.

Should be blanket law for all foreigners. The government is giving foreigners with FTA with equal rights to Singapore citizens.

[sherlock]

Should be blanket law for all foreigners. The government is giving foreigners with FTA with equal rights to Singapore citizens.

Are Singaporeans given the equal rights as their PRs or citizens when we buy in the EU?

[lifeline]

This is a loop-hole that should be closed asap. I believe more westerns are arriving at our shore and will start buying up houses as they are staying here for longer term, thus saving on rental and earning on capital gain.

agree. should have additional criteria like residing in singapore for at least X years. also wonder how does bankruptcy laws apply in these instances.


http://forums.condosingapore.com/showthread.php?t=15509