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Thread: PR buying Private property with Foreigner

  1. #1
    Join Date
    Oct 2010
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    Default PR buying Private property with Foreigner

    Hello all gurus,
    Asking on behalf of a friend who would like to know EVERYthing she needs to know if she wants to buy a toped resale private property with her US citizen BF.

    Mainly
    1) any way to avoid the 10% ABSD?
    if buy only under her name, cannot use her BF's name for bank loan?
    any ways around it?

    2) they pay same annual property tax and can enjoy owner occupier's tax rebate just like Citizens rite?

    they are not using agents so would appreciate any little details they need to be aware of....

    Thanks in advance!

    If there is already an exisiting thread on this, pls bring me there cos I can't find it.

  2. #2
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    Aren't US citizens exempt from ABSD due to the Singapore-USA free trade agreement? You might want to check on this. If so, her problems are already solved

  3. #3
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    Quote Originally Posted by blackreplica
    Aren't US citizens exempt from ABSD due to the Singapore-USA free trade agreement? You might want to check on this. If so, her problems are already solved
    It seems that both are foreigners if the 10% ABSD applies. The only way around it is to convert to PR or citizen, or negotiate with seller for 10% lower price http://www.iras.gov.sg/irashome/page04.aspx?id=12832

    For property tax, it should be resident tax rate http://www.iras.gov.sg/irasHome/page.aspx?id=1196 (no clear answer I can find easily, so I could be wrong on this).

  4. #4
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    Default

    US citizen is being treated the same way as a singaporean for this case.

  5. #5
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    Default

    Quote Originally Posted by Rosy
    US citizen is being treated the same way as a singaporean for this case.
    Yes. To my knowledge US citizens and Europeans or EFTA members are exempted. This is because of the foresight of our government which signed a trade agreement with them many years ago.

    check this link:

    http://www.fta.gov.sg/ussfta/chapter_15_us.pdf

    That is why I screamed for them to come here a few months ago. But as usual, their brains work at a very slow pace.

    Good Luck.

  6. #6
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    Quote Originally Posted by blackjack21trader
    Yes. To my knowledge US citizens and Europeans or EFTA members are exempted. This is because of the foresight of our government which signed a trade agreement with them many years ago.

    check this link:

    http://www.fta.gov.sg/ussfta/chapter_15_us.pdf

    That is why I screamed for them to come here a few months ago. But as usual, their brains work at a very slow pace.

    Good Luck.
    But don't worry, there is still ample time and room for property prices in Singapore to grow. In comparison, our local property investors here are lame and dumb compared to Hong Kongers. This can be deduced from the many so called analytical posts in this forum.

    Enuff Said.

  7. #7
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    Quote Originally Posted by blackjack21trader
    But don't worry, there is still ample time and room for property prices in Singapore to grow. In comparison, our local property investors here are lame and dumb compared to Hong Kongers. This can be deduced from the many so called analytical posts in this forum.

    Enuff Said.
    BTW, I am one of the top-ranking lamers.

    In fact, I am the MOST :

    1) ugliest

    2) disgusting

    3) egoistic

    4) obnoxious

    5) mentally unstable

    forumer in this forum talking nonsense everyday here.

    Yet, all brothers and sisters here are forgiving and they praise and adore me.

    How dumb can they get?

    WOAHAHAHAHAHHEHH

  8. #8
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    Quote Originally Posted by Piglet
    Hello all gurus,
    Asking on behalf of a friend who would like to know EVERYthing she needs to know if she wants to buy a toped resale private property with her US citizen BF.

    Mainly
    1) any way to avoid the 10% ABSD?
    if buy only under her name, cannot use her BF's name for bank loan?
    any ways around it?

    2) they pay same annual property tax and can enjoy owner occupier's tax rebate just like Citizens rite?

    they are not using agents so would appreciate any little details they need to be aware of....

    Thanks in advance!

    If there is already an exisiting thread on this, pls bring me there cos I can't find it.
    OH..... now I see your friend's problem. The issue here is not using her USA BF's name right?

    In that case, you have to check with the lawyers, I am sure they can come up with better suggestion.

  9. #9
    Join Date
    Apr 2012
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    She is a PR buying first property.. No ABSD.

    He is a US citizen, buying first property in Singapore? No ABSD.

    So.. They both pay the usual 3% only.. What is the problems?

    As for loan.... She can apply for loan I'm both names... Then secured against both incomes... Then property must be in joined names.

    She wants property in her name only.. Then bank loan will be her name only..

    She wants property in both names, but bank loan secured against his income only.. No problem.

  10. #10
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    Quote Originally Posted by Sleepyhead
    She is a PR buying first property.. No ABSD.

    He is a US citizen, buying first property in Singapore? No ABSD.

    So.. They both pay the usual 3% only.. What is the problems?

    As for loan.... She can apply for loan I'm both names... Then secured against both incomes... Then property must be in joined names.

    She wants property in her name only.. Then bank loan will be her name only..

    She wants property in both names, but bank loan secured against his income only.. No problem.

    you sound like my lawyer.

  11. #11
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    Jan 2011
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    Quote Originally Posted by Sleepyhead
    As for loan.... She can apply for loan I'm both names... Then secured against both incomes... Then property must be in joined names.

    She wants property in her name only.. Then bank loan will be her name only..

    She wants property in both names, but bank loan secured against his income only.. No problem.

    property in her name only. bank loan in both names - also can; better still if he pays only.
    just need to confirm with the banker.

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