Tuesday, April 12, 2011

Higher stamp duty for PR and non-residents

Hi Mr. Tan
I understand that more then 30% of buyer in our property are foreigner.
 I not against foreigner from buy our property, but I against foreigner HOT money from speculating in  property and hence drive up property price.
 Since we have a seller stamp duty, why can the GOV impose a higher stamp duty to curb foreigner from flipping our property. Just addition 5% on-top of the currently stamp duty I think would stamp out most of these unwanted short term activity.
 I hope the GOV would consider benefit of its citizens first. Do not forget the people who entrust them with this power in the first place.
 Low
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4 comments:

Lye Khuen Way said...

Our MND WILL implement the suggestion, when the PAP deem that the sentiments on the ground - the Heartlanders who are pay for their HDB- new or re-sale had had enough.

Apparently, the grassroot mechanism set up decades ago is not working. Or their feedback were statistcally NOT significant enough ?

April 13, 2011 6:22 AM
Vincent Sear said...

Stamp duty is a small matter. Just impose a non-citizen levy on every sale if the aim is prevent foreigner profiteering and expatriating profits. However, it'll have a downside effect on market price that affects citizen owners too. It'll also increase rental demands from foreigners who don't intend to here forever.

April 14, 2011 12:28 AM
Unknown said...

I disagree, increase in short term stamp duty is for non-residence who does not have long term interest in Singapore to discourage them from flipping. imposing a non-citizen levy would Penalise foreigner who are here for long term stay and contribute to Singapore economy.

As to the increase of rental demands. It wouldn't have much impact to citizen as most citizen would have purchase a flat from HDB. and rich citizen who have more than one property could benefit from it.

April 14, 2011 1:50 PM
Vincent Sear said...

Convert to citizenship and levy lifted. Simple as that. Long term permanent residents can still buy if they prefer buy over rent, but they'd neither gain nor lose much through the levy.

April 15, 2011 7:41 PM

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