Singapore takes aim at rich Chinese with 60% property tax

The policy changes will affect about 10% of residential property transactions. (Image: Getty)

Sat, 29 Apr 2023

By Krystal ChiaSingapore’s move to double property taxes for foreigners signals that policymakers are growing more cognisant of surging money inflows from wealthy Chinese, even though the higher rates are unlikely to cool home prices.In new measures announced on Thursday Singapore time, foreigners will pay 60% tax on any residential purchase, while the rate for using an entity or a trust was raised to 65%, preventing any circumvention of the rules. Permanent residents and citizens buying their second residential property will also pa...

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