Market research
Singapore has chosen to ration foreign demand using PRICE rather than quotas. It has not banned foreign buyers; it has made buying economically irrational for most of them. A foreigner pays a flat 60% Additional Buyer's Stamp Duty on ANY residential purchase — first or fifteenth, owner-occupied or investment, no exceptions and no graduated scale. Stack the progressive Buyer's Stamp Duty on top and total duties reach roughly 65% of the purchase price.
Singapore · Gross yield 2.5–4%
The most expensive market in the world for foreign residential buyers — by design
Where Singapore wins
Singapore beats every market here on rule of law, title security, market transparency and currency stability — and it levies no capital gains tax. For a US, Icelandic, Liechtenstein, Norwegian or Swiss national claiming the FTA exemption, it is a genuinely world-class market at 0% ABSD. For everyone else, the honest answer is that Singapore is not a market to be optimised into: a 60% duty against a 2.5–4% yield is not a hard investment case, it is an impossible one. The most useful thing a research site can tell a non-FTA foreign buyer about Singapore is: do not.
Foreign ownership
Foreigners may freely buy non-landed private residential property — condos and apartments. HDB flats are strictly off-limits to non-citizens/non-PRs. LANDED property (bungalows, semi-detached, terrace houses) requires approval from the Land Dealings Approval Unit under the Residential Property Act — rarely granted outside Sentosa Cove, and only on a case-by-case economic-contribution basis. Executive Condominiums are available only once over 10 years old.
Additional Buyer's Stamp Duty (ABSD) — FOREIGNER
The rate has stood at 60% since the 27 April 2023 cooling-measure announcement and has never been reduced. No graduated scale by property count. No exemption for owner-occupation. Computed on the HIGHER of purchase price or market value — under-pricing strategies do not work. Payable within 14 days of signing (30 days if signed overseas). Banks will NOT lend against the ABSD portion — it must be paid in cash.
Buyer's Stamp Duty (BSD) — everyone pays this too
1% on the first SGD 180,000; 2% on the next 180,000; 3% on the next 640,000; 4% on the next 500,000; 5% on the next 1.5 million; 6% above SGD 3 million.
Total duties — foreign buyer
WORKED EXAMPLE: a SGD 2,500,000 condominium bought by a foreigner incurs BSD of ~SGD 99,600 plus ABSD of SGD 1,500,000 — total duties of ~SGD 1,599,600, or roughly 64% of the headline price, payable in CASH within 14 days. For context, the same purchase by a Singapore Citizen buying their first home would attract SGD 99,600 in duties and nothing more.
Gross yield range
Rental income tax
Rental income from Singapore property is Singapore-sourced and taxable. Specific non-resident rates should be confirmed with a Singapore tax adviser — reliable, current sourcing at the quality bar used elsewhere on this site was not obtained, and no figure is published here rather than publish an unsourced one.
Capital gains tax
Singapore does not levy capital gains tax. However, Seller's Stamp Duty (SSD) bites if the property is sold within the holding period, penalising flipping.
Annual property tax
Singapore's property tax is progressive on Annual Value (the estimated annual rent). Non-owner-occupied (i.e. investment) property is taxed at materially higher rates than owner-occupied — reaching 36% of AV at the top band.
Residency pathway
Buying property confers no immigration status in Singapore. The relationship is the inverse of every other market on this site: you do not buy property to get residency — you get residency (PR) to make property affordable. The ABSD gap between a foreigner (60%) and a PR (5%) on a SGD 3,000,000 property is SGD 1,650,000. For a foreign professional on a credible PR pathway, the rational sequence is unambiguous: secure PR FIRST, then buy. Note IRAS does not stamp anticipatorily — the rate that applies is the rate at the DATE OF THE DUTIABLE DOCUMENT, so a PR granted a month after exercising the option is still charged the full 60%.
FTA exemption
Under the US-Singapore FTA and the EFTA-Singapore FTA, nationals of these five countries (and in some cases their PRs) are accorded the same stamp-duty treatment as Singapore Citizens: 0% on the first residential property, 20% on the second, 30% on the third. This is the single largest arbitrage in global residential property taxation — an American pays nothing where an Indian, British, Chinese or Emirati buyer pays 60%. IMPORTANT: the remission is NOT automatic; it must be claimed with the correct IRAS documentation at stamping. US nationals have paid full ABSD by failing to file the FTA remission application.
Policy direction
The foreigner rate went from 15% (2013) to 20% (2018) to 60% (April 2023). There has never been a reduction. The government has indicated any easing would be considered only if the market has 'clearly stabilised' — and URA's Q1 2026 Private Residential Property Index rose 2.1% quarter-on-quarter, suggesting no near-term policy pressure to reduce the burden. Budget 2026 announced no change.
Non-resident mortgage
Singapore banks lend to foreigners up to a 75% LTV cap on a first housing loan, subject to the 55% Total Debt Servicing Ratio. CPF (the state savings scheme) cannot be used by non-PRs. Crucially, banks will not lend against the ABSD portion — the 60% duty must be funded entirely in cash on top of the deposit.
Key risks
On a SGD 2M condo, duties are ~SGD 1.3M in cash within 14 days. With gross yields of 2.5–4% and a required breakeven of 5%+, the arithmetic does not work for a non-FTA foreign investor. This is not a market to be optimised into; it is a market to be honest about.
Entities pay 65% — HIGHER than individuals. IRAS actively audits '99-to-1' and decoupling arrangements and claws back with surcharges. The framework was designed to close exactly these loopholes.
US, Icelandic, Liechtenstein, Norwegian and Swiss nationals pay 0%. Indian, British, Chinese, Emirati and every other nationality pays 60%. There is no structuring route around your passport.
The ABSD rate is fixed at the date of the dutiable document. Buyers whose PR came through a month after exercising the option have paid the full 60% — a seven-figure error on a mid-market condo.
Research only
CoreSpaces is not licensed to broker or advise on property transactions in Singapore. This page is research only. Stamp duty is administered by the Inland Revenue Authority of Singapore (IRAS); residential eligibility is governed by the Residential Property Act and the Singapore Land Authority. Engage a Singapore-qualified conveyancing lawyer.
