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fafalulu
05-09-12, 14:50
If a foreigner purchase a condo and wants to upgrade, is he required to pay 10% ABSD?

Similarly, if PR owns 2 properties and intends to upgrade 1 of the property, is he required to pay 3% ABSD?

Considering that the total number of unit owned remain unchanged, is ABSD still applicable?

Just curios~:)
buttercarp
05-09-12, 15:15
If a foreigner purchase a condo and wants to upgrade, is he required to pay 10% ABSD?

Similarly, if PR owns 2 properties and intends to upgrade 1 of the property, is he required to pay 3% ABSD?

Considering that the total number of unit owned remain unchanged, is ABSD still applicable?

Just curios~:)

Yes to both your questions.

http://www.iras.gov.sg/irasHome/page04.aspx?id=12818
fafalulu
05-09-12, 15:44
Yes to both your questions.

http://www.iras.gov.sg/irasHome/page04.aspx?id=12818

Thanks.. the tax makes it very hard for foreigners to upgrade property
Ringo33
05-09-12, 19:47
If a foreigner purchase a condo and wants to upgrade, is he required to pay 10% ABSD?

Similarly, if PR owns 2 properties and intends to upgrade 1 of the property, is he required to pay 3% ABSD?

Considering that the total number of unit owned remain unchanged, is ABSD still applicable?

Just curios~:)

not just the absd, I think your mortgage LTV% will also drop from 80% to 60%.