Advantages of owning a home in Singapore:
★There are clearly defined laws and regulations on foreign property ownership;
★No restrictions on foreigners owning private homes and apartments ;
★No inheritance tax;
★No capital gains tax;
★No withholding tax required after the property is sold;
★Foreigners have the right to apply for a Singapore dollar housing loan, and the maximum loan amount can reach 70%-80% of the purchase price;
★The loan interest rate is low, about 2% per year;
★ The rental return rate is generally higher than the loan interest rate;
★Buying a house is calculated based on the area of ??the house;
★When you buy a house, you have the right to use the parking space, no need to buy it.
Buying a house in Singapore:
Step one: Confirm purchase qualifications.
Singapore is a wealthy island country with a large population and a small population. Foreigners can only buy condominiums, but not state-owned houses and government ancestral homes on the main island of Singapore. Only the top wealthy can buy onshore sea-view villas in Sentosa Cove, the wealthy area on Sentosa Island.
Step 2: Purchase budget
The average price of real estate in Singapore ranges from 50,000 to 654.38 million yuan per square meter. Mass-market apartments in Singapore start from S$900,000 for two-bedrooms and S$654.38+0654.38+ for three-bedrooms.
In addition to paying the purchase price to the developer, foreign customers also need to prepare legal fees and government stamp taxes when buying a house.
Attorney fees:
Generally ranging from S$2,500-3,500.
Stamp Duty:
If you have a Singapore Green Card, the stamp duty on purchasing your first property is 8% of the total price minus US$5,400.
If you are a foreigner, the stamp duty for purchasing a property is 65,438 + 08% of the total house price minus US$5,400.
Step Three: Bank Loan
Loan interest rates in Singapore are low, averaging about 2% per year. If the customer has proof of stable income or funds, the bank can lend money to foreign customers, up to 70% of the total house price.
Step 4: Prepare to view the house.
Singapore has a strict legal system and its real estate market is one of the most standardized and transparent markets in the world. Real estate transactions are conducted through the involvement of real estate agents and attorneys. As a foreign client, it is very important to choose a good agent to work with who understands your culture and language.
Summary of frequently asked questions & answers welcome
1
Can foreigners get a loan to buy a house? How much is the interest? What are the requirements?
Banks are commercial organizations that pursue profits. The current annual interest rate on loans is around 2%.
Generally speaking, if foreigners have stable income or proof of funds, banks can provide 70% of the money to buy their first property in Singapore.
For a bank loan of 80% (up to 80% depending on personal financial situation), the general maximum loan period is 30 years (the maximum loan period is 65 minus the actual age of the buyer, e.g. The buyer is 38 years old, 65 minus 38 years old is 27, and the maximum loan term is 27 years).
2
What are the types of property rights in Singapore?
There are three main forms of land lease for real estate in Singapore: 99-year, 999-year and permanent land.
In Singapore, which has a large population but a small population, most property titles are 99-year titles, but 999-year titles and freehold titles are a legacy of Singapore’s British colonial period. After the founding of the People's Republic of China in 1965, all land transferred by the Singapore government was for 99 years. However, if the new property on the real estate market is freehold or 999 property, real estate developers collectively buy from private owners to rebuild the new property and then sell it.
Three
Which is better, freehold land or 99 land lease?
Generally speaking, property prices for permanent leasehold land in Singapore are 20% to 25% more expensive than those for land leased in 1999. This is a difficult question to answer from an investment perspective.
In our opinion, investing in buying a house, whether it is a permanent property certificate issued in 1999 or not, is not the most important thing. The most important factors affecting real estate investment potential are location, admission price, government planning, etc. For example, the apartments around Jurong Lakeside Metro Station were all built in 1999, among which Lakeside is a real estate.
Residents are represented by residential properties, which have appreciated by more than 200%. Radish and cabbage have different tastes, so it’s best to buy one that suits you and has the potential to appreciate in value.
Four
What kind of properties can foreigners invest in Singapore?
Singapore is a country with a highly developed economy but a small population. A sound legal constitution encourages and welcomes foreigners to invest in Singapore real estate. Generally speaking, foreigners can invest in the following properties: all commercial properties (hotels, offices, storefronts) and private apartments. Villas can only be purchased by Singaporeans, but foreigners can buy sea-view villas in Sentosa Cove, Singapore.
Five
Do I need to go through a lawyer to buy a house in Singapore? What's the fare?
Real estate transactions in Singapore are generally conducted by lawyers, especially when there is a bank loan, the lawyer must participate in the transaction. Buyers and sellers will appoint their own attorneys to represent their clients. Attorneys can represent their clients' interests well and ensure that real estate transactions are legal and protected by law. Lawyer service fee is 2,500 yuan.
Ranging from SGD 3,500 (for reference only, the specific amount will vary according to the property price).
Six
Can foreigners purchase real estate and execute transactions outside Singapore?
If the property buyer is unable to arrive in Singapore to sign the relevant legal documents to execute the transaction, there are at least two ways to successfully execute the title transaction.
First, the buyer can prepare a power of attorney through a lawyer, and the buyer can sign and authorize his relatives and friends in Singapore to act as full agents for property transactions. On the way, he needs to go to the nearest Singaporean embassy or consulate in China to sign relevant transaction documents.
Second, the buyer can use his or her lawyer or real estate agent to courier the relevant legal documents to the buyer's current actual location, and then send them back to the designated lawyer's office in Singapore. En route, the buyer needs to go to the nearest Singaporean embassy or consulate in China to sign legal documents.
Seven
Can buyers investing in Singapore real estate be younger than 21 years old?
If the buyer is under 21 years old, he is not allowed to add his name to the property ownership certificate. Under Singapore law, all legal documents signed by persons under the age of 21 are invalid and have no legal protection.
Eight
What is the property tax rate for properties in Singapore?
There are two types of property taxes levied by the Singapore Inland Revenue Authority, one is for actual occupation by the owner, and the other is for renting out the entire house. The tax bureau will scientifically assess your property tax based on the average market value of the area where your house is located. For example, the Inland Revenue Department determines that the market rent of Ms. Bai's house is S$3,000 per month, and the value or income of Ms. Wang's house after one year will be S$36,000 per year (annual
value).
1: For owner-occupiers, the tax rate is as follows:
USD 36,000 As follows
(The above answers were published on 2016-12-05, please refer to the actual home purchase policy.)
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