For Singapore Citizens, there is no ABSD on their first residential property. For the second residential property, the ABSD rate is 12% and 15% for their third and any subsequent residential properties.
Singapore Permanent Residents (SPRs) will be charged 5% ABSD on their first property and 15% for their second and subsequent residential properties.
However, Nationals or Permanent Residents of five countries will be accorded the same Stamp Duty treatment as Singapore Citizens. This is a result of the Free Trade Agreements signed with the United States of America and the European Free Trade Association (EFTA).
Those who are able to enjoy this remission of ABSD are:
Nationals of the United States of America; and
Nationals and Permanent Residents of Iceland, Liechtenstein, Norway or Switzerland
This means that if you are a citizen of Iceland, Liechtenstein, Norway, Switzerland or United States of America, instead of paying an additional 20% for the ABSD, you do not need to pay any ABSD at all on your first residential property purchase in Singapore.
And instead of 20%, the ABSD would be 12% for your second residential property and 15% for your third and subsequent properties.
This applies to only private non-landed residential properties, as foreigners are not allowed to purchase and own land in Singapore with the only exception being the luxurious water-front bungalows on Sentosa Cove.
Foreign investors who are eligible can submit an application of remission through your legal representative who can manage your stump duty transactions with the Inland Revenue Authority of Singapore (IRAS) on your behalf.