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In Singapore, the idea of owning multiple properties can seem complicated due to the Additional Buyer’s Stamp Duty (ABSD). Yet, understanding the right strategies can help you in avoiding ABSD Singapore.

Key Techniques to Buy Second Property in Singapore Without ABSD

Decoupling Property Ownership

This method involves transferring ownership from joint ownership to single ownership. Here’s how it works:

1. First, one party purchases the other party’s share of the property.
2. The party who sells their share can then buy a second property without incurring ABSD.

Purchasing Under a Child’s Name

If your child over the age of 21 does not own properties, buying a property under their name can be beneficial. This way, the purchase can be made without ABSD.

Founding a Company

Creating a company to purchase property could be another route. The company will own the property, thus the owner’s personal stamping duties may not apply. However, do bear in mind the potential complexities and expenses involved.

Frequently Asked Questions

What is ABSD?

The Additional Buyer’s Stamp Duty (ABSD) is a tax imposed on top of the existing Buyer’s Stamp Duty (BSD) for property purchases, primarily targeting multiple property owners and foreign buyers in Singapore.

Why is Decoupling an effective method?

Decoupling can split ownership, allowing one owner to buy another property as their first, thus avoiding ABSD Singapore. Note that there may be costs and legal implications to consider.

Is buying under a child’s name legally sound?

Yes, but ensure the child is of legal age and able to manage property responsibilities. Professional advice is highly recommended.

By employing these strategies, navigating the realm of acquiring a second property in Singapore becomes manageable, while skillfully avoiding ABSD Singapore.