US, Swiss citizens can avoid new Singapore stamp duty-paper

Singapore announced new measures on Wednesday to cool its housing market, saying foreigners who buy private homes will have to pay an additional stamp duty equal to 10 per cent of the property value.

However, citizens of five countries, including the United States and Switzerland, could avoid paying the additional stamp duty when they purchase a property in Singapore due to tax treaties with the city-state.

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Similar treatment will also be accorded to citizens of Liechtenstein, Norway and Iceland, who will be treated the same as Singapore citizens.

Many Singaporeans have blamed an influx of foreigners from China and other locations for driving up the costs of living in Singapore. Foreigners accounted for 18 per cent of new home units sold in Singapore in the third quarter this year.

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