Many Singaporeans, both local and foreign, invest their own money to buy land in Singapore. With a small plot and increasing income, real estate is considered a safe investment with many sponsors. Of course, with high demand and low supply, it’s no wonder that real estate prices in Singapore are among the most expensive in the world.
The Singapore government regulates the purchase of land in the country and has strict rules for both locals and foreigners. Residents can purchase private and public apartments. Foreigners can only buy personal property, such as real estate.
Locals and foreigners who own more than one property pay buyer’s stamp duty (ABSD), but Singaporeans have a lower tax rate. For Singaporeans, ABSD is second with 17 percent, followed by 25 percent. For Singapore PR, ABSD is deducted on all asset purchases starting at 5% on the first asset, 25% on the second and 30% on future purchases. In other countries, the 30 percent ABSD rate applies to all types of land purchases. With a starting price of around $600,000 for a small home, ABSD can be high.
In recent years, especially in the midst of the COVID-19 pandemic, foreigners have increasingly bought land as an investment in Singapore. Today, real estate prices in Singapore have skyrocketed, making it a worthwhile investment.
- Eduardo Saverin spoke
The Brazilian founder of Facebook moved to Singapore in 2009 and became an angel investor. Within a year, he renounced his US citizenship in 2011 and married his Indonesian wife in 2015. In the same year, he founded an investment company called B Capital to invest in South-East Asia and India. He is believed to own a penthouse at The Orchard Residences, a luxury condominium above the ION Orchard mall.
- Jackie Chan is Jackie Chan
The internationally-acclaimed Chinese action star is a Hong Kong actor known for doing anything risky and potentially dangerous. According to Eduardo Saverin, it looks like a bedroom at The Orchard Residences. However, Jackie Chan reportedly owns more than one property in Singapore.
- Emmanuel Stroobant was the result
Belgian chef in Saint Petersburg. He owns and manages Pierre, Chocqua and Kingdom of Belgium restaurants in Singapore. Saint Louis Pierre and Chocqua have two Michelin stars. He lives with his wife and two children in a part of Bukit Timah.
Agreement between them
The three celebrities just listed have common themes. All are entrepreneurs and/or investors who moved to Singapore. They made themselves millionaires or billionaires. They are now considered Singaporean permanent residents or Singaporean citizens.
The island of profitability
Singapore was a nation of immigrants long before the British transplanted it. As in the United States, foreigners, especially from the Asian region, can move to Singapore and dream of a better life or strike it rich. There are many job, business and investment opportunities in Singapore.
Foreigners interested in setting up or investing in Singapore can contact emigration@SG on +65 6493 1830.
Immigration@SG or IASG is a Singaporean immigration consultancy firm with a team of immigration professionals with over 50 years of experience and multiple awards.
