Ohmyhome Limited (“Ohmyhome” or the Company) (NASDAQ: OMH), today
announces it provides one-stop services catered to Americans
including property purchase and rental, office sourcing,
relocation, renovation and more in light of the increasing interest
coming from American investors into Singapore and its property
market.
Singapore ranks as one of the world’s most
expensive real estate markets, often on par with New York City. It
is fiercely competitive for foreign purchasers, but one group of
investors stand out with a distinct advantage - Americans. For a
US$1m residential property in Singapore, a foreign citizen buyer
would have to pay a whopping US$624,600 in property taxes alone (on
top of the property purchase price), while an American only pays
US$24,600, treated the same as a first time Singaporean buyer,
hence enjoying a significant savings in tax of US$600,000 compared
to other foreigners.
As the demand for property in Singapore
continues to remain resilient despite uncertain economic
conditions, US citizens enjoy a unique edge over other foreign
property investors: They do not have to pay the Additional Buyer’s
Stamp Duty for the purchase of their 1st residential property under
the Singapore-US Free Trade Agreement (FTA). Citizens of Iceland,
Liechtenstein, Norway, and Switzerland are also accorded the same
stamp duty treatment as Americans.
Why is Singapore Real Estate Worth Investing
in?
Stable Economic Environment
As an Asian financial center, Singapore has a
stable economic environment, political system, relaxed
entrepreneurial environment and friendly fiscal and taxation
policies. Its strategic location within Southeast Asia also offers
access to a dynamic and rapidly growing region, providing
opportunities for businesses to tap into a vast consumer base among
ASEAN countries. These all provide investors with relatively low
risk and good return opportunities.
High-Quality Living
EnvironmentSingapore ranks top 10 in the world for its
safety and low tolerance to drugs, making it a great place to raise
children. It has excellent infrastructure, good security,
high-quality education and medical services, and rich cultural
experience. It has also been ranked the safest country in the world
for international travel by The Swiftest.
Singapore has also been ranked 1st in cities
with excellent urban mobility by Urban Mobility Readiness Index
2022, with great access to public transport and low congestions due
to effective mobility planning.
Singapore also have world-class healthcare
system in the world with state-of-the-art medical facilities that
are readily accessible and include public, private and community
hospitals and national specialty centers, making Singapore a great
destination for medical tourism in Asia.
Top-Notch EducationIn the
latest 2024 QS World University Rankings, the National University
of Singapore ranks 8th globally, maintaining its position as the
number one institution of higher education in Asia. The Nanyang
Technological University (NTU) of Singapore is also ranked higher
than the prestigious Johns Hopkins University in the US.
Several primary and secondary schools have also
gained recognition globally for their academic excellence, and have
a strong record of sending graduates to renowned universities,
including Ivy League institutions,. There is also a wide array of
international schools offering different curriculums such as
Australian International School, Canadian International School,
Anglo-Chinese School (Independent) and more.
Strong Real Estate Market
Singapore's real estate market is renowned globally. The high
transparency of the real estate market, low housing bubble index,
steady inflow of global talents and businesses, high-quality
construction and good property management all factor into the
investment potential of Singapore properties.
Types of Stamp Duties When Buying a
Property in SingaporeThere are two types of stamp duties
when you buy a home in Singapore: the Buyer's Stamp Duty (BSD) and
Additional Buyers' Stamp Duty (ABSD).
Buyers' Stamp Duty (BSD)
Everyone has to pay this when buying a property
in Singapore, regardless of nationality and status. Stamp duty is
calculated on different tiers of house prices which amounts to
$24,600 for a $1,000,000 residential property The table is as
follows:
Amount |
|
BSD Rates for residential properties |
|
BSD Rates for non-residential properties |
First $180,000 |
|
|
1 |
% |
|
|
1 |
% |
Next $180,000 |
|
|
2 |
% |
|
|
2 |
% |
Next $640,000 |
|
|
3 |
% |
|
|
3 |
% |
Next $500,000 |
|
|
4 |
% |
|
|
4 |
% |
Next $1,500,000 |
|
|
5 |
% |
|
|
5 |
% |
Amount exceeding $3,000,000 |
|
|
6 |
% |
|
|
5 |
% |
If the document is signed in Singapore, the BSD
must be paid for within 14 days of:
- Exercising the
Option To Purchase (OTP); or
- Signing of the Sales & Purchase
agreement if there is no OTP; or
- The date of
transfer, if both OTP and Sales & Purchase agreement are not
available.
Additional Buyers Stamp Duty
(ABSD)
This is the tax that Americans don’t have to
pay. Singapore’s ABSD is calculated based on the property’s
valuation or selling price, whichever is higher, and must be paid
on top of the BSD. This ABSD amounts to US$600,000 for a US$1m
property. However, American citizens are exempt from paying the
ABSD for their first property purchase.
Here are the ABSD rates:
Citizen |
|
Buying 1st Residential Property |
|
Buying 2nd Residential Property |
|
Buying 3rd and Subsequent Residential
Property |
Singapore Citizen (SC), US
Citizen |
|
|
0 |
% |
|
|
20 |
% |
|
|
30 |
% |
Singapore Permanent Resident
(SPR) |
|
|
5 |
% |
|
|
30 |
% |
|
|
35 |
% |
Foreigners buying any
residential properties |
|
|
60 |
% |
|
|
60 |
% |
|
|
60 |
% |
Entities buying any
residential properties |
|
|
65 |
% |
|
|
65 |
% |
|
|
65 |
% |
If you think Singapore could be your next
investment destination you can drop us a message on WhatsApp to
learn more. You can also book an appointment with our property
agents via this form or keep in touch for our upcoming property
shows in America.
For more Ohmyhome insights, follow us on
Instagram, YouTube, Facebook, and TikTok, or stay updated on our
blog.
DisclaimerOhmyhome and its
affiliates do not provide tax, legal or accounting advice. This
press release has been prepared for informational purposes only,
and is not intended to provide, and should not be relied on for,
tax, legal or accounting advice. You should consult your own tax,
legal and accounting advisors before engaging in any
transaction.
About OhmyhomeOhmyhome is a
one-stop-shop property technology platform in Singapore that
provides end-to-end property solutions and services for buying,
selling, renting, and renovating homes. Since its launch in 2016,
Ohmyhome has transacted over 13,100 properties. It is also the
highest rated property transaction platform with more than 8,000
genuine reviews with an average rating of 4.9 out of 5 stars.
Today, Ohmyhome is the first Singaporean company
listed in the US in 2023 and the first women-only founded proptech
company listed in the US.
Ohmyhome is dedicated to bringing speed, ease,
and reliability to the property-related services, and to become the
most trusted and comprehensive property solution for everyone.
For more information
Investor Contact:Skyline Corporate
Communications Group, LLCScott Powell, PresidentOne Rockefeller
Plaza, 10th FloorNew York, NY 10020 USAOffice: (646) 893-5835
x2Email: info@skylineccg.com
Visit the Investor Relation website: ir.ohmyhome.com
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