UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the month of July 2023
Commission
File Number: 001-41647
OHMYHOME
LIMITED
(Translation
of registrant’s name into English)
11
Lorong 3 Toa Payoh
Block
B, #04-16/21, Jackson Square
Singapore
319579
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒ Form 40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Attached
as Exhibit 99.1 is the registrant’s press release of July 10, 2023, entitled, “Americans: You Can Buy A Singapore Property
Through Ohmyhome Now.”
Exhibit
Index
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| Date:
July 10, 2023 |
Ohmyhome
Limited |
| |
|
|
| |
By: |
/s/
Rhonda Wong |
| |
Name:
|
Rhonda
Wong |
| |
Title: |
Director
and Chief Executive Officer |
Exhibit
99.1
Americans:
You Can Buy A Singapore Property Through Ohmyhome Now
Here’s
How Americans Have an Edge in One of Asia’s Hottest Property Markets
Americans
save $600,000 in tax for every million dollar of purchase
SINGAPORE,
July 10, 2023 (GLOBE NEWSWIRE) — 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 Environment
Singapore
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
Education
In
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 Singapore
There
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:
| | |
BSD Rates for | | |
BSD Rates for non- | |
| Amount | |
residential properties | | |
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:
| | |
| | |
| | |
Buying 3rd and | |
| | |
Buying 1st | | |
Buying 2nd | | |
Subsequent | |
| | |
Residential | | |
Residential | | |
Residential | |
| Citizen | |
Property | | |
Property | | |
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.
Disclaimer
Ohmyhome
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
Ohmyhome
Ohmyhome
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, LLC
Scott
Powell, President
One
Rockefeller Plaza, 10th Floor
New
York, NY 10020 USA
Office:
(646) 893-5835 x2
Email:
info@skylineccg.com
Visit
the Investor Relation website: ir.ohmyhome.com
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