Citizens of five countries, including the United States and Switzerland, could avoid the newly imposed additional stamp duty when buying private homes in Singapore, due to their free trade deals with Singapore, according to The Straits Times.
The report added that similar treatment may also be given to citizens of Liechtenstein, Iceland and Norway, who will be treated as Singaporeans when acquiring property. This will enable them to avoid paying the additional 10 percent stamp duty when purchasing a property.
Many Singaporeans have blamed the increasing number of foreigners, particularly from China, for driving up property prices here, with overseas buyers accounting for 18 percent of the new homes sold in Q3, up from the 2007 peak of 15 percent.
