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Foreign real estate buyers in Singapore |
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 Singapore is becoming the Switzerland of the East. Global investors are attracted to the city-state for a number of reasons. The country does not have currency controls or a capital gains tax. This means foreigners can send money into the country and remove it without official questioning. Property buyers who make a profit from capital gains are free to take the money out of the country. Singapore also does not impose a withholding tax for the disposal of a property and foreigners can buy private property without restrictions. The country is also attractive because it does not have any inheritance tax. The Singapore government’s control on developers is also tight and transparent, providing protection for any real estate buyer. For each property project developers must open an escrow account, one held by a third party for the duration of the development; any expenditure deducted from this account must be for that project only. Developers must also adopt a payment schedule approved by the government. The efficiency and integrity of the country’s civil service mean that this legal framework is well administered and controlled.
Another key reason is political stability and a high level of security. Many foreigners send their children to study in Singapore. The bilingual English-Mandarin education system is a popular choice among Asians – a trend that Russians are following. Instead of renting parents prefer to purchase when they have children studying in the country. Various locations are popular for those coming for educational reasons, while investors tend to buy on Orchard Road, Marina Bay, Bukit Timah and East Coast.
A recently released survey by human resources consultancy firm ECA International, ranked Singapore as the best place for Asian expatriates to live worldwide. Europeans and Americans also rate Singapore as the best place in Asia to live. The high quality infrastructure and health facilities, low health risks, air pollution, crime rates and a cosmopolitan population number among the reasons why.
High net-worth Europeans, among whom Russia has the fastest growing share, are also moving their funds to Singapore because of its low tax regime. The tax rate for the highest income tax bracket in Singapore is 20 percent. High net-worth individuals from the US are currently moving funds to Singapore because of uncertainties in their home market.
Today, foreigners make up about 27 percent of the buyers in Singapore’s private residential market. In the city-state’s prime locations this figure reaches around 50 percent.
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posted by Rene Safaroff
on August 28, 2008
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