Property Taxes in Singapore

Nonresidents are liable to tax on their Singaporean-sourced income. Married couples are generally assessed separately.

Income Tax

Income tax on nonresidents´ income is levied at flat rates, depending on the source of income. Employment income of nonresidents is taxed at a flat rate of 15%. All other income earned by nonresidents is taxed at a flat rate of 22%. Starting from the assessment year 2024, this rate will increase to 24%.

Capital Gains Tax

There is no capital gains tax in Singapore.

Rental Income

Rental income earned by nonresidents is subject to the nonresident tax rate of 22%, which will rise to 24% by the assessment year of 2024. The taxable income is computed by deducting property tax, insurance, maintenance, and repairs from the gross rental income with a maximum deduction of 15%. Depreciation of the property is not deductible.

Corporate Taxation

Income Tax

Income and capital gains earned by companies are subject to corporate income tax at a flat rate of 17%. Income-generating expenses are deductible when calculating taxable income. Rental income received by corporations is considered business income and is subject to the corporate tax rate.

Property Buying Costs and Taxes in Singapore

Transaction Costs

    Who Pays?
Buyer Stamp Duty (BSD) 1% - 3% buyer
Additional Buyer Stamp Duty (ABSD) 5% - 35% buyer
Seller Stamp Duty 4% - 12% seller
Registration Fee SGD70 (US$52) buyer
Legal Fee 0.30%
0.15%
buyer
seller
Real Estate Agent Fee 1%
2%
buyer
seller
Costs paid by buyer 7.30% - 39.30%
Costs paid by seller 6.15% - 14.15%
ROUNDTRIP TRANSACTION COSTS 13.45% - 50.45%

Property Holding Tax

Property tax is levied on immovable property based on a percentage of the annual value of the property.

Property Tax for Owner-Occupied Properties 2024

Tax Base, SGD (US$) Tax Rate
Up to 8,000 (US$5,926) 0%
8,000 - 55,000 (US$40,741) 4%
55,000 - 70,000 (US$51,852) 6%
70,000 - 85,000 (US$62,963) 8%
85,000 - 100,000 (US$74,074) 10%
100,000 - 115,000 (US$85,185) 12%
115,000 - 130,000 (US$96,296) 14%
Over 130,000 (US$96,296) 16%
Source: Global Property Guide, PWC

Foreigners pay an additional 10% surcharge.

For residential properties not occupied by owners, property tax is levied from 10% to 20%.