{"id":768633,"date":"2023-07-10T13:30:29","date_gmt":"2023-07-10T17:30:29","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/americans-you-can-buy-a-singapore-property-through-ohmyhome-now\/"},"modified":"2023-07-10T13:30:29","modified_gmt":"2023-07-10T17:30:29","slug":"americans-you-can-buy-a-singapore-property-through-ohmyhome-now","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/americans-you-can-buy-a-singapore-property-through-ohmyhome-now\/","title":{"rendered":"Americans: You Can Buy A Singapore Property Through Ohmyhome Now"},"content":{"rendered":"
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\n Here\u2019s How Americans Have an Edge in One of Asia\u2019s Hottest Property Markets<\/em>
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\n Americans save $600,000 in tax for every million dollar of purchase<\/em>\n <\/p>\n

\n SINGAPORE, July 10, 2023 (GLOBE NEWSWIRE) — <\/strong>Ohmyhome Limited (\u201cOhmyhome\u201d 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.<\/p>\n

Singapore ranks as one of the world\u2019s 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.<\/p>\n

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\u2019s 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.<\/p>\n

\n Why is Singapore Real Estate Worth Investing in?<\/strong>\n <\/p>\n

\n Stable Economic Environment<\/strong>\n <\/p>\n

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.<\/p>\n

\n High-Quality Living Environment<\/strong>
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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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\n Top-Notch Education<\/strong>
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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.<\/p>\n

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.<\/p>\n

\n Strong Real Estate Market <\/strong>
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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.<\/p>\n

\n Types of Stamp Duties When Buying a Property in Singapore<\/strong>
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\u200b\u200bThere 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).<\/p>\n

\n Buyers’ Stamp Duty (BSD)<\/strong>\n <\/p>\n

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:<\/p>\n\n\n\n\n\n\n\n\n
\n Amount<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n BSD Rates for residential properties<\/strong><\/p>\n<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n BSD Rates for non-residential properties<\/strong><\/p>\n<\/td>\n<\/tr>\n
First $180,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1<\/td>\n%<\/td>\n<\/tr>\n
Next $180,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n%<\/td>\n<\/tr>\n
Next $640,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n%<\/td>\n<\/tr>\n
Next $500,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n%<\/td>\n<\/tr>\n
Next $1,500,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n%<\/td>\n<\/tr>\n
Amount exceeding $3,000,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

If the document is signed in Singapore, the BSD must be paid for within 14 days of:<\/p>\n