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Singapore Closes Tax Loophole on Property-Trust Transfer

An Additional Buyers' Stamp Duty (ABSD) of 35% will now apply to any transfer of residential property into a living trust, according to a statement posted on the Ministry of Finance's website.

  • The new rule ("ABSD (Trust)"), will apply to transfers that occur on or after May 9, 2022

  • A living trust is a trust that is created by a person when he/she is alive

  • Previously, when a residential property is transferred into a living trust, Buyer's Stamp Duty is payable but whether there will be ABSD depends on who is benefiting from the residential property that is transferred into the living trust. When a living trust is structured such that there is no identifiable beneficial owner(s) at the time when the residential property is transferred, ABSD does not apply

  • Now, the ABSD (Trust) is payable upfront regardless of whether there's identifiable beneficial owner(s)

  • A trustee may apply for a refund of ABSD (Trust) if certain conditions are met

  • For more information, please refer to MOF's statement here


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