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Singapore ups aliens’ property taxes

AFP-JIJI

Singapore on Friday made it costlier for foreigners to buy property and imposed other measures to cool down a market in which home prices have continued to rise despite an economic slowdown.

Starting Saturday, foreign buyers will have to pay total stamp duties of 18 percent of a property’s valuation, up from 13 percent, a government press release said.

Foreigners with permanent residency in Singapore will have to pay 8 percent stamp duty, up from 3 percent.

“We have to take this further round of measures now, to check recent market trends and avoid a more serious correction in prices further down the road,” Finance Minister Tharman Shanmugaratnam said.