Singapore slaps 35% ABSD on residential property transfers into living trust
AnAdditional Buyer’s Stamp Duty (ABSD)of35%will be imposed on any transfer of residential property into a living trust.
Prior to this regualtion, the transfer of a residential property to a living trust is subject to buyer's stamp duty. Whether or not additional buyer's stamp duty is payable depends on the nature of the beneficial owner of the trust. When a residential property is transferred to an inter vivos trust, no additional stamp duty is payable if the trust has no identifiable beneficial owner.
A living trust is a trust set up while the principal is alive.
Under current regulations, ABSD may or may not be payable upon such a transfer, depending on the profile of the beneficial owner of the residential property transferred into the trust.
Is it a good new? ABSD can promote a stable and sustainable residential property market, it can close loophole.
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Felayt
OPUNeverSleppWell
:
It is a special kind of fund that can own someone's stuff while they're still living, it acan also spells out how to distribute what's in the trust after the original owner dies. Almost anything can be palced into a living trusts, such as real estate, bank and savings accounts, vehicles etc.
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UNeverSleppWell : what is living trust![undefined [undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36)
Felayt OP UNeverSleppWell : It is a special kind of fund that can own someone's stuff while they're still living, it acan also spells out how to distribute what's in the trust after the original owner dies. Almost anything can be palced into a living trusts, such as real estate, bank and savings accounts, vehicles etc.![undefined [undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36)