Two Duties, Worked Out Differently
Every buyer of a home pays Buyer's Stamp Duty. It is charged in bands, like income tax: 1% on the first $180,000, 2% on the next $180,000, 3% on the next $640,000, 4% on the next $500,000, 5% on the next $1.5 million and 6% on anything above $3 million. These rates have applied since 15 Feb 2023.
Additional Buyer's Stamp Duty is separate and depends on who is buying and how many homes they already own. It is a flat percentage of the whole price. Since 27 Apr 2023, Singapore Citizens pay nothing on a first home, 20% on a second and 30% on a third or later one. Permanent Residents pay 5%, 30% and 35%. Foreigners pay 60% and entities 65% on any home.
Both are due within 14 days of signing the purchase agreement, and both are charged on the higher of the price or the market value. Stamp duty can be paid from your CPF Ordinary Account in many cases, but check with your lawyer whether you must pay in cash first and claim it back.