Home ownership in Singapore can be very profitable if you understand Singapore tax laws that apply to real estate investments. Honestly, in Singapore there is no place of residence or any specific citizenship necessary for the purchase and ownership of real estate.
You can reside in a Singapore residence for a specified period of time, that is, a temporary period of time. But what you have to do is fulfill immigration requirements if you want to have a long stay or become a permanent resident. Non-residents may also own rental property in Singapore or request the Development of New Condominiums. But before all this, they must file annual tax returns with the Singapore Tax Agency (SRA).
Property Taxes:
When buying or renting a new condominium like Avenue South Residence UOL Group, you must pay a provincial transfer tax, which often varies from one province to another, but may be about 1% for the first 200,000 and $ 2 % on balance.
Some of the exceptions apply if this is the first real estate purchase in Singapore. Municipalities have the legal right to collect annual property taxes, which are often based on the estimated value of the property. School and other taxes are often included in this city tax.
Taxes on leased property:
According to Singapore tax, it takes about 25% of the gross rental income of the property, which is sent each year. However, non-residents can choose to pay 25% of the net rental income by filling out form NR6. If the property bears a net loss, then you can demand previously paid taxes. To income, of course, will be treated differently, depending on whether you are a co-owner or partner and, finally, whether you consider income or business income.
Everyone has the right to deduct a couple of expenses incurred in generating rental income, together with current operating expenses and, finally, capital costs. The latter provides long-term benefits.
What you need to do before going to investigate is very important. You must read the full statistics along with data and figures to know the market conditions.
