Singapore Imposes Additional Property Tax on Living Trusts

Singapore is imposing an additional tax on transfers of residential property to living trusts, potentially closing a loophole used by some people to avoid paying more duties on real estate transactions.

An Additional Buyer’s Stamp Duty, or ABSD, of 35% will apply on any transfer of a residential property into a living trust effective Monday, according to a statement from the Ministry of Finance. Previously, no such additional tax was imposed if a property was transferred into a trust that had no identifiable beneficial owner.

Singapore has been trying to cool its property market, which has remained resilient throughout the ...