Singapore Real Estate News – Estate (Death) Duty Abolished

The long awaited budget day for 2008 was released today by the new Finance Minister Mr Tharman Shanmugaratnam. With 6.4 billion surplus in revenue at the closing of 2007, the parliament decides to reward citizens, giving rebates. For the important part of realtors (estate agents) and people who invests in real estate in Singapore, you might be interested to know that the estate duty tax has been abolished.

Previously, if you die and have assets of dwelling houses of more than 9 million dollars and CPF/ other tangible assets of more than $600,000, you’re liable for estate duty (death) tax before your properties are distributed to your family/heir.

For the every dollars of your 1st 12 million dollars, you’re previously liable for 5% tax and anything more than 12 million, it’s 10%. With this law abolished, it’s big savings to wealthy individuals.

This probably would attract more high net worth individuals and professionals to be a Permanent Resident in Singapore in the future.

Written by Benson Koh
Benson is a professional real estate realtor with over 11 years of experience specializing in all forms of real estate consultancy and brokeraging of different segments from regal homes to commercial spaces. Also a boutique developer, he manages both SRI5000 Developments which concentrates on landed homes as part of his land bank segment and Singapore Realtors Inc (SRI), a real estate agency which has over 7 years of group experience. You can reach him here via various channels. [ Facebook | Linkedin | Twitter | RSS Feed ]