To qualify for the remission of Additional Buyer's Stamp Duty (ABSD) as a married couple when purchasing a second residential property in Singapore, you need to follow the following steps:
Determine your eligibility: Ensure that both you and your spouse are Singapore Citizens, and one of you must have held a valid Singapore Permanent Residence (PR) for at least three years prior to the date of the property purchase.
Fulfill the conditions: The property being purchased must be a joint purchase by you and your spouse, and it should be for owner-occupation. You should not own any other residential property at the time of the purchase, including any properties overseas.
Submit the ABSD Remission application: Work with your real estate agent or engage a legal professional to assist you in preparing and submitting the ABSD Remission application. Provide the necessary supporting documents, including proof of marriage, citizenship, and residence status.
Pay the ABSD initially: While the remission application is being processed, you are required to pay the ABSD upfront. The remission will be granted and the ABSD paid will be refunded to you if your application is approved.
Follow up with IRAS: Keep track of the progress of your ABSD Remission application and respond promptly to any requests for additional information or clarification from the Inland Revenue Authority of Singapore (IRAS).
Obtain approval and refund: Once your application is approved, IRAS will issue a refund for the ABSD paid initially, subject to meeting all the remission conditions.
It's important to note that the above steps provide a general overview of the process. For more detailed and specific information regarding ABSD remission, it is advisable to refer to the official guidelines provided by IRAS or consult with a legal professional who specializes in real estate transactions.
As a realtor with extensive experience in navigating the complexities of property transactions, I can provide guidance and support throughout the ABSD remission process. Feel free to reach out to me for personalized assistance and expert advice tailored to your specific circumstances.
Great news! From Jul 2;remission would be automated after the stamping of the sale of their first property!
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