Rich foreigners ultimate winners?

One more additional comment on the new transaction tax that foreign property buyers would have to pay, about which I’ve already written in the post be4 this.

Looking at the situation from my dispassionate position — that is, I’m not a buyer or seller; simply a small time owner — i can see another way in which the seemingly draconian new taxes would benefit the well-heeled foreigner.

He will be someone who will be bringing in funds from his far flung empire rather than someone who is working here and hoping to fund his property purchase with his somewhat meagre Sing $ income.

Now have you been looking at the slightly softening Sing $, especially against the USD?

Now if the sort of property Mr Foreign Big Bucks is looking to buy falls by (gasp, gasp!!) 30% and Sing$ falls some 5%, it means that he may b able to get what he wants for a price tag that’s 35% lower than what it was pre-Dec 8 😆

Isn’t that a good reason to laugh all the way to the bank and consider the extra 10% tax up front — to secure that desired property at an ultimately cheaper price — a service charge well worth paying to the state?

Better still, if Mr Foreign Big Bucks happens to be either American or Swiss, for example, for then being in the select coterie of foreigners from countries which have trade treaties with SG, they don’t even have to pay the 10% “service charge”.

My message to those yada-daing about our Government sending wrong anti-foreigner signals is this: you seem to be reading signals sent by Geronimo 🙄

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3 thoughts on “Rich foreigners ultimate winners?

  1. Pingback: Daily SG: 12 Dec 2011 « The Singapore Daily

  2. Concurs with You.

    Wondering why other bloggers
    found the measures beneficial
    to the Native Singaporeans.

    patriot

  3. AL

    The signals are both but rather a precautionary measure.
    Further, to me, the key issue is that time span given to developers to develop.
    That ensures steady supply and should moderate overall

    Regards

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