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I don't think Lina Chiam is so stupid as to specifically ask a question about foreign property investors from these 5 countries. I mean how many people from Liechtenstein buy property here, and how many people from Singapore buy property in Liechtenstein? I think she meant to find out whether foreign buyers have any restrictions or advantage over locals when they buy here. Lim Hng Kunt bullshit and try to say that we do not have restricitions because these countries do not also have any restrictions on Singaporeans buy there.
But the main foreign buyers of property are not from these countries. They are from Malaysia, Indonesia, China, etc. All these countries have restrictions on foreign buyers. Lina should just tell Lim Hng Kunt to enforce the same restrictions on buyers from these countries as they enforce on singaporeans buying there.
SINGAPORE: Investors from the United States, Switzerland, Norway, Liechtenstein and Iceland are accorded similar treatment as Singaporeans in the purchase of residential properties in Singapore.
But they are not allowed to purchase HDB apartments and Executive Condominiums.
Non-citizens are also restricted from purchasing private landed residential property.
In a written reply to Non-Constituency Member of Parliament Lina Chiam, Singapore's Trade and Industry Minister Lim Hng Kiang said this is under the "national treatment" obligation of two free trade agreements Singapore has with the United States and with the European Free Trade Association (EFTA).
The EFTA is a free trade area comprising Switzerland, Iceland, Liechtenstein and Norway.
These are the only two FTAs where "national treatment" has been accorded for the Additional Buyer's Stamp Duty (ABSD).
Conversely, Singaporean investors are also accorded equivalent rights and privileges in a host country as that accorded to those foreigners in Singapore.
Singapore's negotiations on an FTA with the European Union are ongoing and it is therefore premature for MTI to lay out the full range of benefits and concessions arising from this FTA at this point in time.
But the main foreign buyers of property are not from these countries. They are from Malaysia, Indonesia, China, etc. All these countries have restrictions on foreign buyers. Lina should just tell Lim Hng Kunt to enforce the same restrictions on buyers from these countries as they enforce on singaporeans buying there.
SINGAPORE: Investors from the United States, Switzerland, Norway, Liechtenstein and Iceland are accorded similar treatment as Singaporeans in the purchase of residential properties in Singapore.
But they are not allowed to purchase HDB apartments and Executive Condominiums.
Non-citizens are also restricted from purchasing private landed residential property.
In a written reply to Non-Constituency Member of Parliament Lina Chiam, Singapore's Trade and Industry Minister Lim Hng Kiang said this is under the "national treatment" obligation of two free trade agreements Singapore has with the United States and with the European Free Trade Association (EFTA).
The EFTA is a free trade area comprising Switzerland, Iceland, Liechtenstein and Norway.
These are the only two FTAs where "national treatment" has been accorded for the Additional Buyer's Stamp Duty (ABSD).
Conversely, Singaporean investors are also accorded equivalent rights and privileges in a host country as that accorded to those foreigners in Singapore.
Singapore's negotiations on an FTA with the European Union are ongoing and it is therefore premature for MTI to lay out the full range of benefits and concessions arising from this FTA at this point in time.
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