noning residence

Tax Residency

To be considered a tax resident in Singapore, an individual must meet certain criteria:

• Be physically present in Singapore for at least 183 days in the calendar year preceding the year of assessment.
• Exercise an employment in Singapore for at least 183 days in the calendar year preceding the year of assessment, excluding directors of a company.
• Alternatively, the individual must reside in Singapore with temporary and reasonable absences that do not contradict the claim of being a resident.

Property Tax

For property owners, the residency status can also impact the property tax rates:

• Owner-Occupied Residential Property: If you reside in your own home, the property tax rates are progressive, starting from 0% and going up to a maximum of 16%, based on the property's annual value.
• Non-Owner Occupied Residential Property: Properties that are rented out or left vacant are taxed at higher rates, ranging from 10% to 20%, reflecting the potential rental income.
• Land and Non-Residential Properties: These are taxed at a flat rate of 10%.

Stamp Duties

Residency status can also affect the stamp duties payable on property transactions. For example, Additional Buyer's Stamp Duty (ABSD) may apply to non-residents or those owning multiple properties, regardless of their residency status.

Real Estate Transactions

When buying or selling real estate, understanding your residency status is important for determining the applicable stamp duties and other tax implications. For instance, foreigners or non-residents may face higher stamp duty rates compared to tax residents.