Be very careful when using a trust to buy a home for a minor
IN a column in The Level Ground earlier this year, I wondered if there may be measures taken to curtail the buying of homes in the name of minors who are Singapore citizens.
Parents using trusts to buy private homes for their children, who are under the age of 21 and are citizens, can get round the paying of additional buyer’s stamp duty (ABSD) as long as the home is the first to be held in the name of the child.
Purchasing homes in trust for children can make financial sense, as the said homes can be used to generate rental income and potentially enjoy capital appreciation.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
The dog ate Japan’s plan to phase out coal power
Singapore offices await a new wave of tenants
Climate philanthropy key to South-east Asia’s green transition
Without a game changer, Sentosa Cove condos will continue underperforming
Social media is fragmenting further. Is that really such a bad thing?
Relative measures can be absolutely wrong