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S'poreans unfazed by foreign property curbs

New taxes and levies unlikely to cut interest dramatically

Singapore

SINGAPORE investor interest in overseas property is unlikely to change drastically because of a recent string of measures introduced by governments abroad on foreign investors, market watchers said.

The latest move came from the UK, which is imposing a capital gains tax on foreign investors of up to 28 per cent on profits made on sales after April 2015.

This follows several recent changes introduced in Malaysia, including a 3 per cent levy on foreign purchasers of property in Penang from next February, and planned higher assessment charges on Kuala Lumpur homebuyers.

Malaysia and the UK (especially London) are popular destinations, along with the likes of Australia and the United States,...

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