{"id":47520,"date":"2022-01-17T11:46:19","date_gmt":"2022-01-17T03:46:19","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=47520"},"modified":"2024-10-22T16:55:38","modified_gmt":"2024-10-22T08:55:38","slug":"buying-properties-in-trust","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/buying-properties-in-trust\/","title":{"rendered":"Buying properties in trust \u2013 What does it mean for property owners with children in light of the cooling measures?"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p><span data-preserver-spaces=\"true\">Some people purchase properties to live in, while others buy them as investment pieces. For the latter, they usually have to contend with taxes and duties such as <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.99.co\/singapore\/insider\/property-jargon-of-the-day-additional-buyers-stamp-duty-absd\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Additional Buyer\u2019s Stamp Duty (ABSD)<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In mid-December 2021, the government announced a <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.99.co\/singapore\/insider\/cooling-measures-announced-absd-tdsr-ltv-16-december-2021\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">slew of cooling measures<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0intended to dampen the exuberance in the property market.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Measures include ABSD increases for those looking to buy a second or subsequent property. ABSD is now levied at 17% for second homes and 25% for third and subsequent properties. First-time home buyers are not affected by the increase.\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"2\"><b>Types of Buyers<\/b><\/td>\n<td><b>Rates from 6 July 2018 to 15 December 2021<\/b><\/td>\n<td><b>Rates on or after 16 December 2021<\/b><\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\"><b>Singapore Citizens<\/b><\/td>\n<td>First residential property<\/td>\n<td>0%<\/td>\n<td>0% <em>(unchanged)<\/em><\/td>\n<\/tr>\n<tr>\n<td>Second residential property<\/td>\n<td>12%<\/td>\n<td>17% <i>(+5%)<\/i><\/td>\n<\/tr>\n<tr>\n<td>Third and subsequent residential property<\/td>\n<td>15%<\/td>\n<td>25% <i>(+10%)<\/i><\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\"><b>Permanent Residents<\/b><\/td>\n<td>First residential property<\/td>\n<td>5%<\/td>\n<td>5% <i>(unchanged)<\/i><\/td>\n<\/tr>\n<tr>\n<td>Second residential property<\/td>\n<td>15%<\/td>\n<td>25% <i>(+10%)<\/i><\/td>\n<\/tr>\n<tr>\n<td>Third and subsequent residential property<\/td>\n<td>20%<\/td>\n<td>30% <i>(+10%)<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Foreigners<\/b><\/td>\n<td>Any residential property<\/td>\n<td>20%<\/td>\n<td>30% <i>(+10%)<\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Entities<\/b><\/td>\n<td>Any residential property<\/td>\n<td>25%<\/td>\n<td>35% <i>(Plus additional 5% for housing developers (non-remittable)) (+15%)<\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span data-preserver-spaces=\"true\">In Singapore, any individual below 21 years of age does not have the legal capacity to own private property in their own name. However, parents may <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.straitstimes.com\/business\/property\/singapore-rich-kids-are-ending-up-with-penthouses-as-parents-skirt-taxes\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">use their child\u2019s name<\/span><\/a><span data-preserver-spaces=\"true\"> to acquire another property under a trust. The parents will remain legal owners of the property, while the child becomes the beneficiary.\u00a0<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">What is a trust?<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">A\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.iras.gov.sg\/taxes\/other-taxes\/trusts\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">trust<\/span><\/a><span data-preserver-spaces=\"true\"> is an arrangement that allows one person (trustee) to hold assets on behalf of another (beneficiary). It can comprise a variety of assets, including cash, stocks, family businesses and, with this article, property.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">There are 3 parties involved in a trust.<\/span><\/p>\n<ul>\n<li><strong><span data-preserver-spaces=\"true\">Settlor.<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0The person or entity who created the trust and usually the one who owns the assets.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Trustee.<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0This is often a lawyer who is entrusted with the legal title to the property and administers the trust. The settlor can also be the trustee.\u00a0<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Beneficiary\/Trustor.<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0The person is entitled to the proceeds from the trust.\u00a0<\/span><\/li>\n<\/ul>\n<h2 class=\"p1\"><span class=\"s1\"><b>Does it make sense to buy properties under a trust to avoid ABSD?<\/b><\/span><\/h2>\n<p>Sometimes current property owners seeking to avoid the hefty ABSD fees purchase properties under a trust. Do note, however, that the Inland Revenue Authority of Singapore (IRAS) will evaluate the beneficiary of the trust. ABSD rules will still apply if the beneficiary owns more than one property.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-47533\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/01\/Chinese-family-of-3.jpg\" alt=\"Chinese family of 3\" width=\"900\" height=\"600\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/01\/Chinese-family-of-3.jpg 900w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/01\/Chinese-family-of-3-150x100.jpg 150w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/p>\n<p>Let\u2019s look at an example of a family doing so: Here&#8217;s the Lee family, which comprises Mr and Mrs Koh and their 5-year-old daughter, Holly.<\/p>\n<p>Mr and Mrs Koh decide to purchase a private condo in Queenstown, with Holly as the beneficiary. This is young Holly\u2019s first property; thus, no ABSD is payable.<\/p>\n<p>Holly\u2019s parents will handle all legal responsibilities and liabilities. When Holly turns 21, the property immediately belongs wholly to her, and she has to assume those responsibilities. Should she decide to purchase another property with her spouse, she will need to pay ABSD as it will be considered her second property.<\/p>\n<p>We&#8217;ve covered some <a href=\"https:\/\/www.99.co\/singapore\/insider\/buying-property-under-your-childs-name-is-it-a-good-idea\/\" target=\"_blank\" rel=\"noopener\">pros and cons<\/a> if property buyers are doing so with similar intent.<\/p>\n<h2>Local crypto billionaire buying GCB under trust<\/h2>\n<p class=\"p1\"><span class=\"s1\">Recently, local crypto billionaire Zhu Su <a href=\"https:\/\/www.99.co\/singapore\/insider\/singapore-crypto-billionaire-buy-gcb-under-3-year-old-trustee\/\" target=\"_blank\" rel=\"noopener\">bought a S$48.8 million GCB<\/a> in the Kilburn Estate Area with his 3-year-old child as the beneficiary.<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">How much ABSD he would\u2019ve had to pay if he bought it under his name as a second (or third) property? Let\u2019s break it down.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"2\"><b>Types of Buyers<\/b><\/td>\n<td><b>Additional ABSD in SGD<\/b><\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\"><b>Singapore Citizens<span class=\"Apple-converted-space\">\u00a0<\/span><\/b><\/td>\n<td>First residential property<\/td>\n<td>S$0<\/td>\n<\/tr>\n<tr>\n<td>Second residential property<\/td>\n<td>S$8,296,000<\/td>\n<\/tr>\n<tr>\n<td>Third and subsequent residential property<\/td>\n<td>S$12,200,000<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\"><b>Permanent Residents<\/b><\/td>\n<td>First residential property<\/td>\n<td>S$0<\/td>\n<\/tr>\n<tr>\n<td>Second residential property<\/td>\n<td>S$14,640,000<\/td>\n<\/tr>\n<tr>\n<td>Third and subsequent residential property<\/td>\n<td>S$14,640,000<\/td>\n<\/tr>\n<tr>\n<td><b>Foreigners<\/b><\/td>\n<td>Any residential property<\/td>\n<td>S$17,080,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span data-preserver-spaces=\"true\">Assuming it was his second property, he saved an eye-watering S$8.2 million as a Singapore citizen. If that estate were his third property, he would have saved more than S$12.2 million. That&#8217;s <em>a lot<\/em> of money saved.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">To find out how much ABSD you have to pay if you decide to buy a second property, you can use\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.99.co\/calculators\/affordability\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">99.co\u2019s affordability calculator<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\"><b>Main motivations behind setting up trusts<\/b><\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The most common motivation behind creating a trust is to give the beneficiary a pillar of financial support.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">There are other reasons, such as:<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Estate preservation and financial planning.<\/span><\/strong><span data-preserver-spaces=\"true\"> Geared toward the wealthy and super-wealthy class such as Zhu Su, establishing a trust protects the assets in the trust from being taken out of one\u2019s control. This might happen during events such as forced heirship laws, where the state determines inheritance instead of one\u2019s will.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Protection of assets.<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Under an irrevocable trust, creditors cannot seize the property if the settlor undergoes a divorce or declares bankruptcy. Personal creditors of the settlor are not entitled to claim the trust property to satisfy, and debts owed to them.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">An irrevocable trust must have been set up for over five years prior to bankruptcy to protect the property. <\/span><span data-preserver-spaces=\"true\">This is because the terms of the trust cannot be changed, unlike that of a revocable trust. If the trust is revocable, a court might demand that the settlor end the trust to repay creditors.\u00a0<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">When will the trustee attain the legal title?\u00a0<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">Once the beneficiary is 21 years old, the trust will be ended, and the legal title passed to the child.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Once the trust ends, the beneficiary is the complete owner of the property and must assume full responsibility for all taxes and mortgages.\u00a0<\/span><span data-preserver-spaces=\"true\">Parents can also specify in the trust deed for their child to inherit their property at a later time, such as a specific age or occasion.\u00a0<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">How much does it cost to set up a trust?<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">There are many types of trusts. Establishing a trust can range from a few thousand dollars to S$20,000 or more. This is highly dependent on the law firm and the complexity of the arrangements. There may also be annual maintenance fees.\u00a0<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">What properties can be trust properties?<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">Both HDB and private properties can be trust properties. HDB flats will require prior written approval from HDB before a settlor can create the trust.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Properties purchased to be held on trust will need to be fully paid for in cash. It will also be near impossible to secure a bank loan. However, since taking this route is usually taken by the wealthy, it will hardly be an issue for them.\u00a0<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Legal implications\u00a0<\/span><\/strong><\/h2>\n<p><strong><span data-preserver-spaces=\"true\">Property fees.<\/span><\/strong><span data-preserver-spaces=\"true\"> Parents manage the trust property. This means handling all the legal responsibilities and liabilities, such as paying the relevant taxes and duties.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Income taxable.<\/span><\/strong><span data-preserver-spaces=\"true\"> If the property earns income, such as through rent, the income is considered the parents&#8217; statutory income. This income is subject to income tax at a flat rate of 17%.\u00a0<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Future homes will incur ABSD.<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0Children whose parents purchased a property under their name will incur ABSD for any future property purchases. If they wish to avoid ABSD, they will need to sell their current property.\u00a0\u00a0<\/span><\/p>\n<h2>Conclusion<\/h2>\n<p>If you intend to buy the property as a gift for your child and can cover all related costs, there won&#8217;t be a problem stow it under a trust. It&#8217;s a great gift, seeing as property prices are always on a consistent uptrend, and there&#8217;s no doubt it&#8217;ll be quite the nest egg once your child is of legal age to take over the property.<\/p>\n<figure id=\"attachment_47537\" aria-describedby=\"caption-attachment-47537\" style=\"width: 702px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-47537\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/01\/condo-prices-over-15-years.jpg\" alt=\"condo prices over 15 years\" width=\"702\" height=\"600\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/01\/condo-prices-over-15-years.jpg 702w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/01\/condo-prices-over-15-years-150x128.jpg 150w\" sizes=\"(max-width: 702px) 100vw, 702px\" \/><figcaption id=\"caption-attachment-47537\" class=\"wp-caption-text\">Property is definitely an asset in Singapore, with its value on a consistent incline over the years<\/figcaption><\/figure>\n<p>However, if you&#8217;re planning on using the trust to skirt around paying ABSD, you run the risk of being found guilty under <a href=\"https:\/\/sso.agc.gov.sg\/Act\/SDA1929?ProvIds=pr33A-\" target=\"_blank\" rel=\"noopener\">Section 33A of the Stamp Duties Act (SDA)<\/a>. Under this act, the Commissioner of Stamp Duties will slap you with a hefty fine on top of paying back the ABSD.<\/p>\n<hr \/>\n<h2>Thinking of buying a property under your child\u2019s name? Let us know in the comments section below or on our Facebook <a href=\"https:\/\/www.facebook.com\/99dotco\/posts\/2189351837884952\" target=\"_blank\" rel=\"noopener\">post<\/a>.<\/h2>\n<p class=\"p2\">If you found this article helpful, check out <a href=\"https:\/\/www.99.co\/singapore\/insider\/buying-property-under-your-childs-name-is-it-a-good-idea\/\" target=\"_blank\" rel=\"noopener\">Buying property under your child\u2019s name: Is it a good idea?<\/a> and <a href=\"https:\/\/www.99.co\/singapore\/insider\/home-ownership-child-name\/\" target=\"_blank\" rel=\"noopener\">Why you shouldn\u2019t put properties in your child\u2019s name<\/a>.<\/p>\n<p class=\"p1\">Looking for a property? Find the home of your dreams today on Singapore\u2019s fastest-growing\u00a0<a href=\"https:\/\/www.99.co\/?utm_source=blog%20main%20site%20conversion\" target=\"_blank\" rel=\"noopener\">property portal<\/a>\u00a0<a href=\"http:\/\/99.co\/\" target=\"_blank\" rel=\"noopener\">99.co<\/a>! If you would like to estimate the potential value of your property, check out\u00a0<a href=\"https:\/\/www.99.co\/singapore\/property-value-tool\" target=\"_blank\" rel=\"noopener\">99.co\u2019s Property Value Tool<\/a>\u00a0for free. Also, don&#8217;t forget to join our Facebook\u00a0<a href=\"https:\/\/www.facebook.com\/groups\/yourpropertycommunity\" target=\"_blank\" rel=\"noopener\">community page<\/a>! Meanwhile, if you have an interesting property-related story to share with us, drop us a message\u00a0<a href=\"mailto:marketing@99.co\" target=\"_blank\" rel=\"noopener\">here<\/a> \u2014 and we\u2019ll review it and get back to you.<\/p>\n<hr \/>\n<h2 class=\"c-message_kit__attachments\"><strong>Frequently Asked Questions (FAQ)<\/strong><\/h2>\n<div>\n<p><strong>What is a trust and how does it work in the context of property ownership?<\/strong><\/p>\n<p>A trust is a legal arrangement where a trustee holds assets, including properties, on behalf of a beneficiary. In property ownership, it allows someone to manage the property for the benefit of another person, such as a minor child, until a specified age.<\/p>\n<p><strong>Who can set up a trust for a property in Singapore?<\/strong><\/p>\n<p>Individuals and entities are eligible to set up trusts for properties in Singapore. Parents, for example, can use their child&#8217;s name to acquire a property under a trust arrangement.<\/p>\n<p><strong>Can any type of property be held under a trust?<\/strong><\/p>\n<p>Yes, both HDB flats and private properties can be held under a trust. However, approval from HDB is required for HDB flats, and properties held under trusts must be fully paid for in cash.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Some people purchase properties to live in, while others buy them as investment pieces. For the latter, they usually have to contend with taxes and duties such as Additional Buyer\u2019s Stamp Duty (ABSD).\u00a0 In mid-December 2021, the government announced a slew of cooling measures\u00a0intended to dampen the exuberance in the property market.\u00a0 Measures include ABSD&hellip;<\/p>\n","protected":false},"author":123,"featured_media":22800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"no","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53589,53972,57131],"tags":[53667,53595,57033,55259,59206,55854],"persona":[57125,57128],"class_list":{"2":"type-post","18":"entry","19":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- 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