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Rich families skirt tax by buying homes for kids

Bloomberg
Bloomberg7/31/2019 10:59 AM GMT+08  • 4 min read
Rich families skirt tax by buying homes for kids
Singapore rich kids end up with penthouses as parents skirt tax
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Singapore rich kids end up with penthouses as parents skirt tax

(July 31): Not many 24-year-old university students live in a S$1.2 million ($875,000) penthouse, kitted out with a Herman Miller Aeron office chair and Lelit espresso machine. Especially not in Singapore, one of the world’s most expensive property markets.

Shawn, whose loft-style apartment in Singapore’s leafy central Bukit Timah region was paid for entirely by his mother, is one of a lucky few. But his ranks are growing as families seek to work around cooling measures, including raised stamp duties on second and third homes, by buying properties for their children.

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