Executive Summary: Why Liechtenstein Citizens Have a Unique Edge in Singapore Property
If you are a Liechtenstein citizen, Singapore’s property market offers a rare tax advantage under the EFTA–Singapore Free Trade Agreement (EFTA Liechtenstein benefit). According to IRAS’ ABSD remission rules for certain nationalities, qualifying nationals of Iceland, Liechtenstein, Norway and Switzerland are granted the same ABSD treatment as Singapore Citizens when buying residential property in Singapore.[9][5] In practice, this means a Liechtenstein ABSD exemption (0% ABSD) on your first residential property, and Singapore-citizen rates (currently 20% and 30%) on subsequent purchases, instead of the 60% ABSD that most foreigners face.[5][8]
For high-net-worth families from Liechtenstein, this can translate into savings of several million Singapore dollars on a prime District 9 or 10 condominium, significantly improving your investment returns while enhancing your family’s lifestyle. But these benefits come with strict regulatory conditions, complex financing rules, and important legal nuances. Homejourney’s mission is to help you navigate all of this safely and transparently, so you can buy Singapore property with confidence.
This guide is written from the perspective of a long-time Singapore resident who has walked clients through actual viewings in places like Orchard, River Valley, Novena, East Coast and Sentosa. It is designed as the definitive 2025 guide for Liechtenstein citizens exploring Singapore property — whether as a residence, a family asset base, or a long-term investment.
Table of Contents
- 1. Key Advantage: How EFTA Benefits Liechtenstein Buyers in Singapore
- 2. Core Concepts: ABSD, BSD, EFTA & Residential Property Rules
- 3. What Liechtenstein Citizens Can and Cannot Buy in Singapore
- 4. Detailed Stamp Duty Breakdown for Liechtenstein Nationals
- 5. Financing & Loan Rules (LTV, TDSR, MSR) for Foreign Buyers
- 6. Step-by-Step Buying Process for Liechtenstein Citizens
- 7. Investment Strategies & Location Insights (2024–2025 Market)
- 8. Common Mistakes Foreign Buyers Make — and How to Avoid Them
- 9. Ongoing Ownership, Maintenance & Tenant Safety
- 10. Frequently Asked Questions (Liechtenstein Citizens & EFTA Benefits)
- 11. Next Steps & How Homejourney Keeps Your Purchase Safe
1. Key Advantage: How EFTA Benefits Liechtenstein Buyers in Singapore
1.1 The EFTA Liechtenstein – Singapore ABSD Advantage Explained
Singapore imposes an Additional Buyer’s Stamp Duty (ABSD) on top of standard Buyer’s Stamp Duty (BSD) for residential purchases, and foreigners normally pay the highest ABSD band. In 2024–2025, most foreign buyers face 60% ABSD on any residential property they purchase.[5] However, IRAS explicitly recognises certain nationalities — including Liechtenstein citizens — for ABSD remission under Free Trade Agreements.[9]
Under these rules, nationals of Iceland, Liechtenstein, Norway and Switzerland receive the same ABSD treatment as Singapore Citizens.[9][5] As summarised in Homejourney’s ABSD comparison by nationality, that means:[5]
- 1st residential property: 0% ABSD (Liechtenstein ABSD exemption)
- 2nd residential property: 20% ABSD
- 3rd & subsequent residential properties: 30% ABSD
Compare this to other foreigners paying 60% ABSD on each residential purchase, and you can see how powerful this EFTA Liechtenstein benefit is.[5][8]
1.2 Real-World Savings Example
Imagine you are buying a S$3.5 million three-bedroom condo in Orchard, near Orchard MRT Exit D, a 5-minute sheltered walk through ION Orchard. On a S$3.5 million purchase price:
- Standard foreign buyer (no FTA): 60% ABSD → S$2.1 million ABSD
- Liechtenstein citizen (EFTA benefit, first property): 0% ABSD → S$0 ABSD
You would still pay Buyer’s Stamp Duty at standard progressive rates (discussed later), but your tax savings purely from ABSD are already equivalent to a luxury apartment in many European cities. This is why many European family offices and private banks quietly flag Singapore as a strategic property hub for EFTA-linked families.
1.3 Why This Matters in the 2024–2025 Market
After several rounds of cooling measures — especially the April 2023 ABSD hike to 60% for foreigners[5] — Singapore has deliberately made speculative foreign buying far more expensive. However, the government has kept ABSD relief for specific FTA nationalities, signalling Singapore’s commitment to high-quality, treaty-linked investment relationships.[9]
For Liechtenstein citizens, this means that while global investors are deterred by 60% ABSD, you retain near-citizen treatment for ABSD. You can therefore:
- Enter the market with much lower upfront tax friction.
- Structure multi-property portfolios more efficiently (e.g. first home for own stay, second for rental).
- Compete effectively for prime units where many foreign buyers step back because of ABSD costs.
Homejourney focuses on transparent ABSD calculations and verified information so you always know exactly what you are paying at each step.
2. Core Concepts: ABSD, BSD, EFTA & Residential Property Rules
2.1 Key Terms You Must Understand
Before going deeper into the EFTA Liechtenstein benefits, it is important to be clear about several core concepts used in Singapore:
- ABSD (Additional Buyer’s Stamp Duty): A tax on residential property purchases, on top of BSD, with rates depending on your profile and number of properties. IRAS administers ABSD.[9][5]
- BSD (Buyer’s Stamp Duty): A progressive tax payable on all property purchases (residential and non-residential), based on the higher of purchase price or market value.
- Residential Property: Generally includes private condos, apartments, landed houses, and HDB flats. ABSD applies primarily to residential properties; commercial and industrial properties are exempt.
- FTA (Free Trade Agreement): A treaty between Singapore and certain countries or blocs. For Liechtenstein, the relevant agreement is the EFTA–Singapore FTA, under which qualifying nationals receive ABSD remission.[9]
- URA (Urban Redevelopment Authority): Singapore’s land-use planning and development authority, which also tracks and publishes official property transaction data.
- HDB (Housing & Development Board): Manages public housing; strict rules apply to foreigners buying HDB flats.
2.2 How the EFTA Liechtenstein ABSD Remission Works
IRAS sets out a specific ABSD remission scheme for foreigners under FTAs.[9] For EFTA-linked nationals (including Liechtenstein), the remission ensures they are treated like Singapore Citizens for ABSD purposes.[9][5] In practice, this remission:
- Applies to qualifying individuals who are nationals of the specified countries.
- Is granted on the condition that they would otherwise have been liable to pay higher ABSD as foreigners.
- Effectively reduces their ABSD rate to the Singapore Citizen band.
Important: the transaction may still need to be documented and claimed correctly, and the buyer (or solicitor) must ensure the correct nationality documents are provided. Homejourney always recommends engaging a Singapore conveyancing lawyer familiar with FTA remission claims, as IRAS will not accept incomplete or inaccurate submissions.
2.3 Quick Reference Table: ABSD Profiles in 2025
The table below summarises the ABSD profile differences. Rates reflect commonly cited 2025 citizen and foreigner ABSD bands referenced in market guides; always verify against IRAS for the latest figures at the time of purchase.[5][7][9]
Homejourney maintains an up-to-date ABSD guide and tools such as the dedicated ABSD article and calculator: ABSD Stamp Duty Calculator & Guide 2025 | Homejourney and ABSD Stamp Duty Calculator & Guide 2025 | Homejourney .
3. What Liechtenstein Citizens Can and Cannot Buy in Singapore
3.1 Property Types Generally Open to Foreigners
Under the Residential Property Act and related guidelines, foreigners — including Liechtenstein citizens — can typically buy the following without special approval:[6][2]
- Private condominiums and apartments (e.g. District 9 Orchard, River Valley, Novena, East Coast, city-fringe areas like Queenstown).
- Strata-landed houses in approved condominium developments (e.g. cluster houses within a condo project).[6][1]
- Leasehold estates in landed property for ≤ 7 years, including options for renewal.[6][2]
- Landed homes in Sentosa Cove, subject to Land Dealings Approval Unit (LDAU) approval and owner-occupation conditions.[1][2]
These are the categories most Liechtenstein buyers will consider. If you are looking at a new launch condo in, say, the CCR (Core Central Region) near Orchard or RCR (city fringe) around Redhill/Queenstown, you would generally be treated like any other foreign buyer for eligibility — but with your ABSD advantage on the tax side.
3.2 Property Types Generally Restricted
The following are heavily restricted for foreigners under the Residential Property Act:[1][2][6]
- HDB flats (public housing) – Foreigners cannot buy HDB flats directly, except in very limited circumstances (e.g. via inheritance or as part of a Singapore citizen/PR household structure subject to HDB rules).
- New Executive Condominiums (ECs) – Foreigners cannot buy brand-new ECs from developers, and can only buy EC units on the open market after their 10th year (when fully privatised).[1]
- Most landed property on mainland Singapore – Requires special LDAU approval; applicants are usually long-term PRs with exceptional economic contributions, and approvals are rare.[1][2]
A practical way to think of it: as a Liechtenstein citizen, you can target condominiums, apartments and fully-privatised ECs without restriction, and explore Sentosa Cove landed homes with specific approval. Mainland landed houses (for example a good class bungalow in Bukit Timah) are extremely difficult unless you become a long-standing PR and meet strict contribution criteria.[1][2]
