Rich man house
- Thread starter UncleFai
- Start date
Billionaire will clear 1 time. It's not easy for a bank to loan a person 100 mil. If he go bust, the bank also have problem selling the property.
When u call someone a billionaire, doesn't mean they have a billion in cash. Just like Singapore got a lot of millionaires but I guess it is networth. Not many have a million dollar in cash handy.
Yes, we all know that. But I'm just saying for a person (no talking bout his investment wing) to even consider buying a 300 mil property, how much declare income are we talking about here? To get a say 200 mil loan?
So my point is if this billionaire is buying for his own stay, my stand is that he will pay 1 time.
Assuming this is his 2nd property, needs to pay 300k in stamp. If 3rd best still.
Madness....
So my point is if this billionaire is buying for his own stay, my stand is that he will pay 1 time.
Assuming this is his 2nd property, needs to pay 300k in stamp. If 3rd best still.
Madness....
Smart property investors never own a property outright. Investment vehicles and holding companies are used.
Why?
It may be possible to avoid stamp duty by selling the vehicle instead of the property. A sale of company shares might be taxed less. You can hold 10 properties under 10 vehicles and have 0 under your own name so no need pay incrementally higher taxes...hmmm.
Well I am not a property lawyer or biz lawyer or tax consultant though...i believe this is how it works.
Why?
It may be possible to avoid stamp duty by selling the vehicle instead of the property. A sale of company shares might be taxed less. You can hold 10 properties under 10 vehicles and have 0 under your own name so no need pay incrementally higher taxes...hmmm.
Well I am not a property lawyer or biz lawyer or tax consultant though...i believe this is how it works.
For a multi-billionaire who can afford to buy a 300 Million SGD ppty, of course he would have more than 2 houses already.
Buyer cannot be only a billionaire. Because 300 Million is 30% of his net worth. Too much to spend in one go.
Has to be a multi-billionaire. Someone who has say, for example, 30 billion SGD.
Mr. Wingtai may be trying to push the envelope. In the hope that by establishing new upper limit benchmark for property, it will help to raise all of the other new property prices in SG. This will benefit him, being a developer.
There are other similar attempts, such as $1 Million HDB flat resale purchase and so on.
Regardless of the dollar amount, whether $1 Million ppty or $300 Million ppty, it is nevertheless a LOW CLASS trick.
Something that Mr. Wingtai should never have stooped down to try.
Buyer cannot be only a billionaire. Because 300 Million is 30% of his net worth. Too much to spend in one go.
Has to be a multi-billionaire. Someone who has say, for example, 30 billion SGD.
Mr. Wingtai may be trying to push the envelope. In the hope that by establishing new upper limit benchmark for property, it will help to raise all of the other new property prices in SG. This will benefit him, being a developer.
There are other similar attempts, such as $1 Million HDB flat resale purchase and so on.
Regardless of the dollar amount, whether $1 Million ppty or $300 Million ppty, it is nevertheless a LOW CLASS trick.
Something that Mr. Wingtai should never have stooped down to try.
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i don't think it's about class but about $
what's low class? Owning lots of property near Orchard then having the political power to redevelop Orchard area as a major shopping mall, secondary business district, etc...something to think about.
Yes, this is one of the ways. My friend's uncle owns many properties but none under his name.
It's a rich man game. Your lawyer and Tax Professionals will advise you what to do.
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