Singapore VCC insights

Wealth Tax Singapore: Why There Is None, and How Switzerland, Spain and Norway Compare

By VCC Editorial Team · Published 19 October 2026

Short answer: Singapore does not levy a net wealth tax. The Ministry of Finance says it taxes wealth through less mobile assets: property tax, stamp duties including Additional Buyer’s Stamp Duty, and vehicle charges. Estate duty was removed for deaths on or after 15 February 2008. Swiss cantons, Spain and Norway all still tax net wealth every year.

This article is general information only and is not legal, tax or investment advice. For matters needing legal advice, we work with a panel of experienced Singapore law firms.

For families leaving Europe, wealth tax is often the deciding question. Singapore has no recurring tax on net worth. It taxes immovable assets instead, residential property most heavily. This guide covers wealth tax in Singapore, what is charged instead, and how it compares with the Swiss cantonal wealth taxes, Spain’s two overlapping wealth taxes and Norway’s formuesskatt. All sources were checked on 19 October 2026, and in-force statements are as at that date.

Does Singapore have a wealth tax?

No. Singapore has no tax on an individual’s net worth, so bank balances, listed portfolios, private company shares and overseas assets are not valued each year to work out a tax charge.

The Inland Revenue Authority of Singapore (IRAS) overview of the tax system lists the taxes IRAS administers. They are income tax, goods and services tax, property tax, stamp duty, gambling duties and casino tax, and the Pillar Two top-up taxes. Estate duty appears only as removed. None of them is a tax on net wealth.

In a parliamentary reply of 25 February 2026, Senior Minister of State for Finance Jeffrey Siow answered questions about wealth taxes beyond property tax. He said: “Our approach is to tax wealth in ways that are less susceptible to cross-border movement and tax planning, while preserving competitiveness. And this is why we focus on less mobile assets like property and motor vehicles.” A November 2023 MOF reply listed Singapore’s “wealth taxes” as stamp duties, property tax and the Additional Registration Fee on motor vehicles.

Which asset-based taxes apply to wealthy families in Singapore?

There are three to plan for: annual property tax on Singapore real estate, stamp duty (including ABSD) when residential property is bought, and the absence of estate duty on death.

Property tax is charged on annual value, the expected annual rent, not capital value. Residential rates are progressive and depend on whether the owner lives in the property. Owner-occupier rates apply to only one property. A second home, a let property or a vacant unit is taxed at the non-owner-occupier rates.

ABSD is a one-off charge on buying residential property, payable on top of Buyer’s Stamp Duty and set by the buyer’s profile rather than the buyer’s wealth.

Estate duty under the Estate Duty Act 1929 has been removed for deaths on or after 15 February 2008, so Singapore assets pass on death without a Singapore death tax. We explain the abolition and its limits in Does Singapore Have Estate Tax?.

How much property tax does a Singapore home attract?

It depends on annual value and occupation. An owner-occupied home is taxed at 0% to 32% of AV. Every other residential property is taxed at 12% to 36%.

The owner-occupier bands come from the Property Tax (Rates for Residential Premises) (Amendment) Order 2024 (S 1070/2024), in force from 1 January 2025 “for the year 2025 and subsequent years”. The non-owner-occupier bands took effect on 1 January 2024. MOF confirmed on 3 February 2026 that the rates now stand at “12% to 36%”.

Annual value band (S$)	Owner-occupied rate	Annual value band (S$)	Non-owner-occupied rate
First 12,000	0%	First 30,000	12%
Next 28,000	4%	Next 15,000	20%
Next 10,000	6%	Next 15,000	28%
Next 25,000	10%	Above 60,000	36%
Next 10,000	14%
Next 15,000	20%
Next 40,000	26%
Above 140,000	32%

Here is an illustration before any rebate, using a property with an AV of S$150,000. If it is the family’s owner-occupied home, the bands above give property tax of S$22,220 a year. If the same property is held as a second home or let, the tax is S$43,200. Non-residential property is taxed at a flat 10% of AV.

What does ABSD cost families, companies and trusts?

ABSD runs from 0% to 65% of the price or value, depending on who buys. For purchases on or after 27 April 2023, the rates in the IRAS ABSD declaration form (updated 27 March 2024) are as follows:

• Singapore Citizens: 0% on a first residential property, 20% on a second and 30% on a third or later.
• Singapore Permanent Residents: 5% on a first, 30% on a second and 35% on a third or later.
• Foreigners: 60% on any residential property.
• Entities buying any residential property: 65%.
• Trustees buying any residential property: 65%.

Two points matter for structuring. First, a family office company, a variable capital company (VCC) or a trust that buys Singapore homes pays the entity or trustee rate, not the individual principal’s rate. Second, IRAS states that ABSD is not payable on property inherited in accordance with a will, intestacy law or Muslim inheritance law, while a transfer by way of gift still attracts it. ABSD is a tax on acquiring residential property, not on holding it. The IRAS ABSD page sets out the remissions and refunds, which come with conditions.

Wealth tax Singapore vs Switzerland, Spain and Norway: how do they compare?

Singapore taxes property and purchases. The three European systems tax the total net worth of a resident individual every year, including foreign assets, subject to treaties and local rules.

Feature	Singapore	Switzerland	Spain	Norway
Annual net wealth tax	None	Yes, levied by cantons and communes	Yes, two taxes: Impuesto sobre el Patrimonio and the ITSGF	Yes, municipal and state formuesskatt
Who sets the rates	Not applicable	Each canton; the federal tax was abolished in 1959	Regions for the Patrimonio (with a state default scale); the state alone for the ITSGF	Parliament, nationally
Threshold	Not applicable	Varies by canton; CHF 51,000 to CHF 402,000 of net assets in 2024 (married, no children)	Patrimonio: EUR 700,000 default minimum; ITSGF: net wealth above EUR 3,000,000	NOK 1,900,000 per single taxpayer in 2026; doubled for couples taxed jointly
Rates	Not applicable	Mostly progressive; nine cantons use a flat rate	Patrimonio default: 0.2% to 3.5%; ITSGF: 1.7%, 2.1%, 3.5%	0.35% municipal plus 0.65% state, with 0.75% state above NOK 21,500,000
Main asset-based taxes in place of, or alongside, a wealth tax	Property tax (0% to 36% of AV); ABSD (up to 65%)	Cantonal property and inheritance taxes (outside the scope of this table)	Not covered here	Not covered here

How does the Swiss cantonal wealth tax work?

Switzerland’s cantons and communes tax an individual’s net assets every year, through the same return as income tax. There is no federal wealth tax on individuals.

The Swiss Federal Tax Administration’s The Swiss Tax System (5th edition, 2025) states: “The cantons and communes levy a tax on the assets of individuals. This is assessed annually at the same time as income tax.” The tax base is “net assets, i.e. gross assets minus the taxpayer’s documented debt”.

The design varies a great deal by canton. Most cantonal scales are progressive. Lucerne, Uri, Schwyz, Obwalden, Nidwalden, Glarus, Appenzell Innerrhoden, St. Gallen and Thurgau use fixed, proportional rates. Appenzell Ausserrhoden uses a two-stage rate and Basel-Landschaft a three-stage rate. In 2024, liability started anywhere between CHF 51,000 and CHF 402,000 of net assets for a married taxpayer without children. For foreign nationals taxed on expenditure (the lump-sum regime), “the cantons determine the extent to which that covers wealth tax”.

Our Singapore vs Switzerland family office analysis covers the 2025 inheritance tax vote and the lump-sum regime in more depth.

What wealth taxes does Spain charge in 2026?

Spain charges two annual wealth taxes on individuals: the regional Impuesto sobre el Patrimonio and the state-level ITSGF. Both are in force as at 19 October 2026.

The Patrimonio is governed by Ley 19/1991, de 6 de junio. Under article 5, Spanish residents are taxed under “obligación personal” on their worldwide net wealth. Non-residents are taxed under “obligación real” on assets located in Spain. Article 5 also lets a resident who moves abroad elect to keep paying under personal obligation. The autonomous communities set the exempt minimum and the rate scale. Where a region has not legislated, the state default is a EUR 700,000 minimum (article 28) and a scale of 0.2% to 3.5% (article 30). A taxpayer’s habitual residence is exempt up to EUR 300,000.

The ITSGF was created by article 3 of Ley 38/2022, de 27 de diciembre. It was first meant to apply for two years. The consolidated text now notes that it is extended “en tanto no se produzca la revisión de la tributación patrimonial en el contexto de la reforma del sistema de financiación autonómica”, that is, until wealth taxation is reviewed as part of reform of regional financing (Real Decreto-ley 8/2023, additional provision 5.2). Its main features are these:

• It applies only to net wealth above EUR 3,000,000. The tax base is reduced by an exempt minimum of EUR 700,000.
• Rates are 1.7%, 2.1% and 3.5%, the top rate applying above EUR 10,695,996.06 of taxable base.
• Patrimonio actually paid for the same year can be deducted, so the ITSGF mainly bites in regions that reduce or remove the Patrimonio.
• It cannot be transferred to the regions. Tax falls due on 31 December each year.

The ITSGF is still being administered. Orden HAC/652/2026 of 26 June 2026 replaced the model 718 return, starting with the 2025 return whose filing period opened from 1 July 2026.

How does Norway’s formuesskatt work, and does it follow you abroad?

Norway taxes net wealth through both a municipal and a state charge. In 2026 the combined top rate is 1.1% above NOK 21,500,000 for a single taxpayer. Liability on worldwide wealth continues until Norwegian tax residence formally ends.

The Skatteetaten rates page for 2026 sets the municipal wealth tax at 0.35% and the state wealth tax at 0.65% on net wealth above NOK 1,900,000. The state rate rises to 0.75% above NOK 21,500,000. These thresholds are for single taxpayers and are doubled for spouses and registered partners taxed jointly. Valuation discounts reduce the taxable value of directly held assets. In 2026 the discount is 75% for a primary home (30% on value above NOK 14 million), 20% for shares and 30% for operating assets. A secondary home gets no discount.

As an illustration, a single taxpayer with taxable net wealth of NOK 100 million after discounts would pay about NOK 343,350 municipal tax and NOK 716,150 state tax. That is roughly NOK 1.06 million a year.

Departure is where Norway differs most from Singapore. Skatteetaten states that until tax emigration is approved, the taxpayer remains liable “for all inntekt og formue, både fra Norge og fra utlandet” (all income and wealth, from Norway and abroad). Someone resident in Norway for 10 years or more can stop being tax-resident no earlier than three years after the year they settle abroad. During those years they must not spend more than 61 days a year in Norway, and their family must not have a home available there. A statement of 9 September 2025 changed practice so that a person granted tax emigration from 1 January is no longer taxed on worldwide wealth for the year before. Norwegian real estate remains taxable under limited liability. Norway’s exit tax on unrealised gains is a separate charge, covered in our exit tax comparison.

What should a relocating family do before moving its wealth to Singapore?

Close the old wealth tax position first, then structure the Singapore position around property tax and ABSD. In practice the order is:

1. Confirm when wealth tax residence in the home country ends. That may be on departure, at year end or, in Norway, up to three years later. Check whether any election, such as Spain’s option to stay under personal obligation, applies.
2. Value the balance sheet at the home country’s reference date (31 December in Spain), because that snapshot can produce a final full-year charge.
3. Deal with any exit tax on unrealised gains alongside the wealth tax, since the triggers and timing differ.
4. Establish Singapore tax residence and immigration status. Our sister site Singapore Employment Agency covers passes and residence routes.
5. Before buying Singapore homes, decide who will hold them. A principal, a company, a VCC and a trustee pay different ABSD rates. Owner-occupier property tax rates apply to only one home.
6. Keep income tax separate from wealth tax. Singapore’s income tax still applies to income received by residents, as explained in our note on tax residence and redomiciliation.

Frequently asked questions

Is there any proposal to introduce a wealth tax in Singapore?

We found no proposal on the official sources we reviewed. MOF’s 25 February 2026 reply said the government focuses on less mobile assets such as property and motor vehicles, and makes those taxes progressive.

Does holding Singapore property through a company or trust avoid ABSD?

No. Entities and trustees buying residential property pay 65% ABSD, which is higher than any individual rate. Remissions and refunds exist only in defined cases and come with conditions.

Does a foreigner living in Singapore pay wealth tax on overseas assets?

Singapore does not. The home country may still claim it. For example, Norway taxes worldwide wealth until tax emigration is approved, and Spain allows a departing resident to elect to stay taxable under personal obligation.

Is Spain’s solidarity tax on large fortunes still in force in 2026?

Yes. Article 3 of Ley 38/2022 is extended until wealth taxation is reviewed within reform of regional financing. In June 2026, Spain approved a revised return for the 2025 year.

Sources

• Ministry of Finance, parliamentary reply, 25 February 2026
• Property Tax (Rates for Residential Premises) (Amendment) Order 2024, S 1070/2024
• Swiss Federal Tax Administration, The Swiss Tax System, 2025 edition
• Ley 38/2022, de 27 de diciembre, consolidated text, article 3 (BOE)
• Skatteetaten, Formuesskatt og verdsettingsrabatter, 2026

Raffles Corporate Services helps families relocating to Singapore plan their holding structures, with VCC incorporation, family office set-up and ongoing compliance. Email hello@rafflescorporateservices.com or Call/SMS/WhatsApp +65 8501 7133, or visit Raffles Corporate Services.

Last reviewed: 19 October 2026. The Editorial Team, Variable Capital Companies Act.