Where Hong Kong and Singapore Buyers Buy Property Abroad

Published on: July 24, 2026

Last verified: 24 July 2026. Stamp duties, foreign ownership bans and visa thresholds in this article changed recently and change often.

Quick answer: Singapore's outbound property investment is driven mainly by cost: the Additional Buyer's Stamp Duty charges foreigners 60% and Singapore citizens 20% on a second home, which makes domestic diversification prohibitively expensive and pushes second and third purchases offshore. Hong Kong's outbound flow is driven mainly by relocation and diversification rather than tax, because Hong Kong abolished all of its property cooling measures in February 2024 and they remain abolished. The main destinations for both are the United Kingdom, Japan, Australia, Thailand, Malaysia, Dubai and, for lifestyle rather than yield, Portugal.

Hong Kong and Singapore hold two of the densest concentrations of private wealth on earth. Both are small, both are expensive, and both send a remarkable share of their property capital overseas. But they do it for almost opposite reasons, and understanding which engine is driving a buyer tells you a great deal about where the money lands.

Singapore's outbound flow is arithmetic. Hong Kong's is biography.

This guide covers what is pushing capital out of each city, the seven destinations that absorb most of it, and the ownership rules that decide whether a given market is actually open.

Two different engines

Singapore: priced out at home

Singapore did not close its property market to foreigners. It priced it. Since 27 April 2023 a foreign buyer pays Additional Buyer's Stamp Duty at a flat 60% on any residential purchase, first or fifteenth, with no owner-occupier relief. That sits on top of Buyer's Stamp Duty, which rises through bands. Corporate and trust buyers pay more still.

The rates that matter for outbound flow, though, are the ones charged to locals. A Singapore citizen pays nothing on a first home, 20% on a second and 30% on a third. A permanent resident pays a lower rate on a first home and substantially more on a second and third. For a family that already owns its home and wants a second property, that is a six-figure tax on the decision to stay domestic. Buying a comparable asset in Kuala Lumpur, Bangkok, Tokyo or Manchester often costs less in total transaction tax than the ABSD alone.

Two further constraints shape the behaviour. Central Provident Fund Ordinary Account savings cannot be used for overseas property, so foreign purchases are cash or foreign-bank financed. And a small number of nationalities benefit from Free Trade Agreement remissions on ABSD, which is why the tax question always has to be checked against the individual passport rather than assumed.

Hong Kong: the tax push is gone, the other pushes are not

Hong Kong's story reversed in 2024. In the Budget delivered on 28 February 2024, the government abolished all demand-side management measures for residential property with immediate effect: Buyer's Stamp Duty, Special Stamp Duty and New Residential Stamp Duty were all reduced to zero, and the change was subsequently given permanent statutory effect. A non-permanent resident now pays the same Ad Valorem Stamp Duty as a local buyer, and there is no longer any minimum holding period.

So Hong Kong capital is not being taxed out of its own market. It is leaving for three other reasons: emigration, currency and diversification. The British National (Overseas) route opened in January 2021 and large numbers of Hong Kong nationals have used it. The Hong Kong dollar's peg to the US dollar has made yen-denominated and, at points, sterling-denominated assets look cheap. And a domestic market that fell a long way from its peak has made the case for holding property in more than one jurisdiction easier to argue at the family level.

Where the money actually goes

United Kingdom

The single largest destination for Hong Kong capital, and for one obvious reason: the BN(O) route makes it a place people move to, not just invest in. There is no restriction on foreign nationals buying UK residential property. The practical friction is credit rather than law: recent arrivals have a thin UK credit file, and lenders typically want a visa with two to three years of remaining leave, several months of documented income and some UK credit footprint. Registering on the electoral roll and building a modest repayment history are the standard fixes.

The tax stack is where UK purchases surprise people. Non-residents pay a Stamp Duty Land Tax surcharge, and a further additional-property surcharge applies on top where the buyer already owns residential property anywhere in the world. Both were increased in recent years, so take the current rates from HMRC rather than from an older guide. Rental income is taxed in the UK regardless of where the owner lives, and mortgage interest relief for individuals is restricted to a basic-rate credit.

Japan

Structurally the most open market in Asia for both buyer groups. Japan places no restrictions on foreign ownership of land or buildings, freehold is genuinely freehold, and there is no residency or visa requirement to buy. A weak yen against both the Singapore and Hong Kong dollar has done the rest.

The flow is real and recent, though the public evidence is mostly firm-level rather than national. Japanese property investment firm FM Investment has reported Singaporeans growing to roughly half of its transactions, up from about 30% the year before, overtaking Hong Kong buyers as its largest client group. The akiya platform Akiya Japan has reported combined Southeast Asian search interest roughly doubling over a recent four-month window, with Tokyo the most-searched prefecture by a wide margin. Both are single-firm datasets rather than national statistics, so treat them as directional rather than definitive.

Two warnings worth carrying. Buying property in Japan confers no residency right at all, and the business manager visa route has become harder to obtain since 2025. And the cheap rural akiya story is mostly a renovation story: a house bought for ¥1 million can require ¥5 million to ¥10 million to become habitable.

Australia

The door that closed. From 1 April 2025, foreign persons, including temporary residents and foreign-owned companies, were banned from purchasing established dwellings in Australia unless a narrow exception applies. The ban was originally set to run to 31 March 2027, and the government has since announced an extension.

A great deal of secondary commentary still carries the original 2027 date, so verify the current end date against the Australian Taxation Office before acting on anything you read. Permanent residents, New Zealand citizens and spouses of Australian citizens or permanent residents are not affected. For everyone else, the practical position is: new builds and off-the-plan only, plus Foreign Investment Review Board application fees, annual vacancy fees and state-level foreign purchaser surcharges on top.

Thailand

Bangkok, Phuket and Chiang Mai remain heavily traded by both buyer groups, and the reason is entry price rather than openness. Foreigners cannot own land in Thailand. They can own a condominium unit freehold, but only within the 49% of a building's total unit floor area that may be foreign-held; once a building hits that quota, the remaining units are Thai-owned only. The workaround most often marketed to foreign buyers is a long leasehold, typically 30 years with renewal options, and renewals are contractual promises rather than guaranteed rights.

Foreign-currency inflow documentation matters here. To register foreign freehold ownership you generally need evidence that the purchase funds arrived in Thailand from abroad in foreign currency, which is a paperwork step that catches buyers who fund locally.

Malaysia

Proximity does most of the work, and the Johor Bahru to Singapore Rapid Transit System link has sharpened it. Malaysia sets minimum purchase price thresholds for foreign buyers that vary by state and by property type, which effectively fences foreigners out of the cheapest stock. The Malaysia My Second Home programme has been repeatedly revised, so treat any threshold you read as needing re-verification before you commit.

Dubai and the wider UAE

Freehold ownership for foreign nationals within designated freehold zones, no annual property tax, no personal income tax and a 4% Dubai Land Department transfer fee. It attracts both cities' capital for the same reasons it attracts everyone else's: transaction speed, dollar-pegged currency and a residency route attached to property at defined investment levels. Confirm the current visa investment thresholds directly with the relevant authority, because they have been revised more than once.

Portugal

Included here because both buyer groups search for it heavily, and because expectations need correcting. Portugal's Golden Visa no longer has a real estate route, so buying property in Portugal does not lead to residency. What remains is a lifestyle and long-stay proposition, usually paired with the D7 or digital nomad routes, and a purchase cost stack of roughly 6% to 8% including IMT, 0.8% stamp duty and professional fees.

At a glance

The tax question that follows you home

Both Hong Kong and Singapore operate broadly territorial tax systems and neither levies a general capital gains tax, which is why the decisive tax analysis for buyers from these two cities is usually in the destination country rather than at home. That is a general statement about the structure of the systems, not advice about your position: personal circumstances, holding structures and any partnership involvement can change the answer, and both jurisdictions participate in the Common Reporting Standard, so overseas holdings are visible.

The destination-side taxes that most often get underestimated are non-resident rental income tax, annual wealth or property taxes, non-resident capital gains tax on sale, and inheritance or estate tax exposure on foreign-situs property. The last one is the quiet one. Several popular destinations tax the estate of a non-resident on assets located in their territory, at rates and thresholds that have nothing to do with the owner's home country.

Frequently asked questions

Why do so many Singaporeans buy property overseas rather than at home?
Because of the Additional Buyer's Stamp Duty. A Singapore citizen pays 20% on a second residential property and 30% on a third, and a foreigner pays 60% on any purchase. For a household that already owns its home, the tax on a second domestic property frequently exceeds the entire transaction cost of buying overseas.

Did Hong Kong's property taxes for foreign buyers really disappear?
Yes. Buyer's Stamp Duty, Special Stamp Duty and New Residential Stamp Duty were all abolished with effect from 28 February 2024 and remain abolished. Only the progressive Ad Valorem Stamp Duty applies, at the same rates for non-permanent residents as for locals.

Can I still buy an existing home in Australia?
Generally no, if you are a foreign person. The ban on foreign purchases of established dwellings started on 1 April 2025 and has been extended, with limited exceptions. New dwellings remain available subject to Foreign Investment Review Board approval. Check the current end date with the ATO.

Can I use CPF savings to buy property outside Singapore?
No. CPF Ordinary Account funds cannot be applied to overseas property purchases.

Does buying property in Japan or Portugal get me residency?
No in both cases. Japan has never attached residency to property ownership, and Portugal removed the real estate route from its Golden Visa programme.

Keep reading on JanusHermes

JanusHermes is built for exactly this problem: one buyer, several candidate countries, and no single national portal that covers them all. You can compare listings across more than 50 countries in one place, in 11 languages, with the local agency's details attached, then narrow to the two or three markets where the ownership rules actually work for your situation before you spend money on flights or lawyers.

For the inbound side of both cities, see buying property in Hong Kong and Singapore property for foreign buyers. On the destinations, read the Japan akiya guide, Australia for foreign buyers and Thailand for foreigners. For the wider picture, compare with the Chinese outbound buyer and where Turkish buyers go, and check the foreign ownership restrictions table and net after-tax rental yield by country before committing.

This article is general information about property markets and public rules as at July 2026, not legal, tax, immigration or investment advice. Tax rates, stamp duties, foreign ownership restrictions and visa thresholds change frequently and several of the figures above changed within the last twelve months. Verify the current position with a qualified professional in the relevant jurisdiction, and with the official source (for example the ATO, IRAS or the Hong Kong Inland Revenue Department), before making any commitment.

Primary sources: Inland Revenue Authority of Singapore (IRAS) guidance on Additional Buyer's Stamp Duty; Hong Kong Financial Secretary's Budget Speech, 28 February 2024, and Hong Kong Inland Revenue Department stamp duty guidance; Australian Taxation Office foreign investment rules on established dwellings; UK HMRC Stamp Duty Land Tax guidance; Thailand Condominium Act foreign ownership quota; firm-level transaction data reported by FM Investment and Akiya Japan.

A note on the numbers: where no source is named, the market figures in this article (prices, yields, costs) are indicative estimates compiled from publicly available market data and industry reporting at the time of writing. Markets move and rules change, so treat them as a starting point and verify current figures with official sources before acting on them.