On 8 May 2022, the Ministry of Finance announced that with effect from 9 May 2022, any transfer of residential property into a living trust will be subject to additional buyer’s stamp duty at the rate of 35%, and with effect from 10 May 2022, additional conveyance duties will now apply to transfers of equity interests in Property Holding Entities into living trusts. Buyer’s stamp duty, ABSD, and seller’s stamp duty will also be imposed when a beneficial owner renounces his or her interest in residential property held on a bare trust.

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