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Hi Gurus, I need an advise.
I'm an SPR, and own a private property here in Singapore.
I've a son, who is now 22. He is Autistic and can't work.
I would like to invest in a private property for him, using my CPF and other savings.

Since I already have a property (under my and my wife's name), I would like to see if I can minimize the ABSD, by letting my Son have highest percentage of ownership of the new home, under the tenants-in-common agreement.

Please note, complete funding for the new property will come fully from me... My Son can't work and he can't earn.
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8 Answers

Dear Sir,

This option is possible. Please feel free to contact me so that I can assist my assistance on how to structure the purchase.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020
Visit my website to know me better: www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
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http://bit.ly/buypropertyguide

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“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefited a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
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We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More
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Hi Sir

I will be glad to assist
Appreciate if you can contact me at (65) 96608508 
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508 
Email: Silviayang8@gmail.com Read More
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Good afternoon,

Yes the plan seems feasible. I presume your son is a citizen? Happy to share my inputs on how best to structure the approach.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
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ERA Top 15 Achiever in April 2019 (Top 1% Company Level)
ERA Top 86 Achiever in Sept 2019 (Top 2% Company Level)
ERA Top 510 Achiever in Year 2019 (Top 8% Company Level)

SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
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Hi,

1) My suggestion is to set up a trust for your son so that the funds earn in the trust can be used for his needs.
2) But if you plan to buy a property and put it in the trust, you will have to use cash only for the property.
3) CPF funds cannot be used for property in a trust.
4) For more detail on how a trust works, it is best to consult a lawyer.
5) You may read this article over trust to get an idea:
https://singaporelegaladvice.com/provide-special-needs-children-after-death/

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

Note:
Any response to our answer does not reach us.
The best way to get a follow-up is to Whatsapp or email us directly. Read More
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Dear Buyer,
Since your son is 22, it is easy to do what you are planning to do. There is this method called 99/1 where your son takes 99% stake and you take 1%. By doing this, you can legally purchase a home for him using all your cash n CPF at your disposal and paying the minimum ABSD.

Do call me.
Cheers!

Elan Govan
MABA (Lancaster)
Huttons Asia P. L.
 90170747 
www.goodpropertiesguide.com Read More
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Robbie Chen Chee Howe
Hi Sir,

This is possible, but in terms of ABSD, it will be tricky. Do take note that avoidance of tax is a crime, hence be really careful on this.

Having said that, I may have a solution for you to consider. This solution will not get you into trouble with IRAS, and it may also be a more feasible solution for you and your family.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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Joey Ong 王祖鸸
Dear Owner,

You are a good father planning ahead for your son. I feel for you as a parent and hope I am able to assist you and your son. Your plan to purchase using 99/1 where your son takes 99% and you take 1% share of the home is feasible since your son has met the legal age. Alternatively, you can also purchase under a trust as well but this will require full cash.

Perhaps we can meet up for a discussion? Please feel free to call me at 9436 5945  for a non obligatory discussion at your convenience? And I can share with you how I can assist you in the sales.

I am a full time active & experienced realtor in RENTING and RESALES and NEW LAUNCHES and have assisted many happy sellers in their sales of houses for the past 11 years with GOOD track record. You can take a look at my profile in our websites or even talk to our previous clients.

TESTIMONIALS from our Happy Clients:
“We'd like to thank you …for assisting with the sale of our previous flat and purchase of our current home. You have kept us regularly updated throughout the process and demonstrated integrity during negotiations and final transactions. You have basically earned our trust as truly hard-working, diligent property agents. Would gladly recommend you to others. “ Mr Nathan

“It has been our pleasure working with you for the disposal of our flat. You have put in the effort more than what you should have in helping us manage the buyers especially the Tan family.
We did also see the assistance you've provided to the Tan family where they were not represented by any agents and we've been impressed by your professionalism & not to mention the time you've taken to travel, at the buyers request, eWe appreciate your efforts
Thank you” Ms Karen

Ong Joey (CES, BBM[SMU])
Marketing Director, PropNex Realty Pte Ltd
CEA Reg. No: R011492A
Email: joeyongproperty@gmail.com
Contact: (+65) 9436 5945 
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