Six markets, and what
each one takes at the door
Before yield or price, the question is whether a non-resident may buy at all, and what the state collects going in and coming out.
Before you read on
- Rules as published in August 2026. Singapore changed in April 2023, Hong Kong in February 2024, the UK in late 2024.
- Cost is modelled on a USD 1,000,000 home bought for cash by a non-resident.
- Confirm anything material with local counsel before you act.
Point 1The entry cost is where these markets separate
Everything below is what a non-resident pays at closing on a million-dollar home, as a share of the price.
| Market | Cost to acquire | Can a foreigner buy | On the way out | Rule stability |
|---|---|---|---|---|
| 🇺🇸 New York | 2.1% | ○ No restriction | FIRPTA withholds 15% of the sale price from non-residents, reconciled at filing | ○ Broadly unchanged for years |
| 🇯🇵 Tokyo | 4% | ○ No restriction | Capital gains at 39.63% under five years, 20.315% over | ○ Stable |
| 🇦🇪 Dubai | 4.1% | △ Freehold zones only | No capital gains tax | △ Young regulatory regime |
| 🇭🇰 Hong Kong | 4.25% | ○ No restriction | No capital gains tax | × Overhauled in 2024 |
| 🇬🇧 London | 10.8% | ○ Surcharge applies | Non-residents pay capital gains tax | △ Rates changed in 2024 |
| 🇸🇬 Singapore | 64% | × Landed property barred | Seller's stamp duty within three years | × Rate doubled in two years |
Singapore's 60% additional buyer's stamp duty means a million-dollar apartment costs a foreign buyer $640,000 in tax on top of the price. Foreign purchases there have effectively stopped.
DataThe full picture
Same questions, each market answered in its own terms.
| Market | Buying | Holding | Selling | Currency risk for a US buyer |
|---|---|---|---|---|
| 🇺🇸 New York | Mansion tax 1.00% from $1M, title insurance 0.45%, attorney and lender fees | Property tax, roughly 0.6-0.9% of value depending on the building and abatements | FIRPTA withholds 15% of the sale price from non-residents, reconciled at filing | None — the asset and your base are both in dollars |
| 🇯🇵 Tokyo | Acquisition tax 3% on residential, registration and stamp duty on top | Fixed asset tax and city planning tax on assessed value | Capital gains at 39.63% under five years, 20.315% over | Full exposure |
| 🇦🇪 Dubai | Dubai Land Department registration fee of 4%, plus registration charges | No annual property tax | No capital gains tax | Pegged to the dollar, but a peg is a policy choice |
| 🇭🇰 Hong Kong | Ad valorem stamp duty up to 4.25%. The foreign-buyer surcharges were abolished in February 2024 | Rates and Government Rent | No capital gains tax | Pegged to the dollar, but a peg is a policy choice |
| 🇬🇧 London | Standard SDLT, plus 5% additional dwelling, plus 2% non-resident | Council tax | Non-residents pay capital gains tax | Full exposure |
| 🇸🇬 Singapore | Buyer's stamp duty up to 6%, plus 60% additional buyer's stamp duty for foreigners | Progressive property tax, higher again on non-owner-occupied | Seller's stamp duty within three years | Full exposure |
Point 2Where that leaves New York
| New York | The others | |
|---|---|---|
| Surcharge on foreign buyers | None | Singapore 60%, London 2% on top of 5% |
| What can be bought | Anything | Dubai restricts foreigners to freehold zones; Singapore bars landed property |
| Rule changes in the last three years | None material | Singapore doubled its rate; Hong Kong abolished three duties |
| The catch | FIRPTA withholds 15% of the sale price from non-residents | Dubai and Hong Kong take nothing at exit |
The entry is light and the exit is not. FIRPTA is reconciled at filing rather than lost, but it is a cash-flow event that needs planning before the sale, not after.
Let’s talk first
Tell us what the capital is for and how long you expect to hold, and we will tell you honestly whether New York is the right market for it.
RELATED GUIDES
Important notice
The figures on this page are general information as of August 2026 and do not represent an offer, a quote, or a guarantee of any transaction terms. Tax rates in foreign jurisdictions change frequently and this page is not guaranteed to be current. Reinvent NY does not provide legal, tax, or investment advice. Confirm anything material with an attorney and a CPA before you act on it. Nothing here is a solicitation to invest, and no return is promised. Real estate brokerage services are provided through R New York.