Transfer property in Hong Kong

[tiger800]

I have one property, and my wife a second.
Is it possible to transfer mine to her, and purchase a third?
What would the tax be AVD, SSD, BSD?

[shri]

This is why many people get divorced.

[bdw]

As far as I understand, if you transfer a property from joint names to just your wifes name, then your wife will have to pay AVD stamp duty on 50% of property value for this old property. Then if you buy another property, you are treated like a "first home buyer" so it saves you a lot in BSD, you just need to pay the regular stamp duty rate.

So if you are set on getting a third property, then yes this would be the way to do it to reduce overall taxes.

https://homewise.hk/can-transfer-a-p...ave-you-taxes/

[ndt]

Am i the only one reading OP's question wrong? It looks like he has one solely owned property and wife has another solely owned property so if he fully transfers his property, wife pays AVD on 100% his current property value and he becomes free bird to buy as first time buyer..

[tiger800]

Yes, I think need to pay 100% of AVD.
Which "Rates of Scales" is this transfer? If scale 2, $8M is 3.75% that need to pay to Gov.

[ndt]

Simple guide...

Assuming both of you are HKPR owning one property each, i don't see any benefit in transferring property here, one of you will have to pay 15% AVD either way for buying second property..

https://www.spacious.hk/en/blog/5-st...-hong-kong-b2b

[tiger800]

Thanks ndt for confirmation about 15% AVD.

[nopain]

If I want to put my son's name as a joint tenant on a property solely owned in my name, does he have to pay stamp duty and if so, is it the full rate for 50% ownership share? Just contemplating this so that when I pass, he gets the entire flat no matter what else is in the will.

Is the rate lower for adding a close relative's name? And with restrictions on selling for a number of years after the addition?

[shri]

@nopain - a lot is covered in this FAQ and on the IRD website

https://www.midland.com.hk/property-...lose-relative/

https://www.ird.gov.hk/eng/faq/index.htm

[tiger800]

Q7 in the Midland website, says I can transfer to my wife, who already owns a property, and not incur the 15% stamp duty.
From IRD website,

The major exception, amongst others, is where the property is a residential property, and the purchaser/transferee is a Hong Kong permanent resident (HKPR) who is acting on his/her own behalf and does not own any other residential property in Hong Kong at the time of acquisition. In such case, the instrument will be subject to AVD at lower rates (Scale 2).

Therefore, am I right that I only need to pay stamp duty at Scale 2?