The highest marginal personal income tax rate here is 20%. After normal allowances, a $1mil salary attracts about 17% in income tax. Interest, dividends, rental income, and capital gains are tax free. There are no more death duties. Only Right Hand Drive cars less than 3 years can be registered. Import duty (30%), registration fees (180%), and GST (7%) will have to be paid on the depreciated value (as determined by the government) of the car. This will amount to at least twice the value of the car. Then you still have to buy a Certificate of Entitlement (COE) which entitles you to use a car on Singapore's roads for 10 years. The latest COE was S$74k (US$60k). So, yes indeed, people moving to Singapore will have to pay massive amounts to import and register their cars for use here. No exceptions I'm aftaid.
Just got a letter from my dealer that my car went status 10 on 28 March. The wait just got more unbearable.
Post some photos once you get it. Can't wait to see them. I love singapore (especially peanut pancakes), crazy that in such a small country and high tax of vehicles how many exotics you see driving around. People here in the states don't understand how cheap the cars are here compared to other parts of the world. . Enjoy the car. Hopefully I'll see it next time im in SG.
The tax system is Singapore makes it sound great place for Enterprenurs/Businessmen but not a great place for Petrol Heads!! Congrats on the car!! Great spec.
This is the first F12 delivered in Singapore. Mine will have the same colour, but with forged wheels and Cuoio interior. Lots to love about Singapore's incredible multi-cultural range of cuisine. You must be staying in the right hotels if you see a lot of exotic cars when you are visiting. You guys in the US live in automotive heaven as far as prices go. And you have In-N-Out burgers (in CA, NV, AZ and TX at least). The guns, not so much. Image Unavailable, Please Login
Thanks, looking forward to delivery in July. Don't forget about people who want to avoid inheritance taxes and earn passive incomes like interest, rent, and dividends. Generally a great place for wealth preservation. For petrol heads, not so much. At least you won't get car jacked or held up at gun point. It is all swings and round abouts, isn't it? Thanks.
I saw my F12 in the finishing stage last week in Maranello. Looks resplendent in plastic protection doesn't she? Should be shipped by the end of this week, and reach Singapore by mid-June. Image Unavailable, Please Login
just curious, how is it that you go an allocation and build for an f12 and it's your first ferrari? In the US it sounds like previous owners of ferraris have not gotten an allocation yet? I own a 458 and I'm "in line" behind owners with a stronger purchase history.
FNewb, very nice and I can feel your excitement too. If I see it zooming down Orchard I'll assume its yours Congrats !
Must be a very special feeling to see your car at the factory! Not a lot of owners can say they have done that..
Easier to clean too! Dealer confirmed 15 June arrival date. Plenty of pictures then. Easy to touch up kerb rashes I hope. Most of the F12's here are some shade of red, so it might not be mine you see ambling down Orchard Road. Wave anyway.
Several reasons: 1. Asia is a huge growth opportunity. You don't try to grow your market by making people wait. 2. The quality of the customer is probably much higher. The average buyer is in a totally different league of wealth than the average buyer elsewhere in the world for the most part. The OP just paid $1.5M for a normal model. That would be like all the modern Ferrari owners in the US owning Enzos instead. 3. You don't make people paying $1.5M for a car wait in line.
I would agree with you.The factory probably has a special allocation system for countries with a high tax rate and maybe free air freight
I think a well equipped F12 in the U.S is more into $360-$380K range, plus tax should be somewhere around $400K.
Indeed it was. I had planned the factory tour to coincide with the Corso Pilota course that I had signed up for. It was just sheer dumb luck that my car was in the finishing department about to undergo its road test when my better half and I were taking the factory tour. Maranello factory tour = free Seeing your own car in plastic wraps at the factory = priceless
