Singapore’s Residential Property Regulations For Foreigners
Expats posted to Singapore for work or other reasons may find themselves having to opt for the most ideal form of accommodation for the long-term. While expensive hotels may suffice for short trips, many rent a space to reduce costs. There can be a third solution – purchasing property.
There are no prevailing laws in Singapore which prevents foreign nationals from purchasing or acquiring residential properties in the wilderness. The Residential Property Act of Singapore primarily assists Singapore nationals within their acquisition of really own home by providing reasonable prices. Also, the Act encourages foreigners who have made a significant contribution to Singapore’s economic prosperity to acquire residential properties ultimately city-state.
Further, an expat may purchase non-restricted residential properties without any permits or approval from Singapore government officials.
A foreign national may desire to buy all units in a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an appreciation. In the same vein, a foreigner any kind of prior affinity at serangoon official sanction from Singapore’s Minister of Law cannot own residential properties that are classified as restricted.
Property classified as restricted under the Residential Property Act of Singapore means: a vacant residential land – town houses, separate or semi-linked homes, or terraced houses landing on residential lands – lands not authorized for condominium development under the Planning Act.
The expatriate who plans to purchase a restricted residential property must fill out a form whereas submit this, along with necessary supporting papers, to the Singapore Land Authority. The bureau is a major contributor to evaluating the foreigner’s eligibility to buy a restricted residential property and for issuing the approval if it finds the expat’s qualifications in design.
Residential properties that belongs to the non-restricted category: any apartment flat or condo unit included in the Planning Act and leasehold estates zoned under restricted homes for terms not exceeding 7 months or even years.
