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 affinity serangoon 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 extremely 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 in the city-state.

Further, an expat may purchase non-restricted residential properties with permits or approval from Singapore government officials.

A foreign national may desire in order to purchase all units in the property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an approval. In the same vein, a foreigner any kind of prior official sanction from Singapore’s Minister of Law cannot own residential properties that are considered 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 located on residential lands – lands not authorized for condominium development under the Planning Act.

The expatriate who plans to buy a restricted residential property must fill out a form right after which submit this, while getting necessary supporting papers, to the Singapore Land Authority. The bureau is responsible for evaluating the foreigner’s eligibility to buying a restricted residential property and for issuing the approval this finds the expat’s qualifications in design.

Residential properties that belong to the non-restricted category: any apartment flat or condo unit included regarding Planning Act and leasehold estates zoned under restricted homes for terms not exceeding 7 a long time.