Singapore’s Residential Property Regulations For Foreigners

Expats posted to Singapore for work or other reasons may find themselves having to best man most ideal associated with accommodation for the long-term. While an accommodation may suffice brief trips, many rent a space to lower your costs. There is a third solution – purchasing property.

There are no prevailing laws in Singapore which prevents foreign nationals from purchasing or acquiring residential properties in the country. The Residential Property Act of Singapore primarily assists Singapore nationals in their acquisition of very 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 in order to purchase all units within a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an backing. In the same vein, a foreigner without any prior affinity at serangoon 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 purchase a restricted residential property must fill out a form and then submit this, while getting necessary supporting papers, to the Singapore Land Authority. The bureau is responsible for evaluating the foreigner’s eligibility to buy a restricted residential property and for issuing the approval if it finds the expat’s qualifications in flow.

Residential properties that belongs 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 years.