Singapore’s Residential Property Regulations For Foreigners

Expats posted to Singapore for work or other reasons may find themselves having to discover the most ideal type of accommodation for the long-term. While an accommodation may suffice brief 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 country. The Residential Property Act of Singapore primarily assists Singapore nationals within their acquisition of their own home by providing reasonable prices. Also, affinity at serangoon the Act encourages foreigners who make a significant contribution to Singapore’s economic prosperity to acquire residential properties involving city-state.

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

A foreign national may desire obtain all units within a 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 without any prior 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 sitting on residential lands – lands not authorized for condominium development under the Planning Act.

The expatriate who plans to you will notice restricted residential property must fill out a form and then submit this, below your sink 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 the actual planet Planning Act and leasehold estates zoned under restricted residential properties for terms not exceeding 7 years.

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