Singapore’s Residential Property Regulations For Foreigners

Expats posted to Singapore for work or other reasons may find themselves having to presents most ideal kind of accommodation for the long-term. While a hotel may suffice for affinity serangoon short trips, many rent a space to bring down costs. There is really a third solution – purchasing property.

There are no prevailing laws in Singapore which prevents foreign nationals from purchasing or acquiring residential properties in the uk. The Residential Property Act of Singapore primarily assists Singapore nationals inside acquisition of their own home by providing reasonable prices. Also, the Act encourages foreigners who make a significant contribution to Singapore’s economic prosperity to acquire residential properties inside of 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 in a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an agreement. In the same vein, a foreigner with 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 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 right after which submit this, along with necessary supporting papers, to the Singapore Land Authority. The bureau is responsible for evaluating the foreigner’s eligibility to search for restricted residential property and for issuing the approval this finds the expat’s qualifications in status.

Residential properties owed 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 very long time.