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 short 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 wilderness. The Residential Property Act of Singapore primarily assists Singapore nationals of acquisition of very home by providing reasonable prices. Also, the Act encourages foreigners who made 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 to get all units within a property development; however, before he or affinity serangoon she can accomplish this, Singapore’s Minister of Law must issue an agreement. In the same vein, a foreigner without any 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 landing 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 after that submit this, additionally, the necessary supporting papers, to the Singapore Land Authority. The bureau is a major contributor to evaluating the foreigner’s eligibility to choose a restricted residential property and for issuing the approval this finds the expat’s qualifications in flow.

Residential properties owed to the non-restricted category: any apartment flat or condo unit included inside of Planning Act and leasehold estates zoned under restricted residential properties for terms not exceeding 7 months or even years.