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 associated with accommodation for the long-term. While a hotel may suffice for 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 country. The Residential Property Act of Singapore primarily assists Singapore nationals inside acquisition of extremely home by providing reasonable prices. Also, the Act encourages foreigners who have created 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 any kind of permits or approval from Singapore government officials.

A foreign national may desire to buy all units from a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an consent. 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 sitting on residential lands – lands not authorized for condominium development under the Planning Act.

The expatriate who plans to pick 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 in command of evaluating the foreigner’s eligibility to buying a restricted residential property and for issuing the approval this finds the expat’s qualifications in order.

Residential properties that belong to the non-restricted category: affinity at serangoon any apartment flat or condo unit included in the Planning Act and leasehold estates zoned under restricted residential properties for terms not exceeding 7 prolonged time.