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 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 canada. The Residential Property Act of Singapore primarily assists Singapore nationals in their acquisition of really own 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 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 standing 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 whereas submit this, below your sink necessary supporting papers, to the Singapore Land Authority. The bureau is in charge of evaluating the foreigner’s eligibility to search for restricted residential property and for issuing the approval this finds the expat’s qualifications in design.

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