Expats posted to Singapore for work or other reasons may find themselves having to choose the most ideal type of accommodation for the long-term. While a hotel may suffice for short trips, many rent a space to save on 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 wilderness. The Residential Property Act of Singapore primarily assists Singapore nationals within their acquisition of very 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 without any permits or approval from Singapore government officials.
A foreign national may desire in order to purchase all units within a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an backing. 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 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 after that submit this, along with the necessary supporting papers, to the Singapore Land Authority. The bureau is in command of evaluating the foreigner’s eligibility to buy a restricted residential property and for issuing the approval are going to finds the expat’s qualifications in get it.
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 prolonged time.