Foreigners in Singapore discover that it is dreadfully expensive to rent a hotel room when they plan to stay for a significant length of time in the city-state. One solution to this expensive predicament is purchasing a residential property in the country.
The Singapore government officials do not prevent foreigners from acquiring residential properties in the country.
The Residential Property Act of Singapore essentially assists Singapore nationals in their acquisition of their own residential properties by giving affordable rates. In addition, this Act supports foreigners who are thought of by the Singapore government to have made important contributions to the economy of the city-state in their desire to acquire residential properties within the country.
Non-restricted residential properties can be purchased by foreign nationals even with no prior approval from the Singapore government. Below are some examples of non-restricted residential properties:
- apartment units within a building that is not more than six floors in height – condominium units in approved condominium development properties under the Planning Act – a lease agreement on a restricted property; the agreement must not go beyond 7 years
Foreigners who want to acquire all units in an apartment or condominium in an accredited development site must have prior approval from Singapore’s Minister for Law.
Likewise, a foreign national who has no prior official sanction from Singapore’s Minister of Law cannot buy residential properties that are classified as restricted.
The following are considered restricted residential properties by the Residential Property Act of Singapore:
- a vacant residential land – townhouses, separate or semi-linked homes, or terraced houses standing on residential lands – properties not authorised for condo development under the Planning Act
The foreign national who intends to own a restricted residential property must fill out a form and then send this, along with the necessary supporting papers, to the Singapore Land Authority. The agency is responsible for appraising the expatriate’s merits to purchase a restricted residential property and for granting the approval if it finds the expat’s qualifications satisfactory.
Find out more about a premier housing loan advisory firm, providing housing loans with free mortgage broking. Get a totally unique version of this article from our article submission service
