Expats posted to Singapore for work or other reasons may find themselves having to choose the 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 the country. The Residential Property Act of Singapore primarily assists Singapore nationals in their acquisition of pretty own home by providing reasonable prices. Also, the Act encourages foreigners who make a significant contribution to Singapore’s economic prosperity to acquire residential properties in the 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 shop for all units in a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an approval. In the same vein, a foreigner with prior official sanction from Singapore’s Minister of Law cannot own residential properties that are classified as 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 and then also submit this, additionally, the necessary supporting papers, to the Singapore Land Authority. The bureau is responsible for evaluating the foreigner’s eligibility to buying a restricted residential property and for issuing the approval this finds the expat’s qualifications in status.
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.