Expats posted to Singapore for work or other reasons may find themselves having to opt for the most ideal form of accommodation for the long-term. While expensive hotels may suffice brief trips, many rent a space to save on costs. There is often 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 of acquisition of really 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 any kind of 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 appreciation. In the same vein, a foreigner any kind of 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 running on residential lands – lands not authorized for condominium development under the Planning Act.
The expatriate who plans to pick up a restricted residential property must fill out a form and then also submit this, while getting 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 this finds the expat’s qualifications in order.
Residential properties that belong to the non-restricted category: any apartment flat or condo unit included inside of Planning Act and affinity serangoon leasehold estates zoned under restricted homes for terms not exceeding 7 years.