Expats posted to Singapore for work or other reasons may find themselves having to presents most ideal form of accommodation for the long-term. While a hotel may suffice for short trips, many rent a space to bring down 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 their own home by providing reasonable prices. Also, the Act encourages foreigners who made 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 within 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 with 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 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 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 affinity at serangoon restricted residential property and for issuing the approval are going to finds the expat’s qualifications in status.
Residential properties that belong to the non-restricted category: any apartment flat or condo unit included in the Planning Act and leasehold estates zoned under restricted residential properties for terms not exceeding 7 years.