Expats posted to Singapore for work or other reasons may find themselves having to presents most ideal kind of accommodation for the long-term. While an accommodation 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 of 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 inside of 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 to buy all units in 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 without any 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, affinity at serangoon 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 submit this, along with necessary supporting papers, to the Singapore Land Authority. The bureau is responsible for evaluating the foreigner’s eligibility to choose a restricted residential property and for issuing the approval can finds the expat’s qualifications in order.
Residential properties that belongs 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.