An Overview Of Singapore’s Regulations For Expats Who Want To Own Homes In The Country
Foreigners staying in Singapore for lengthy periods of time may discover that being billeted in a hotel for the length of their stay can be very expensive. The alternative solution to this problem is for the foreigners to purchase residential properties in Singapore.
Singapore authorities do not discourage expatriates from buying residential properties in the country.
The Residential Property Act of Singapore basically supports Singapore nationals in their acquisition of their own residential properties by offering reasonable prices. Moreover, the Act encourages foreigners who have given an important contribution to Singapore’s economic prosperity to acquire residential properties in the country.
Even without any permits or sanctions from the Singapore government, a foreigner may buy non-restricted residential properties. The following are some samples of non-restricted residential properties:
- apartment units within a building that is not over six floors in height – condominium units in authorized condominium development properties included in the Planning Act – a lease agreement on a restricted property; the term should not exceed seven years
A foreigner may desire to purchase all units in an apartment or condominium; nonetheless, before he or she can do this, Singapore’s Minister of Law must grant an official sanction.
In the same vein, a foreigner cannot purchase or acquire residential properties that are classified as restricted not unless he or she has been given an approval by Singapore’s Minister for Law to purchase any such residential property.
Under the Residential Property Act of Singapore, the following are categorized as restricted residential properties:
- a vacant residential lot – townhouses, detached or semi-detached homes, or terraced houses built on residential lands – lots not authorised for condominium development under the Planning Act
If a foreign national wishes to acquire a restricted residential property, the expatriate is required to fill out a request form and submit this, together with supporting documents, to the Singapore Land Authority. The Singapore Land Authority is responsible for reviewing and approving the qualifications of foreign national whether he or she will be qualified to acquire a restricted residential property.
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