What Should Foreigners Do If They Wish To Buy Houses In Singapore?
Foreigners staying in Singapore for extended periods of time may find that living in a hotel for the duration of their stay can be very expensive. The alternate solution to this problem is for the expats to own residential properties in Singapore.
The Singapore administration does not restrict foreigners from buying or acquiring residential properties in the city-state.
The Residential Property Act of Singapore basically stands behind Singapore citizens in their purchase of their own residential properties by offering reasonable rates. Moreover, the Act supports foreigners who have made an important contribution to Singapore’s economy to purchase residential properties in the city-state.
Non-restricted residential properties can be bought by foreigners even without prior approval from the Singapore government. Below are specific samples of non-restricted residential properties:
- apartment units within a structure that is not higher than 6 levels – condominium units in approved condominium development sites under the Planning Act – a lease contract on a restricted residential property; the agreement must not go beyond 7 years
Foreigners who desire to buy all units in an apartment or condo in an accredited development site have to have prior approval from Singapore’s Minister for Law.
Likewise, a foreign national who has no prior accreditation from Singapore’s Minister of Law cannot acquire residential properties that are categorized as restricted.
The Residential Property Act of Singapore identifies these restricted residential properties as follows:
- a vacant residential land – townhouses, separate or semi-linked homes, or terraced houses standing on residential lands – lots not authorised for condominium development under the Planning Act
If an expat wishes to own a restricted residential property, the expatriate is obliged to fill out an approval form and submit this, together with other required documents, to the Singapore Land Authority. This branch of the government is in charge of receiving the requests of the foreigner regarding the acquisition of a restricted residential property. The Singapore Land Authority will evaluate and approve or disapprove the application, depending on the merits of the expatriate’s qualifications.
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