Things Foreigners Should Consider When Buying Residential Properties In Singapore
Foreigners staying in Singapore for extended periods of time may find that being billeted in a hotel for the duration of their stay can be very costly. If a foreigner possess a residential property in Singapore, the expensive problem would have been averted.
In Singapore, foreign nationals are not restricted by government officials from acquiring their own residential properties.
The Residential Property Act of Singapore primarily supports Singapore nationals in their purchase of their own residential properties by providing affordable prices. Also, the Act supports foreign nationals who have given an important contribution to Singapore’s economic prosperity to buy residential properties in the city-state.
Non-restricted residential properties can be purchased by foreign nationals even with no prior approval from the Singapore government. Non-restricted residential properties are identified as any of the following:
- apartment units within a building that is not over 6 floors in height – condo units in authorized condo development sites stipulated in the Planning Act – a lease agreement on a restricted property; the agreement must not exceed 7 years
A foreign national may intend to purchase all units in an apartment or condo; however, before he or she can accomplish this, Singapore’s Minister of Law must grant an official sanction.
Furthermore, an expatriate who would like to acquire residential properties that are categorized as restricted cannot do so without prior approval from Singapore’s Minister of Law.
The following are considered restricted residential properties by the Residential Property Act of Singapore:
- a vacant residential lot – town houses, detached or semi-linked houses, or terraced houses built on residential properties – properties not authorized for condominium development under the Planning Act
In applying for an official sanction to be able to buy a restricted residential property, the expatriate must fill out a form and, along with the required supporting papers, send this to the Singapore Land Authority. The Singapore Land Authority is responsible for appraising and approving the qualifications of an expatriate whether he or she will be qualified to purchase a restricted residential property.
Find out more about a premier housing loan advisory firm, providing housing loans with free mortgage broking.
Mail this post