Expats posted to Singapore for work or other reasons may find themselves having to presents most ideal type of accommodation for the long-term. While a hotel may suffice brief trips, many rent a space to lower costs. There is 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 within their acquisition of their own home by providing reasonable prices. Also, the Act encourages foreigners who usually make their 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 with permits or approval from Singapore government officials.
A foreign national may desire in order to purchase all units from 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, 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 right after which submit this, while getting necessary supporting papers, to the Singapore Land Authority. The bureau is a major contributor to evaluating the foreigner’s eligibility to choose a restricted residential property and for issuing the approval this finds the expat’s qualifications in order.
Residential properties that belong to the non-restricted category: any apartment flat or affinity at serangoon condo unit included inside of Planning Act and leasehold estates zoned under restricted residential properties for terms not exceeding 7 years.