What Should Foreigners Do If They Wish To Buy Houses In Singapore?
Foreigners may find staying in a hotel room for the whole duration of their stay in Singapore to be a very expensive predicament. The alternative answer to this dilemma is for the expats to purchase residential properties in Singapore.
The Singapore government officials do not prevent expatriates from buying residential properties in the country.
The Residential Property Act of Singapore basically supports Singapore nationals in their purchase of their own residential properties by giving reasonable rates. Also, the act encourages expatriates who have made an important contribution to Singapore’s economic prosperity to buy residential properties in the city-state.
Even without any permits or approval from the Singapore government, a foreigner may buy non-restricted residential properties. Below are some samples of non-restricted residential properties:
- apartment flats within a structure that is not higher than 6 floors – condominium units in authorized condominium development sites stipulated in the Planning Act – a lease term on a restricted residential property; the contract should not go beyond 7 years
Official sanction from Singapore’s Minister of Law is needed by foreign nationals who wish to own all units in an apartment or condominium in an accredited development property.
Likewise, a foreigner cannot purchase or acquire residential properties that are categorized as restricted not unless he or she has been issued an official sanction by Singapore’s Minister for Law to acquire any such residential property.
Under the Residential Property Act of Singapore, the following are categorized as restricted residential properties:
- a vacant residential lot – townhouses, separate or semi-linked homes, or terraced houses built on residential properties – lots not authorized for condominium development under the Planning Act
The foreigner who wishes to purchase a restricted residential property must fill out a form and then send this, along with the requisite supporting papers, to the Singapore Land Authority. The agency is accountable for assessing the foreign national’s eligibility to buy a restricted residential property and for granting the official sanction if it finds the expat’s qualifications satisfactory.
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