Expats posted to Singapore for work or other reasons may find themselves having to opt for the most ideal kind of accommodation for the long-term. While an accommodation may suffice for short trips, many rent a space to reduce costs. There is often 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 in their acquisition of really own home by providing reasonable prices. Also, the Act encourages foreigners who have created a significant contribution to Singapore’s economic prosperity to acquire residential properties in the city-state.
Further, affinity at serangoon an expat may purchase non-restricted residential properties with permits or approval from Singapore government officials.
A foreign national may desire to get all units in the property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an consent. In the same vein, a foreigner any kind of 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 landing 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 and then also submit this, along with the necessary supporting papers, to the Singapore Land Authority. The bureau is a major contributor to evaluating the foreigner’s eligibility to buying a restricted residential property and for issuing the approval if it finds the expat’s qualifications in flow.
Residential properties that belong to the non-restricted category: any apartment flat or condo unit included in the Planning Act and leasehold estates zoned under restricted homes for terms not exceeding 7 months or even years.