Expats posted to Singapore for work or other reasons may find themselves having to discover the most ideal kind of accommodation for the long-term. While a hotel may suffice brief 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 within their acquisition of really own home by providing reasonable prices. Also, the Act encourages foreigners who made a significant contribution to Singapore’s economic prosperity to acquire residential properties inside of city-state.
Further, an expat may purchase non-restricted residential properties without any permits or approval from Singapore government officials.
A foreign national may desire obtain all units within a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an agreement. In the same vein, a foreigner with prior official sanction from Singapore’s Minister of Law cannot own residential properties that are considered 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 standing on residential lands – lands not authorized for condominium development under the Planning Act.
The expatriate who plans to pick a restricted residential property must fill out a form after that 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 search for restricted residential property and for issuing the approval can finds the expat’s qualifications in flow.
Residential properties that belongs to the non-restricted category: any apartment flat or affinity at serangoon condo unit included the actual planet Planning Act and leasehold estates zoned under restricted residential properties for terms not exceeding 7 a long time.