Can Expats Buy Residential Properties In Singapore?
Expatriates in Singapore realize that it is dreadfully expensive to rent a hotel room when they plan to stay for a significant amount of time in the country. The alternative solution to this dilemma is for the foreign nationals to buy residential properties in the country.
Singapore authorities do not discourage foreigners from acquiring residential properties in the country.
The Residential Property Act of Singapore primarily stands behind Singapore citizens in their acquisition of their own residential properties by providing reasonable prices. Also, the Act supports foreigners who have made a significant contribution to Singapore’s economic prosperity to acquire residential properties in the city-state.
Non-restricted residential properties can be acquired by expatriates even without prior approval from the Singapore government. Non-restricted residential properties are identified as whichever of the following:
- apartment units within a building that is not higher than 6 floors – condo units in approved condo development properties stipulated in the Planning Act – a lease contract on a restricted residential property; the term should not exceed seven years
A foreign national may wish to buy all units in an apartment or condominium; however, before this can become possible, Singapore’s Minister of Law must issue an approval.
Likewise, a foreigner cannot buy or own residential properties that are categorized as restricted not unless he or she has been given an official sanction by Singapore’s Minister for Law to buy any such residential property.
The following are categorized as restricted residential properties by the Residential Property Act of Singapore:
- a vacant residential land – townhouses, separate or semi-linked homes, or terraced houses standing on residential lots – lots not authorized for condo development under the Planning Act
If an expatriate wishes to buy a restricted residential property, he or she is required to fill out an approval form and submit this, along with other required documents, to the Singapore Land Authority. This branch of the government is in charge of receiving the requests of the foreigner regarding the acquisition of a restricted residential property. The agency will assess and approve or disapprove the application, depending on the virtues of the expatriate’s qualifications.
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