Expatriates may find renting a hotel room for the whole duration of their stay in Singapore to be a very costly quandary. If a foreigner possess a residential property in Singapore, the expensive dilemma would have been avoided.
The Singapore government does not restrict foreign nationals from purchasing or owning residential properties in the city-state.
The Residential Property Act of Singapore essentially stands behind Singapore nationals in their purchase of their own residential properties by providing affordable rates. Moreover, the act enables expatriates who are recognized by the government officials to be capable of of contributing to the economic success of the city-state to purchase residential properties in Singapore.
Non-restricted residential properties can be purchased by expatriates even without prior sanction from the Singapore government. The following are specific samples of non-restricted residential properties:
- apartment flats within a structure that is not higher than six floors - condo units in approved condo development sites under the Planning Act - a lease agreement on a restricted residential property; the term should not exceed seven years
A foreigner may desire to buy all units in an apartment or condo; still, before this can become possible, Singapore's Minister of Law must grant an approval.
Furthermore, an expat who intends to acquire residential properties that are categorized as restricted cannot do so without prior official sanction from Singapore's Minister of Law.
The following are considered restricted residential properties by the Residential Property Act of Singapore:
- a vacant residential land - townhouses, detached or semi-linked homes, or terraced houses standing on residential lands - lots not approved for condo development under the Planning Act
The foreigner who intends to own a restricted residential property must fill out a form and then send this, along with the necessary supporting 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 Singapore Land Authority will assess and approve or disapprove the application, depending on the merits of the expatriate's qualifications.
The Singapore government does not restrict foreign nationals from purchasing or owning residential properties in the city-state.
The Residential Property Act of Singapore essentially stands behind Singapore nationals in their purchase of their own residential properties by providing affordable rates. Moreover, the act enables expatriates who are recognized by the government officials to be capable of of contributing to the economic success of the city-state to purchase residential properties in Singapore.
Non-restricted residential properties can be purchased by expatriates even without prior sanction from the Singapore government. The following are specific samples of non-restricted residential properties:
- apartment flats within a structure that is not higher than six floors - condo units in approved condo development sites under the Planning Act - a lease agreement on a restricted residential property; the term should not exceed seven years
A foreigner may desire to buy all units in an apartment or condo; still, before this can become possible, Singapore's Minister of Law must grant an approval.
Furthermore, an expat who intends to acquire residential properties that are categorized as restricted cannot do so without prior official sanction from Singapore's Minister of Law.
The following are considered restricted residential properties by the Residential Property Act of Singapore:
- a vacant residential land - townhouses, detached or semi-linked homes, or terraced houses standing on residential lands - lots not approved for condo development under the Planning Act
The foreigner who intends to own a restricted residential property must fill out a form and then send this, along with the necessary supporting 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 Singapore Land Authority will assess and approve or disapprove the application, depending on the merits of the expatriate's qualifications.
About the Author:
Learn more about a premier housing loan advisory firm, providing housing loans with free mortgage broking.
