Expats posted to Singapore for work or other reasons may find themselves having to discover the most ideal type of accommodation for the long-term. While an accommodation 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 wilderness. The Residential Property Act of Singapore primarily assists Singapore nationals of acquisition of pretty 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 in the city-state.
Further, an expat may purchase non-restricted residential properties any kind of permits or approval from Singapore government officials.
A foreign national may desire to get all units within a 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 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 affinity at serangoon – town houses, separate or semi-linked homes, or terraced houses located 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 whereas submit this, additionally, 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 belongs to the non-restricted category: any apartment flat or condo unit included inside of Planning Act and leasehold estates zoned under restricted residential properties for terms not exceeding 7 very long time.