Expatriates in Singapore realize that it is truly costly to rent a hotel room when they plan to stay for a significant amount of time in the city-state. One solution to this costly quandary is purchasing a residential property in Singapore.
The Singapore government officials do not discourage expatriates from owning residential properties in the country.
Primarily, Singapore's Residential Property Act aims to allow Singapore citizens to purchase, at affordable rates, their own residential properties. Moreover, the act permits foreigners who are recognized by the government officials to be capable of of contributing to the financial success of the country to possess residential properties in Singapore.
Even without any licenses or approval from the Singapore government, an expat may buy non-restricted residential properties. The following are residential properties that belong to the non-restricted class:
- apartment units within a building that is not higher than 6 floors - condo units in approved condo development properties under the Planning Act - a lease contract on a restricted property; the term must not go beyond seven years
Official sanction from Singapore's Minister of Law is needed by foreigners who intend to own all units in an apartment or condominium in an accredited development property.
Likewise, a foreign national cannot buy or acquire residential properties that are categorized as restricted not unless he or she has been issued an official sanction by Singapore's Minister for Law to own any such residential property.
The following are categorized as restricted residential properties by the Residential Property Act of Singapore:
- an empty residential lot - town houses, separate or semi-linked houses, or terraced houses built on residential properties - lots not authorised for condominium development under the Planning Act
In applying for approval to be able to purchase a restricted residential property, the expatriate must fill out a form and, together with the required supporting documents, send this to the Singapore Land Authority. The Singapore Land Authority is responsible for evaluating and approving the merits of an expatriate whether he or she will be eligible to purchase a restricted residential property. - 2364
The Singapore government officials do not discourage expatriates from owning residential properties in the country.
Primarily, Singapore's Residential Property Act aims to allow Singapore citizens to purchase, at affordable rates, their own residential properties. Moreover, the act permits foreigners who are recognized by the government officials to be capable of of contributing to the financial success of the country to possess residential properties in Singapore.
Even without any licenses or approval from the Singapore government, an expat may buy non-restricted residential properties. The following are residential properties that belong to the non-restricted class:
- apartment units within a building that is not higher than 6 floors - condo units in approved condo development properties under the Planning Act - a lease contract on a restricted property; the term must not go beyond seven years
Official sanction from Singapore's Minister of Law is needed by foreigners who intend to own all units in an apartment or condominium in an accredited development property.
Likewise, a foreign national cannot buy or acquire residential properties that are categorized as restricted not unless he or she has been issued an official sanction by Singapore's Minister for Law to own any such residential property.
The following are categorized as restricted residential properties by the Residential Property Act of Singapore:
- an empty residential lot - town houses, separate or semi-linked houses, or terraced houses built on residential properties - lots not authorised for condominium development under the Planning Act
In applying for approval to be able to purchase a restricted residential property, the expatriate must fill out a form and, together with the required supporting documents, send this to the Singapore Land Authority. The Singapore Land Authority is responsible for evaluating and approving the merits of an expatriate whether he or she will be eligible to purchase a restricted residential property. - 2364
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