Expatriates in Singapore discover that it is truly expensive to rent a hotel room when they plan to stay for a significant length of time in the city-state. A solution to this costly predicament is acquiring a residential property in Singapore.
The Singapore government officials do not prevent foreigners from acquiring residential properties in the country.
Primarily, Singapore’s Residential Property Act aims to let Singapore nationals to acquire, at reasonable rates, their own residential properties. Furthermore, the Act permits expatriates who are recognized by the government officials to be capable of of contributing to the economic prosperity of the country to purchase residential properties in Singapore.
Non-restricted residential properties can be purchased by foreigners even with no prior approval from the Singapore government. The following are some examples of non-restricted residential properties:
- apartment units within a structure that is not higher than six levels – condo units in authorized condominium development sites included in the Planning Act – a lease contract on a restricted residential property; the term must not go beyond 7 years
Expatriates who wish to acquire all units in an apartment or condo in an approved development site should have prior sanction from Singapore’s Minister for Law.
In the same vein, a foreign national cannot buy or acquire residential properties that are classified as restricted not unless he or she has been issued an official sanction by Singapore’s Minister for Law to acquire any such residential property.
Under the Residential Property Act of Singapore, the following are classified as restricted residential properties:
- an empty residential land – town houses, detached or semi-detached homes, or terraced houses standing on residential lands – lots not authorised for condo development under the Planning Act
If a foreigner intends to own a restricted residential property, the foreign national is required to fill out an approval form and submit this, together with other required documents, to the Singapore Land Authority. The agency is responsible for evaluating the foreigner’s merits to acquire a restricted residential property and for issuing the approval if it finds the expat’s qualifications unquestionable.
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