Expatriates may discover staying in a hotel room for the whole duration of their stay in Singapore to be a truly expensive quandary. A solution to this expensive predicament is purchasing a residential property in the city-state.
The Singapore government does not restrict foreign nationals from purchasing or acquiring residential properties in the city-state.
The Residential Property Act of Singapore essentially stands behind Singapore citizens in their purchase of their own residential properties by providing affordable prices. In addition, this act encourages foreigners who are recognized by the Singapore government to have made significant contributions to the economy of the city-state in their desire to purchase residential properties within the country.
Foreigners may acquire non-restricted residential properties even without pre-approval from the Singapore government. Below are some samples of non-restricted residential properties:
- apartment units within a structure that is not over six floors in height - condo units in approved condo development sites under the Planning Act - a lease term on a restricted residential property; the contract should not exceed 7 years
Foreign nationals who desire to buy all units in an apartment or condo in an approved development site should have prior approval from Singapore's Minister for Law.
Likewise, an expatriate who has no prior official sanction from Singapore's Minister of Law cannot acquire residential properties that are classified as restricted.
The following are considered restricted residential properties by the Residential Property Act of Singapore:
- a vacant residential land - town houses, detached or semi-linked houses, or terraced houses built on residential lands - lands not authorized for condo development under the Planning Act
In applying for approval to be able to own a restricted residential property, the foreigner must fill out a form and, together with the required supporting papers, send this to the Singapore Land Authority. The agency is accountable for assessing the foreign national's merits to buy a restricted residential property and for granting the official sanction if it finds the expat's qualifications satisfactory.
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