Expats posted to Singapore for work or other reasons may find themselves having to presents most ideal form of accommodation for the long-term. While an accommodation may suffice brief trips, many rent a space to reduce costs. There can be 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 in their acquisition of really own home by providing reasonable prices. Also, the Act encourages foreigners who make a significant contribution to Singapore’s economic prosperity to acquire residential properties ultimately 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 shop for all units from a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an agreement. In the same vein, a foreigner without any prior official sanction from Singapore’s Minister of Law cannot own residential properties that are classified as restricted.
Property classified as restricted under the Residential Property Act of Singapore means: a vacant residential land – town houses, separate or semi-linked homes, or terraced houses sitting on residential lands – lands not authorized for affinity serangoon condominium development under the Planning Act.
The expatriate who plans to pick a restricted residential property must fill out a form and then submit this, while getting necessary supporting papers, to the Singapore Land Authority. The bureau is responsible for evaluating the foreigner’s eligibility to search for restricted residential property and for issuing the approval if it finds the expat’s qualifications in flow.
Residential properties owed to the non-restricted category: any apartment flat or condo unit included regarding Planning Act and leasehold estates zoned under restricted homes for terms not exceeding 7 prolonged time.