Expatriates may discover staying in a hotel room for the entire duration of their stay in Singapore to be a truly costly quandary. An answer to this expensive quandary is purchasing a residential property in the country.
The Singapore government officials do not discourage foreigners from buying residential properties in the country.
The Residential Property Act of Singapore primarily supports Singapore citizens in their acquisition of their own residential properties by giving reasonable prices. Moreover, this act supports foreigners who are considered by the Singapore government to have made important contributions to the economic prosperity of the city-state in their desire to acquire residential properties within the country.
Foreigners may acquire non-restricted residential properties even without pre-approval from the Singapore government. The following are residential properties that belong to the non-restricted category:
- apartment units within a structure that is not more than 6 floors in height – condo units in authorized condominium development sites stipulated in the Planning Act – a lease contract on a restricted property; the agreement should not go beyond seven years
Official sanction from Singapore’s Minister of Law is needed by foreigners who wish to own all units in an apartment or condominium in an accredited development property.
Likewise, a foreigner who has no prior accreditation from Singapore’s Minister of Law cannot buy residential properties that are classified as restricted.
Under the Residential Property Act of Singapore, the following are classified as restricted residential properties:
- a vacant residential land – town houses, separate or semi-detached houses, or terraced houses built on residential properties – properties not authorized for condominium development under the Planning Act
If an expatriate intends to buy a restricted residential property, the foreign national is required to fill out an approval form and submit this, together with supporting documents, to the Singapore Land Authority. This government agency is in charge of receiving the requests of the foreigner regarding the proposed ownership of a restricted residential property. The Singapore Land Authority will appraise and approve or disapprove the application, depending on the virtues of the expatriate’s qualifications.
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