ow Can A Foreign National Acquire Residential Properties In Singapore?
Expatriates may find renting a hotel room for the whole duration of their stay in Singapore to be a very costly predicament. An answer to this costly quandary is buying a residential property in the country.
Singapore authorities do not discourage foreigners from buying residential properties in the country.
The Residential Property Act of Singapore primarily assists Singapore nationals in their acquisition of their own residential properties by providing affordable rates. Moreover, the Act permits expatriates who are acknowledged by the government officials to be capable of of contributing to the economic success of the city-state to possess residential properties in Singapore.
Expatriates may buy non-restricted residential properties even without pre-approval from the Singapore government. The following are residential properties that belong to the non-restricted class:
- apartment units within a structure that is not over six floors in height – condominium units in approved condo development sites stipulated in the Planning Act – a lease term on a restricted property; the term should not go beyond seven years
A foreign national may wish to own all units in an apartment or condo; still, before this can become possible, Singapore’s Minister of Law must grant an approval.
In the same vein, a foreigner without any 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:
- an empty residential land – townhouses, detached or semi-linked homes, or terraced houses built on residential lots – lots not authorised for condominium development under the Planning Act
The foreigner who plans to purchase a restricted residential property must fill out a form and then send this, together with the requisite supporting papers, to the Singapore Land Authority. This government agency is responsible for 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 merits of the expatriate’s qualifications.
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