Expats posted to Singapore for work or other reasons may find themselves having to opt for the most ideal associated with accommodation for the long-term. While expensive hotels may suffice for short trips, many rent a space to save on 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 country. The Residential Property Act of Singapore primarily assists Singapore nationals of acquisition of pretty 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 with permits or approval from Singapore government officials.
A foreign national may desire obtain all units within a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an backing. 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 condominium development under the Planning Act.
The expatriate who plans to purchase a restricted residential property must fill out a form and then also submit this, along with the necessary supporting papers, to the Singapore Land Authority. The bureau is a major contributor to evaluating the foreigner’s eligibility to whereby you will see restricted residential property and for issuing the approval can finds the expat’s qualifications in order.
Residential properties owed to the non-restricted category: any apartment flat or affinity at serangoon condo unit included regarding Planning Act and leasehold estates zoned under restricted residential properties for terms not exceeding 7 months or even years.