Expats posted to Singapore for work or other reasons may find themselves having to opt for the 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 canada. The Residential Property Act of Singapore primarily assists Singapore nationals of acquisition of extremely home by providing reasonable prices. Also, the Act encourages foreigners who have created a significant contribution to Singapore’s economic prosperity to acquire residential properties inside of city-state.
Further, an expat may purchase non-restricted residential properties without any permits or approval from Singapore government officials.
A foreign national may desire to buy all units in a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an approval. In the same vein, a foreigner with 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 affinity at serangoon 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 pick up a restricted residential property must fill out a form after that submit this, additionally, the necessary supporting papers, to the Singapore Land Authority. The bureau is the agent responsible for evaluating the foreigner’s eligibility to buy a restricted residential property and for issuing the approval this finds the expat’s qualifications in flow.
Residential properties that belongs to the non-restricted category: any apartment flat or condo unit included in the Planning Act and leasehold estates zoned under restricted homes for terms not exceeding 7 a long time.