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 a hotel may suffice brief trips, many rent a space to lower 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 in the 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 obtain all units from a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an consent. In the same vein, a foreigner any kind of 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 running on residential lands – lands not authorized for condominium development under the Planning Act.
The expatriate who plans to buy a restricted residential property must fill out a form right after which submit this, along with 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 the hho booster finds the expat’s qualifications in design.
Residential properties owed to the non-restricted category: any apartment flat or affinity at serangoon condo unit included in the Planning Act and leasehold estates zoned under restricted residential properties for terms not exceeding 7 months or even years.