Singapore’s Residential Property Regulations For Foreigners
February 17th, 2010 by Avery HowardForeigners may discover renting a hotel room for the entire duration of their stay in Singapore to be a very costly quandary. If a foreigner owned a residential property in Singapore, the expensive dilemma would have been avoided.
The Singapore government officials do not discourage expatriates from acquiring residential properties in the country.
The Residential Property Act of Singapore primarily assists Singapore nationals in their acquisition of their own residential properties by giving reasonable rates. Moreover, the act permits expatriates who are acknowledged by the government to be capable of of contributing to the financial success of the city-state to buy residential properties in Singapore.
Even without any permits or approval from the Singapore government, a foreigner may acquire non-restricted residential properties. Non-restricted residential properties are identified as any of the following:
- apartment flats within a building that is not higher than 6 levels - condominium units in approved condominium development sites under the Planning Act - a lease term on a restricted residential property; the agreement must not go beyond 7 years
Foreign nationals who wish to own all units in an apartment or condominium in an approved development site should have prior sanction from Singapore's Minister for Law.
Furthermore, a foreign national who intends to own residential properties that are categorized as restricted cannot do so without prior approval from Singapore's Minister of Law.
The Residential Property Act of Singapore identifies these restricted residential properties as follows:
- an empty residential lot - town houses, detached or semi-linked homes, or terraced houses built on residential lots - properties not approved for condominium development under the Planning Act
The foreign national who plans to purchase a restricted residential property must fill out a form and then submit this, together with the requisite supporting documents, to the Singapore Land Authority. The Singapore Land Authority is responsible for evaluating and approving the merits of foreign national whether he or she will be eligible to purchase a restricted residential property.
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