Expats posted to Singapore for work or other reasons may find themselves having to discover the most ideal form of accommodation for the long-term. While expensive hotels may suffice for short trips, many rent a space to lower your costs. There is really 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 really own home by providing reasonable prices. Also, the Act encourages foreigners who usually make their 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 shop for all units in the property development; however, before he or she can accomplish this, affinity at serangoon 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 considered 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 standing 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 necessary supporting papers, to the Singapore Land Authority. The bureau is in charge of evaluating the foreigner’s eligibility to search for restricted residential property and for issuing the approval can finds the expat’s qualifications in status.
Residential properties that belong to the non-restricted category: any apartment flat or condo unit included the actual planet Planning Act and leasehold estates zoned under restricted residential properties for terms not exceeding 7 years.