Foreigners may discover staying in a hotel room for the entire duration of their stay in Singapore to be a truly costly quandary. If a foreigner owned a residential property in Singapore, the expensive dilemma could have been averted.
The Singapore government officials do not prevent expatriates from owning residential properties in the country.
The Residential Property Act of Singapore basically stands behind Singapore nationals in their purchase of their own residential properties by giving affordable prices. In addition, this Act supports foreign nationals who are considered by the Singapore government to have made significant contributions to the economic prosperity of the city-state in their wish to purchase residential properties within the country.
Even without any permits or sanctions from the Singapore government, a foreigner may acquire non-restricted residential properties. The following are residential properties that belong to the non-restricted category:
- apartment units within a structure that is not higher than 6 floors – condominium units in approved condo development sites under the Planning Act – a lease term on a restricted residential property; the agreement must not exceed 7 years
Foreign nationals who want to buy all units in an apartment or condo in an approved development site must have prior sanction from Singapore’s Minister for Law.
Likewise, a foreign national without any prior approval from Singapore’s Minister of Law cannot acquire residential properties that are classified as restricted.
The Residential Property Act of Singapore specifies these restricted residential properties as follows:
- an empty residential land – town houses, separate or semi-detached homes, or terraced houses standing on residential lands – properties not authorized for condo development under the Planning Act
If an expat intends to own a restricted residential property, he or she is obliged to fill out a request form and submit this, together with other required documents, to the Singapore Land Authority. This branch of the government is responsible for receiving the requests of the expatriate regarding the acquisition of a restricted residential property. The Singapore Land Authority will assess and approve or disapprove the application, depending on the virtues of the expatriate’s qualifications.
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