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 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 united kingdom. The Residential Property Act of Singapore primarily assists Singapore nationals in their acquisition of pretty own 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 obtain all units within a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an agreement. In the same vein, a foreigner without any 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, affinity at serangoon or terraced houses sitting on residential lands – lands not authorized for condominium development under the Planning Act.

The expatriate who plans to pick a restricted residential property must fill out a form after that submit this, while getting necessary supporting papers, to the Singapore Land Authority. The bureau is 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 get it.

Residential properties owed to the non-restricted category: any apartment flat or condo unit included the actual planet Planning Act and leasehold estates zoned under restricted homes for terms not exceeding 7 years.