Expats posted to Singapore for work or other reasons may find themselves having to choose the most ideal form of accommodation for the long-term. While an accommodation may suffice for short trips, affinity at serangoon many rent a space to save on 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 inside acquisition of really 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 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 in the property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an backing. 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, or terraced houses standing 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 whereas submit this, while getting necessary supporting papers, to the Singapore Land Authority. The bureau is a major contributor to evaluating the foreigner’s eligibility to buy a restricted residential property and for issuing the approval if it finds the expat’s qualifications in flow.
Residential properties that belongs to the non-restricted category: any apartment flat or condo unit included inside of Planning Act and leasehold estates zoned under restricted homes for terms not exceeding 7 years.