Expats posted to Singapore for work or other reasons may find themselves having to best man most ideal type of accommodation for the long-term. While a hotel may suffice for short trips, many rent a space to reduce costs. There is a third solution – purchasing property.
There are no prevailing laws in Singapore which prevents foreign nationals from purchasing or acquiring residential properties in canada. The Residential Property Act of Singapore primarily assists Singapore nationals of acquisition of pretty own home by providing reasonable prices. Also, the Act encourages foreigners who made a significant contribution to Singapore’s economic prosperity to acquire residential properties involving city-state.
Further, an expat may purchase non-restricted residential properties with permits or approval from Singapore government officials.
A foreign national may desire to get all units from a property development; however, before he or she can accomplish this, Singapore’s Minister of Law must issue an consent. 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 affinity serangoon terraced houses landing 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 and then also submit this, along with necessary supporting papers, to the Singapore Land Authority. The bureau is the agent responsible for evaluating the foreigner’s eligibility to search for restricted residential property and for issuing the approval if it finds the expat’s qualifications in status.
Residential properties owed to the non-restricted category: any apartment flat or condo unit included in the Planning Act and leasehold estates zoned under restricted homes for terms not exceeding 7 years.