Foreigners staying in Singapore for extended periods of time may discover that living in a hotel for the duration of their stay can be very costly. One solution to this expensive predicament is acquiring a residential property in Singapore.
In Singapore, foreign nationals are not restricted by government officials from purchasing their own residential properties.
Basically, the Residential Property Act of Singapore encourages Singapore citizens to purchase residential properties in the city-state at affordable rates. Moreover, 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 desire to buy residential properties within the country.
Even without any permits or sanctions from Singapore government officials, an expat may purchase non-restricted residential properties. Non-restricted residential properties are identified as whichever of the following:
- apartment flats within a structure that is not more than six floors in height – condominium units in authorized condo development properties included in the Planning Act – a lease term on a restricted property; the agreement must not exceed 7 years
An approval from Singapore’s Minister of Law is needed by expatriates who wish to own all units in an apartment or condominium in an authorized development property.
Furthermore, an expat who wishes to acquire residential properties that are classified as restricted cannot do so without prior official sanction from Singapore’s Minister of Law.
Under the Residential Property Act of Singapore, the following are categorized as restricted residential properties:
- a vacant residential lot – town houses, detached or semi-linked homes, or terraced houses standing on residential lands – lots not authorized for condo development under the Planning Act
In applying for an official sanction to be able to own a restricted residential property, the expatriate must fill out a form and, together with the required supporting documents, send this to the Singapore Land Authority. This branch of the government is responsible for receiving the requests of the foreigner regarding the purchase of a restricted residential property. The Singapore Land Authority will appraise and approve or disapprove the application, depending on the merits of the expatriate’s qualifications.
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