Tue 16th Feb, 2010
Are Expats Permitted To Own Residential Properties In Singapore?
Expatriates staying in Singapore for lengthy periods of time may discover that being billeted in a hotel for the length of their stay can be very expensive. The alternate solution to this dilemma is for the foreigners to buy residential properties in Singapore.
The Singapore government officials do not discourage foreigners from owning residential properties in the country.
Mainly, Singapore’s Residential Property Act aims to allow Singapore citizens to acquire, at reasonable prices, their own residential properties. Furthermore, the act permits expatriates who are recognized by the government to be capable of of contributing to the financial prosperity of the city-state to acquire residential properties in Singapore.
Even without any licenses or approval from Singapore government officials, an expatriate may purchase non-restricted residential properties. The following are residential properties that belong to the non-restricted category:
- apartment flats within a structure that is not more than six floors in height – condominium units in approved condominium development sites included in the Planning Act – a lease term on a restricted property; the agreement must not exceed seven years
A foreigner may intend to own all units in an apartment or condominium; nonetheless, before he or she can do this, Singapore’s Minister of Law must issue an official sanction.
In the same vein, an expatriate who has no prior approval from Singapore’s Minister of Law cannot buy residential properties that are categorized as restricted.
Under the Residential Property Act of Singapore, the following are classified as restricted residential properties:
- an empty residential lot – townhouses, separate or semi-linked houses, or terraced houses built on residential properties – lots not authorized for condominium development under the Planning Act
If an expatriate wishes to buy a restricted residential property, the foreigner is obliged to fill out a request form and submit this, together with other required documents, to the Singapore Land Authority. The Singapore Land Authority is in charge of reviewing and issuing approval for the qualifications of an expatriate whether he or she will be eligible to acquire a restricted residential property.
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