Advice For Foreigners Wishing To Buy A House In Singapore

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Foreigners staying in Singapore for extended periods of time may discover that living in a hotel for the length of their stay can be very costly. The alternative answer to this dilemma is for the foreign nationals to own residential properties in Singapore.

The Singapore administration does not prevent foreign nationals from purchasing or owning residential properties in the country.

Primarily, Singapore’s Residential Property Act aims to allow Singapore citizens to buy, at affordable rates, their own residential properties. Moreover, the Act supports foreign nationals who have given a significant contribution to Singapore’s economic prosperity to buy residential properties in the country.

Foreigners may purchase non-restricted residential properties even without prior approval from the Singapore government. The following are specific examples of non-restricted residential properties:

- apartment flats within a structure that is not over 6 floors in height – condo units in authorized condominium development sites included in the Planning Act – a lease term on a restricted property; the term must not go beyond seven years

A foreign national may desire to own all units in an apartment or condominium; however, before he or she can do this, Singapore’s Minister of Law must issue an official sanction.

Likewise, a foreigner who has no prior approval from Singapore’s Minister of Law cannot buy residential properties that are classified as restricted.

The following are categorized as restricted residential properties by the Residential Property Act of Singapore:

- a vacant residential lot – townhouses, detached or semi-linked homes, or terraced houses standing on residential properties – lands not authorised for condominium development under the Planning Act

The foreign national who wishes to buy a restricted residential property must fill out a form and then send this, along with the necessary supporting documents, to the Singapore Land Authority. This branch of the government is responsible for receiving the requests of the expatriate regarding the acquisition of a restricted residential property. The Singapore Land Authority will assess and approve or disapprove the application, depending on the virtues of the expatriate’s qualifications.

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Article Citation
MLA Style Citation:
Howard, Riley "Advice For Foreigners Wishing To Buy A House In Singapore." Advice For Foreigners Wishing To Buy A House In Singapore. 18 Feb. 2010. uberarticles.com. 8 Apr 2012 <http://uberarticles.com/business/what-should-foreigners-do-if-they-wish-to-buy-houses-in-singapore/>.

APA Style Citation:
Howard, R (2010, February 18). Advice For Foreigners Wishing To Buy A House In Singapore. Retrieved April 8, 2012, from http://uberarticles.com/business/what-should-foreigners-do-if-they-wish-to-buy-houses-in-singapore/

Chicago Style Citation:
Howard, Riley "Advice For Foreigners Wishing To Buy A House In Singapore" uberarticles.com. http://uberarticles.com/business/what-should-foreigners-do-if-they-wish-to-buy-houses-in-singapore/

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