Foreigners in Singapore realize that it is dreadfully expensive to rent a hotel room when they plan to stay for a significant length of time in the city-state. If a foreigner owned a residential property in Singapore, the expensive dilemma could have been avoided.
The Singapore government does not restrict foreign nationals from buying or owning residential properties in the city-state.
The Residential Property Act of Singapore basically supports Singapore nationals in their acquisition of their own residential properties by giving affordable rates. In addition, this act encourages expatriates who are recognized by the Singapore government to have made significant contributions to the economy of the city-state in their desire to purchase residential properties within the country.
Even without any licenses or approval from Singapore government officials, an expatriate may buy non-restricted residential properties. The following are specific examples of non-restricted residential properties:
- apartment units within a building that is not higher than 6 floors – condo units in approved condo development sites under the Planning Act – a lease term on a restricted residential property; the contract should not go beyond 7 years
Foreign nationals who desire to own all units in an apartment or condo in an approved development site should have prior sanction from Singapore’s Minister for Law.
In the same vein, a foreigner cannot buy or own residential properties that are classified as restricted not unless he or she has been granted an official sanction by Singapore’s Minister for Law to purchase any such residential property.
The Residential Property Act of Singapore specifies these restricted residential properties as follows:
- an empty residential land – townhouses, detached or semi-detached houses, or terraced houses standing on residential lands – lots not authorized for condominium development under the Planning Act
In applying for an official sanction to be able to purchase a restricted residential property, the foreigner must fill out a form and, along with the required supporting papers, send this to the Singapore Land Authority. The Singapore Land Authority is responsible for evaluating and approving the qualifications of foreign national whether he or she will be qualified to acquire a restricted residential property.
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