Foreigners staying in Singapore for extended periods of time may find that being billeted in a hotel for the duration of their stay can be very expensive. One solution to this expensive quandary is owning a residential property in the city-state.
The Singapore government officials do not discourage expatriates from acquiring residential properties in the country.
Essentially, the Residential Property Act of Singapore empowers Singapore citizens to buy residential properties in the city-state at reasonable prices. Also, the act supports foreign nationals who have given a significant contribution to Singapore's economic prosperity to acquire residential properties in the city-state.
Expatriates may acquire non-restricted residential properties even without pre-approval from the Singapore government. Non-restricted residential properties are described as whichever of the following:
- apartment flats within a building that is not more than six floors in height - condo units in authorized condominium development sites included in the Planning Act - a lease term on a restricted residential property; the contract should not go beyond 7 years
Expatriates who want to acquire all units in an apartment or condo in an approved development site must have prior approval from Singapore's Minister for Law.
In the same vein, a foreigner cannot purchase or own residential properties that are categorized as restricted not unless he or she has been issued an official sanction by Singapore's Minister for Law to own any such residential property.
The following are considered restricted residential properties by the Residential Property Act of Singapore:
- a vacant residential land - town houses, detached or semi-detached houses, or terraced houses built on residential lots - lands not authorized for condo development under the Planning Act
If an expatriate wishes to acquire a restricted residential property, the expatriate is required to fill out an approval form and submit this, together with other required documents, to the Singapore Land Authority. The Singapore Land Authority is in charge of evaluating and approving the merits of an expatriate whether he or she will be eligible to buy a restricted residential property.
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