February 25, 2010
The Residential Property Act Of Singapore And Its Importance To Expats
Expatriates 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 country. The alternative answer to this problem is for the foreigners to purchase residential properties in the country.
In Singapore, foreigners are not prevented by government agencies from buying their own residential properties.
The Residential Property Act of Singapore basically supports Singapore citizens in their acquisition of their own residential properties by providing affordable prices. Moreover, the act allows foreigners who are acknowledged by the government to be capable of of contributing to the economic success of the country to buy residential properties in Singapore.
Non-restricted residential properties can be purchased by foreigners even without prior sanction from the Singapore government. The following are some examples of non-restricted residential properties:
- apartment flats within a structure that is not higher than 6 floors – condominium units in approved condo development properties included in the Planning Act – a lease contract on a restricted property; the contract should not exceed 7 years
An approval from Singapore's Minister of Law is needed by expats who wish to own all units in an apartment or condo in an authorized development property.
Likewise, a foreign national without any prior official sanction from Singapore's Minister of Law cannot acquire residential properties that are categorized as restricted.
Under the Residential Property Act of Singapore, the following are classified as restricted residential properties:
- a vacant residential land – town houses, detached or semi-linked homes, or terraced houses standing on residential properties – properties not authorized for condominium development under the Planning Act
If a foreign national intends to acquire a restricted residential property, the foreigner is obliged to fill out a request form and submit this, along with supporting documents, to the Singapore Land Authority. This branch of the government is responsible for receiving the requests of the foreigner regarding the acquisition of a restricted residential property. The Singapore Land Authority will appraise and approve or disapprove the application, depending on the virtues of the expatriate's qualifications.
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