Singapore is in a firm position as one of the most prominent destinations for investing in properties since 90’s. A lot of people who have invested in Singapore in earlier days have tripled their wealth. The most common question raised is, can foreigners buy property in Singapore?
- In the year 1973, the Singapore Government forced limitations on foreign ownership of private property in Singapore. The Residential Property Act administers such possession.
- The Act intends to give Singapore locals a stake in the nation by having the capacity to purchase and have their own particular private property at a moderate cost. They also support foreign talents by permitting them as permanent occupants. Foreign companies that make an economic contribution to Singapore to buy such properties for their own particular occupation are also encouraged.
- The Residential Property Act (RPA) is then changed on 19 July 2005 to enable non-natives to buy flats in non-apartment suite establishments of below 6 levels without the need to get an earlier endorsement.
- Restricted properties, for example, empty land, landed properties, for example, cottages, semi-isolated, and porch houses may still need prior approval if a foreigner wants to purchase them. Landed properties are a unique class of private property that Singaporeans try to claim, and ought to remain restricted. Non-natives need to apply for an approval from Singapore Land Authority before purchasing.
- Foreigners are not limited from purchasing the following properties,
- Buildings and constructions approved as condo developments under the planning act
- An apartment flat in a building with less than or equal to 6 levels
- Privately owned phase I and phase II flats and HUDC flats
- Foreigners are limited from purchasing the following properties,
- Empty land
- Residential properties, Bungalows, houses in terraces, and detached houses
- Residential property in a building which has fewer than 6 levels
- You may need to consider some factors, for example, your age, pay level, and aggregate obligation ensuring that you are an EP holder, your monthly salary must be above $3000. Thus buying a property of significant worth between $500,000 shouldn’t be excessive of an issue. There is no restriction for a foreigner who wishes to buy commercial property in Singapore.
- Even if you are a foreigner (who isn’t a PR), the Singapore government has cut out a special case to such an extent that you are qualified to purchase a limited private property at Sentosa Cove. For these properties, you can get a fast-track permit and approval from the Singapore Land Dealing Unit.