Singapore is a multi-racial island city that welcomes foreigners. What is more, the country’s political stability, very low crime rate, higher efficiency and lack of natural disasters together have made Singapore an ideal office and investment haven for foreigners. Hence, they may contemplate purchasing a residential property here for investment or owner-occupation. However, because of the restricted land in Singapore, the Government must impose some rules to limit foreigner’s acquisition of residential property. This guide will outline some regulations surrounding overseas home ownership in the nation.
While about 80 percent of Singapore’s population dwells in public housing, or what is commonly called HDB Housing Development Board flats. Foreigners are not eligible to buy this category of housing since these are subsidized apartments. An exception applies in the event you have got a Singapore citizen spouse. Under HDB’s Non-Citizen Spouse Scheme, a SC-Foreigner couple can purchase a HDB flat in the resale market.
Single foreigners or foreigners with non-Singapore citizen partner have their choices limited to strata-titled private residential properties only. With this class of land, they can buy non-landed ones with no special application. But if a foreigner wants to acquire all of the apartments within a building or all of the components in an approved condominium development, he must first get the approval of the Minister for Law.
Landed properties fall under the purview of the Restricted Residential Property Act. Foreigners acquiring detached home, Pasir Ris 8 Condo semi-detached house, terrace house, such as connected house or townhouse need to get prior approval from the Minister for Law. Along with the land area of the property cannot be more than 1,393.5 sq metres 15,000 sq feet. The application process usually takes 6 weeks and is exposed to approval.
Since August 2004, Singapore relaxed its foreign ownership rules to allow foreigners to buy landed properties on Santos Cove with a state procedure of 2 days. Applications have to be made with the Land Dealings Unit. Further there is not any minimum occupation period. Whether the landed residential property is on Santos Cove or elsewhere, it has to be owner-occupied i.e. No leasing out and the overseas owner is only permitted to own one limited residential property at any 1 time in Singapore.
Another important factor to the rise in value and long term demand for Singapore property is the Ministry of Environment. When a property owner or tenant has a problem with mosquitoes and informs the Ministry of Environment to help find the source of the mosquitoes it is going to be done with no fine. For comfort and health is paramount to a productive and joyful society. Again a civilization to eliminate mosquitoes in partnership with citizens is working nicely with the Singapore government.