Foreigner’s Guide to Buying Property in Singapore
If you are one of those foreigners who are planning to buy a property in Singapore, all the information that you need to know can be found in the Singapore Law under Chapter 274 of Residential Property Act. But seeing those pages could be quite overwhelming. If you really want to buy a property in Singapore, it is very important that you are fully aware about the essential pointers that you should take into account before buying a property.
Know a Short Background about the Property you want to Buy
If you are planning to buy a property in Singapore, the first thing that you need to do is to know a short background. Singapore’s property market favours and segmented Singaporean citizens. In the year 1970’s, Singaporean government has a full hand in the property market and they impose restrictions and thresholds on foreigners who want to buy a property in their State. The regulations are successfully implemented in the property market context that has limited supply. The idea underlying this is to keep the property affordable for all Singaporeans and at the same time give them a stake in their country. As a foreigner, there is nothing for you to worry about since there are many opportunities to buy a property in Singapore. To sum it up, looking for a property especially in unfamiliar country can be quite challenging.
When you are considered a Foreigner?
Anyone who is not a Singaporean company, Singaporean citizen, Singaporean society and Singaporean liability partnership is defined as a foreigner.
Determine the Type of Property that you want to Buy
The first thing that you should ask yourself is to determine the type of property that you want to buy. In Singapore, there are 2 types of properties in Singapore which include non-residential and residential. These categories are demarcated based on the location, type and use of the property. If your property is categorised as non-residential, you are treated just like any Singaporean and you can buy it without seeking approval from your government. If the property you want to buy falls under the category of restricted residential property, a foreigner can’t buy it without approval the approval from the government.
Know How to Get Approval
The system of restricted properties is intended to bar foreigners from this market segment and the Singaporean government leaves possibility for those foreigners who are a permanent resident and make an economic contribution to the Singaporean society and state. Even if you’re a foreigner, you can purchase a restricted residential property at Sentosa Cove since the government carved out an exception. In this property, you can get fast approval from Singapore Land Dealing Unit.
Determine the Price of Singapore Properties
Despite of the type of property you want to buy, stamp duty will have to be paid. It simply means that the type and amount of stamp duty depends on the property type that has been purchased, owner’s status and the number of properties that the owner already have.
For those foreigners who want to buy a property in Singapore, follow the foreigner guide to buying property in Singapore above and rest assured that you can easily find the best property in Singapore.