Foreigners can buy property in Singapore

Any person who is not born in Singapore or does not have the permanent residentship of Singapore is categorised as ‘foreigner’, but that does not stop him from buying a property in Singapore. If the person has secured permanent residentship in Singapore, if he / she has can bring in economic profits to Singapore or can make notable contribution to the country or the person has a specific skill set or qualification which can benefit the country is entitled to buy a property in Singapore. A foreigner who has not got clear approval from Land Dealing Unit in Singapore can still head to purchase a property as long as the agent of the property have signed up a Purchase Agreement with him/her saying that the deal would only be closed with due approval from the Land Dealing Unit.
  
In case the buyer fails to get the required approval, the seller has to refund the deposit money, without interest. In this case the buyer or the seller will not have costs, proceedings, claims, expenses, demands against one another after the deal has been cancelled. If the property is in form of an empty land, or a land with infrastructure like a bungalow, terrace house or a semi-detached house, any building up to 5 levels can be acquired by foreigners after securing due approval from the Singapore Land Authority.
  
All of the mentioned property comes under the list of restricted properties and needs to clear the approval system thoroughly. In case one wants to buy a property under Housing and Development Board (HDB) in Singapore there are some conditions one needs to fulfil, one needs to be Singapore citizen and has to have at least one Singapore citizen to make a family. In case one needs to buy a property from resale market, minimum one occupant should be a permanent resident of Singapore.
  
Real estate business in Singapore is a well developed business. You will find a lot of opportunities of investment in Singapore. If you want to buy some piece of property in Singapore, the decision should be made very carefully. Such a decision needs to be taken after thorough research. If you are interested in the property business, you must look for the right kind of sources which can help you in getting the required information. Authentic information will help you in taking the right decision.

Mindy Yong 杨雯诗

CEA Registration Number : R021232Z

Tel: (+65) 91002985
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mindy@mindyyong.com

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