May 27, 2022
Can A Foreigner Buy Property In Singapore And What Are The Restrictions
Known for its good governance, political stability, transparency, efficiency and ease of doing business, Singapore is a popular location for foreign investments. Therefore, one of the biggest questions among foreign investors is: "can foreigners buy property in Singapore?"
The short answer is yes, however, who is considered a foreigner?
In Singapore, there are two types of foreigners: Non-Singaporeans and Permanent Residents (PRs).
Let's discuss first about non-Singaporeans. According to the Immigration and Checkpoints Authority (ICA), non-Singaporeans are defined as people who are not citizens or permanent residents of Singapore. The ICA also states that "a person who holds a valid pass issued by the ICA will be treated as an exempted person." An exempted person refers to those who are allowed to stay in Singapore without having to apply for an entry permit or visa under certain circumstances such as attending school or working here temporarily. If you hold this status, then you can buy properties here without any restriction.
Now let's talk about PRs. The ICA states that PRs are permanent residents of Singapore who have successfully applied for and been granted citizenship on top of their permanent resident status. As PRs have been granted citizenship alongside
Who is Considered a Foreigner?
A foreigner is someone who is not a citizen or permanent resident of Singapore. If you are not a citizen or permanent resident of Singapore, you need to apply for approval from the Ministry of Law and Ministry of Manpower before buying property in Singapore. The approval process takes about 3 months to obtain.
What Foreigners Can and Can’t Buy
What Singapore PRs can buy:
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Resale HDB flats (with another Singapore PR or Singaporean)
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Resale ECs that has reached their 5-year MOP
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Privatised ECs
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Private condos
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Strata-landed homes
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Landed properties in Sentosa Cove
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Landed properties (with special permission from Singapore Land Authority
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What non-Singapore PRs can buy:
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Private condos
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Private ECs
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Landed properties in Sentosa Cove
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Landed properties (with special permission from Singapore Land Authority)
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Eligibility
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Here are the common property types that foreigners are eligible to buy:
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An apartment or condominium unit
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A strata landed house in an approved condominium development
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A leasehold estate in a landed residential property for a term not exceeding seven years, including any further term which may be granted by way of an option for renewa
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A landed property on Sentosa Cove
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Restrictions on Foreigners Buying Property
There are some restrictions on foreigners buying property. They include:
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The property must be approved by the Urban Redevelopment Authority (URA). If it is not approved, then you cannot buy it.
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The property must be within the built-up area of Singapore and not outside it. This means that if it is outside the city limits, then you cannot buy it as a foreigner because it would not be allowed under Singapore law.
Procedures for Buying Property in Singapore as a Foreigner
Buying property in Singapore as a foreigner can be a complex process. However, the government has made it easier for foreigners to buy property by introducing new policies that make the process more streamlined.
Buying Property in Singapore as a Foreigner
The following are some of the steps involved in buying property as a foreign citizen:
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You need to be a permanent resident or citizen of another country and have lived in Singapore for at least 2 years before you can purchase a property here.
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If you are not a permanent resident or citizen of another country, then you will need to apply for permanent residency status before you can purchase any kind of property here.
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You need to submit an application form with supporting documents so that the Immigration and Checkpoints Authority (ICA) can issue you with an identity card which is known as IC (I). This is required before you can purchase any type of property in Singapore because this document confirms your eligibility as an eligible buyer under current government regulations on buying real estate properties from private sellers or developers who are registered with HDB (Housing Development Board).
Conclusion:
I hope the above provide a good general guideline for those interested in buying property in Singapore and for foreigners looking for a place in the country. Most importantly, you should have gained some clarity on the things you need to know if you are considering buying property in Singapore as a foreigner.
For more information:
Drop me a message at +65 9422 8000 or Wa.me/6594228000 for enquiries or real estate matters.
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