A "foreigner" is defined in the Residential Property Act as the follows:
1. Any person who is NOT a citizen of Singapore (including a permanent resident, employment pass holder, work permit holder or a social visit pass holder
2. Any foreign company or converted company or
3. Any society or converted society which has not been granted approval or received exemption by the minister
2. What restrictions do foreigners face if they wish to purchase Singapore properties?
Foreigners are Not restricted from acquiring:
* Developments approved as a condominium development under the Planning Act
* A flat in a building including the ground level and any level below the ground level including HUDC Phase I, Phase II flats and privatised HUDC Phase III and IV flats
* A leasehold estate in restricted residential property (refer to A) for a term not exceeding 7 years including any further term which may be granted by way of an option for renewal
A foreigner needs to apply to the authority if he/she wants to purchase the following Restricted residential properties:
1) Any landed residential properties including detached houses, semi-detached houses and terrace house
2) Any vacant land zoned for residential use
The application forms can be obtained from:
Controller of Residential Property, Land Dealings Unit and applications are evaluated on a case-by-case basis, and the entire process should take about three
months.
3. What factors would the government consider when evaluating such an application?
The government will consider the following main factors:
1) your ability to make an economic contribution to Singapore
2) your qualifications
3) whether you are a Permanent Resident of Singapore
4. Can I appeal if my application is rejected?
Yes. You may appeal to the Minister of Law within three months from the date of notice of rejection. However, the Minister's decision is final and you will
not be able to appeal again.
5. Are there any restrictions on home loans for foreigners?
Yes. Foreigners are only allowed one Singapore dollar loan to purchase a residential property. They are usually also able to take loans up to 70% of the purchase price of the property. Several banks in Singapore provide home loans and we would be able to recommend you our trusted bankers and conveyancing lawyers if necessary.
Our longstanding partnerships with various banking institutes like POSB, UOB, DBS, OCBC, HSBC, MayBank, ABN AMRO, Standard Chartered, CitiBank and Hong Leong Finance will enable you to secure home loans or refinance your existing ones without hassle. Simply email us of your requirements and we will arrange for the mobile bankers to present the latest loan promotions and financial advice in the comfort of your own home.
