Are you a permanent resident (PR) in Singapore looking to buy a property? If so, you’re in luck! As a PR, you are eligible to purchase certain types of properties in Singapore. However, there are some rules and restrictions you need to be aware of before you start your property hunt.
Firstly, it’s important to understand the eligibility criteria for PRs when it comes to property ownership in Singapore. PRs are allowed to purchase HDB flats, executive condominiums (ECs), and private condominium units. However, there are some conditions and restrictions that apply to HDB flats and ECs. For example, PRs can only buy a new HDB flat if they are married to a Singapore Citizen, and they are only allowed to purchase certain types of HDB flats. Additionally, PRs are subject to Additional Buyer’s Stamp Duty (ABSD) for all residential property purchases.
Navigating the property purchase process in Singapore can be overwhelming, especially if you’re a first-time buyer. From finding the right property to securing financing and completing the paperwork, there are many steps involved. However, with the right knowledge and guidance, you can make the process smoother and less stressful. In this article, we’ll provide you with all the information you need to know about buying property in Singapore as a PR.
Key Takeaways
- As a PR, you are eligible to purchase certain types of properties in Singapore, such as HDB flats, ECs, and private condominium units.
- There are some conditions and restrictions that apply to HDB flats and ECs, and PRs are subject to Additional Buyer’s Stamp Duty (ABSD) for all residential property purchases.
- Navigating the property purchase process in Singapore can be overwhelming, but with the right knowledge and guidance, you can make the process smoother and less stressful.
Understanding PR Eligibility and Property Ownership in Singapore
Eligibility Criteria for PRs to Buy Property
As a Singapore Permanent Resident (PR), you are eligible to purchase certain types of residential properties in Singapore. However, you must meet certain requirements to be eligible to buy property. For instance, you must have a valid PR status, meet the income ceiling, and fulfill the minimum occupation period (MOP) for any previously owned public housing.
Types of Properties Accessible to PRs
As a PR, you can purchase HDB flats, executive condominiums (ECs), and private condominium units. However, note that HDB flats and ECs are considered government housing, and PRs are subject to certain conditions. For example, under HDB rules, a PR may qualify to buy an HDB flat under two schemes: the HDB Public Scheme, which is buying with a family unit (i.e. spouse, children, siblings, parents), or the Fiancé/Fiancée Scheme, which is for buying with your fiancé or fiancée.
Financial Considerations for PRs Acquiring Property
When acquiring property as a PR, you must be aware of the various financial considerations. For instance, you will need to pay the Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD) when purchasing property in Singapore. The ABSD is an additional tax that applies to foreign buyers and Singapore Permanent Residents purchasing their second or subsequent property. Additionally, you may be eligible for CPF Housing Grants if you are a first-time applicant purchasing a new HDB flat or resale flat.
It is also important to note that if you are a PR investing in a leasehold estate in a landed residential property, you will need to seek approval from the Land Dealings Approval Unit (LDAU) of the Singapore Land Authority (SLA) beforehand.
Overall, as a PR in Singapore, you have access to a variety of properties, but it is important to understand the eligibility criteria, financial considerations, and property regulations before making any investments.
Navigating the Property Purchase Process
As a Singapore Permanent Resident (PR), buying a property in Singapore can be a daunting task. However, with proper guidance and knowledge, the process can be made easier. In this section, we will guide you through the steps to acquiring a property, understanding additional costs and taxes, and seeking professional assistance.
Steps to Acquiring a Property as a PR
Before you start your property search, it is important to understand the eligibility criteria for each type of property. As a PR, you are eligible to purchase resale HDB flats, Executive Condominiums (EC), and private properties. However, there are certain restrictions that you need to take note of.
Under the Residential Property Act, PRs are only allowed to purchase HDB resale flats after fulfilling the Minimum Occupation Period (MOP) of 5 years. For ECs, PRs can only purchase units that