Can PR Buy Private Property in Singapore? Everything You Need to Know

If you are a Permanent Resident (PR) living in Singapore, you may be wondering whether you are eligible to purchase private property in the city-state. The answer is yes, but with some conditions. PRs can buy private property in Singapore, but there are certain regulations and eligibility criteria that must be met.

A bustling city street with high-rise buildings and vibrant signs, showcasing the allure of private property in Singapore

For instance, PRs must have held their PR status for at least three years before they can purchase private property. Additionally, PRs who own an HDB flat must dispose of it within six months of purchasing a private residential property in Singapore. In this article, we will explore the eligibility and regulations for PRs buying private property in Singapore, as well as the types of private properties available to them.

Overall, while PRs can buy private property in Singapore, there are certain conditions that must be met. If you are a PR looking to purchase private property in Singapore, it is important to understand the eligibility criteria and regulations that apply. By doing so, you can make an informed decision about whether purchasing private property is the right choice for you.

Key Takeaways

  • PRs can buy private property in Singapore, but must meet certain eligibility criteria and regulations.
  • PRs must have held their PR status for at least three years before purchasing private property.
  • PRs who own an HDB flat must dispose of it within six months of purchasing a private residential property in Singapore.

Eligibility and Regulations for PRs Buying Private Property in Singapore

A PR holding a property brochure, reading eligibility and regulations for buying private property in Singapore

If you are a Singapore Permanent Resident (PR) looking to purchase private property in Singapore, there are certain regulations and eligibility criteria that you need to be aware of. In this section, we will discuss the Residential Property Act for PRs and the Additional Buyer’s Stamp Duty (ABSD) that you need to navigate.

Understanding the Residential Property Act for PRs

The Residential Property Act regulates the ownership of residential properties by non-Singaporeans, including PRs. Under this Act, PRs are allowed to purchase private residential property in Singapore, subject to certain restrictions.

One of the key restrictions for PRs is that they are not allowed to purchase landed property without approval from the Land Dealings Approval Unit (LDAU). Additionally, PRs are not allowed to purchase HDB flats that are less than 30 years old, unless they are buying the flat with a Singaporean citizen spouse or have obtained an approval from HDB.

As a PR, you are also subject to the Additional Buyer’s Stamp Duty (ABSD) when purchasing private property in Singapore. The ABSD is a tax that is imposed on top of the standard Buyer’s Stamp Duty (BSD) that all property buyers have to pay.

The ABSD rates for PRs are higher than those for Singaporean citizens. For instance, if you are a PR purchasing your first residential property in Singapore, you will have to pay an ABSD of 5% on top of the BSD. If you are purchasing your second or subsequent residential property, the ABSD rate increases to 15%.

It is important to note that the ABSD rates are subject to change, and you should always check the latest rates before making a property purchase.

In summary, while PRs are allowed to purchase private property in Singapore, there are certain restrictions and regulations that they need to be aware of. By understanding the Residential Property Act and navigating the ABSD, you can make an informed decision when purchasing private residential property in Singapore.

Types of Private Properties Available to PRs

Various private properties in Singapore are available to PRs for purchase. These include condominiums, landed houses, and commercial properties

As a PR in Singapore, you have several options when it comes to buying private properties. Here’s a breakdown of the types of private properties available to you:

Exploring Condos and Executive Condominiums

Condos and executive condominiums (ECs) are popular choices among PRs. These properties offer a luxurious lifestyle with modern amenities and facilities. Condos are typically more expensive than ECs, but they offer more space and privacy.

As a PR, you can purchase both condos and ECs, but there are certain conditions you need to meet. For instance, you need to have held PR status for at least three years before you can buy an EC. Additionally, you can only buy a resale EC that is at least 10 years old.