Foreigners Can Now Buy Houses in Singapore: A Guide for Excited Homebuyers

Foreigners can buy property in Singapore, but there are certain eligibility criteria and procedures that must be followed. As a non-Singaporean citizen, you are considered a foreigner and can only purchase certain types of properties. However, with the right documentation and financial considerations, owning a property in Singapore is possible for foreigners.

A foreigner signs a contract for a house in Singapore

To be eligible to purchase property in Singapore as a foreigner, you must fall under certain categories such as a Singapore Permanent Resident (SPR), a Singapore company, a Singapore limited liability partnership or a Singapore association. If you do not fall under any of these categories, you may still be able to purchase certain types of properties such as a condominium unit, a private apartment unit or a strata landed house in an approved condominium development. It is important to note that the Singapore government has implemented restrictions on foreign property ownership to maintain the stability of the property market.

When considering purchasing a property in Singapore as a foreigner, it is important to understand the legal framework and financial procedures involved. You will need to obtain approval from the Singapore Land Authority and the Inland Revenue Authority of Singapore, and also consider factors such as stamp duty, legal fees and financing options. By understanding the eligibility criteria, legal framework and financial procedures involved, you can make an informed decision on purchasing a property in Singapore as a foreigner.

Key Takeaways

  • Foreigners can purchase certain types of properties in Singapore such as a condominium unit, a private apartment unit or a strata landed house in an approved condominium development.
  • To purchase a property in Singapore as a foreigner, you must fall under certain categories and follow specific legal and financial procedures.
  • Understanding the eligibility criteria, legal framework and financial procedures involved is crucial when considering purchasing a property in Singapore as a foreigner.
A foreigner signs legal documents to purchase a house in Singapore

If you are a foreigner looking to purchase property in Singapore, it is important to understand the eligibility criteria and legal framework for foreign property ownership in the country. In this section, we will cover the key aspects of the Residential Property Act, the types of properties foreigners can purchase, and the special approvals required for permanent residents.

Understanding the Residential Property Act

The Residential Property Act governs the ownership of landed residential property in Singapore, including at Sentosa Cove. Under this act, foreign persons are required to seek approval from the Singapore Land Authority (SLA) before purchasing any landed residential property in the country. All applications must be submitted online through the Land Dealings Approval Unit (LDAU).

Types of Properties Foreigners Can Purchase

Foreigners are eligible to purchase private properties in Singapore, including leasehold estates and freehold properties. However, restrictions apply to the purchase of landed residential property, which requires approval from the SLA. Additionally, foreigners can only purchase units in approved condominium developments and privatised executive condominiums that are more than 10 years old.

Permanent Residents and Special Approval

Singapore Permanent Residents (PRs) are subject to different eligibility criteria for property ownership. PRs are allowed to purchase HDB flats directly from the government, but are required to seek approval from the SLA for the purchase of private property. In certain cases, special approval may be granted to PRs who have made significant economic contributions to Singapore.

In conclusion, while foreigners are eligible to purchase private properties in Singapore, restrictions and eligibility criteria apply to the purchase of landed residential property. Approval from the SLA is required for all foreign persons seeking to purchase such property. It is important to understand the legal framework and eligibility criteria before embarking on any property purchase in Singapore.

Financial Considerations and Procedures

A foreigner signs legal documents with a real estate agent in Singapore. A large sum of money is exchanged, and keys are handed over

When buying a property in Singapore, there are several financial considerations and procedures that you should be aware of. This section will discuss the stamp duty and additional costs, financing and investment potential, and navigating the buying process.

Stamp Duty and Additional Costs

When buying a pro