| Foreign Ownership of Singapore Property |
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In 1973 the Singapore government imposed restrictions on foreign ownership of Singapore property. The restrictions outlined in the Resident Property Act are designed to maintain residential housing at affordable prices for Singapore citizens while at the same time, encouraging opportunities for foreign ownership of Singapore property. Following are key points related to this and how Healy Consultants assists investors with their objectives in foreign ownership of Singapore property: | ||||
1.
| Under the Residential Property Act, a foreign person is anyone who is not a Singapore citizen, a Singapore company, a Singapore limited liability partnership or a Singapore society. |
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2.
| Foreign ownership of Singapore property is allowed. Singapore has experienced an influx of expatriates, and some foreigners have preferred to buy rather than face escalating rentals, especially if they are going to be in Singapore for more than a couple of years.
Foreign buyers, including permanent residents, tendered 2,448 caveats for private homes in Q3 2009, the first step toward purchasing a home. The volume of caveats for Q3 was up from 1,807 caveats during Q2, and a mere 498 in Q1 2009, according to Savills. Permanent residents purchased 1,389 homes in Q3 2009. Foreign investors wishing to own Singapore property are required to obtain approval from the Singapore Land Authority (SLA). These ownership laws are governed by the Residential Property Act and have been in place since 1973. |
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3.
| Currently, foreign ownership of singapore property is possible by purchasing non-restricted property, which includes apartments in an approved condominium development. |
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4.
| Foreign ownership of Singapore property can be for i) residential purposes if moving to Singapore to live, ii) commercial purposes if setting up a business in Singapore or iii) as a property investment to grow global assets. |
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5.
| Advantages of foreign ownership of Singapore property include i) satisfaction and security ii) investment returns from capital appreciation or rental income iii) using mortgage repayments as a method of forced savings and iv) tax incentives such as no capitals gains tax. |
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6.
| Restricted property includes i) vacant residential land ii) landed property such as a bungalow, semi-detached and terrace houses and iii) landed property in condominium develops not approved under the Planning Act. Foreign ownership of restricted property in Singapore can only occur after applying to and gaining approval from the Singapore Land Authority (SLA). |
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7.
| Under the Singapore Economic Development Board's (EDB) Global Investor Programme (GIP), foreign ownership of Singapore property can form part of an investment requirement for gaining permanent residency |
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8.
| Healy Consultants sources and negotiates terms and conditions of international mortgages to assist investors achieve their objective of foreign ownership of Singapore property. Banks will usually lend 70-80% of the property valuation for foreign ownership of Singapore property. |
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| Contact Us | ||||
For more information on foreign ownership of Singapore property, please call our Singapore office at (+65) 67350120 or contact email@healyconsultants.com | ||||
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