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Can Foreigners Buy Property In Singapore?

Buying property in a foreign country is one of the best ways to acquire dual citizenship and also have unlimited access to that country. And YES, you CAN buy property in Singapore, but with certain restrictions. Only nationals and permanent residents of Singapore can avail thee subsidized housing by the HBD (Housing & Development). The government subsidizes HBD flats and houses. Buyers can avail the resale of flats which are sold by previous owners which have met the ‘Minimum Occupation Period.’ The Housing & Development Board does not regulate the prices of the reselling of the flats.

Foreigners can certainly own private condominium units and apartments as well and as much as they can afford. There is absolutely no limit to the quantity of private condos and apartments that a foreigner can purchase. A condominium which is also known as a condo is a kind of residential unit which is inside a building or a part of a complex full of buildings. Each condo unit is owned individually by someone, and these people share the areas around it. It can be gyms, a pool, a park, etc. Permanent residents of Singapore can easily buy subsidized executive condominiums 5 years after the building has been completed, but for foreigners, it is 10 years.

condominiums

The approval of the government is obviously needed for foreigners to own residential properties like houses and bungalows as well. A foreigner who owns these properties must have a proper and adequate economic contribution to the country of Singapore. All those who are interested can apply through the Singapore Land Authority. There are absolutely no restrictions for foreigners who are interested in purchasing commercial properties either in Singapore. These properties can include buildings like shops, office properties, and any kind of hotels or motels, huge warehouses, factories, and even shopping malls.

 
The amount of rules and regulations are comparatively the same when you compare with other countries. The process may take a little more time because Singaporeans are very conservative when it comes to potential immigrants. It is also essential that you have all of the necessary documents and enough money to carry out the processes. These kinds of purchases will inevitably cost you upwards to $100,000 to even millions of dollars, so you need to make sure that you have that kind of money and you should also have a proper game plan as to how many days in a year you will spend in Singapore. If you are a foreigner, you will surely have a business in your home country, and also there is the matter of the kind of visa that you have. You should make sure that you have all of this figured out.

 

 

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