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There are many people who want to buy and own a property in Singapore. Some of these residential and commercial properties are under the property laws of Singapore. On residential properties there are things that need to also be considered like:
- Only Singapore citizens and some of the approved purchasers defined under the Residential Property Act (RPA) can buy a residential property including the vacant lands in Singapore.
- Singapore citizens can also freely get all the lands including the residential properties.
- Singapore companies, limited liability partnerships, and societies can only freely get all the lands after getting a guaranteed clearance from the Controller of Residential Property.
- Foreigners like the permanent residents and foreign companies or limited liability partnerships or societies can freely get non-restricted properties which are also defined by the RPA as :
- Foreigners cannot buy all the residential units in a building or an approved condominium building without the Minister of Law’s prior approval.
- Foreigners cannot buy or get any restricted residential property except through mortgage, re-conveyance, or charge.
- Making a property as a gift to another foreigner is also not allowed in Singapore.
- Foreigners also need to get an approval from the Minister of Law before buying any restricted residential properties.
- A foreigner can also be considered to buy a restricted residential property if he or she is a permanent resident, able to contribute to the local economy, and a professional or any relevant qualification.
- a. Any flat that is also compromised in a development is also permitted for residential purposes and not for a landed dwelling house.
- b. Any unit that’s found in approved condominium buildings.
- c. Any unit that is in a development which is also sold under the executive condominium scheme.