Foreigners can own property in Singapore, but there are restrictions on the type of property they can buy. For example, they can only buy private properties such as condominiums, apartments, and landed properties. Foreigners are not allowed to buy public housing like HDB flats. Additionally, foreigners must meet certain eligibility criteria, such as having a valid work visa or permanent residency status.
Foreigners and Expats Guide: Buy and Own a Property in Singapore
Owning a property in Singapore as a foreigner is possible, but it comes with some regulations and restrictions. Here’s what you need to know if you’re a foreigner looking to invest in Singapore property.
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Foreigners who purchase property in Singapore are required to pay an additional buyer’s stamp duty (ABSD). This is a tax levied on top of the standard buyer’s stamp duty, and the amount varies depending on the buyer’s residency status and the number of properties they own in Singapore. The ABSD is payable within 14 days of the date of the Option to Purchase.
Under the respective FTAs, Nationals or Permanent Residents of the following countries will be accorded the same Stamp Duty treatment as Singapore Citizens: Nationals and Permanent Residents of Iceland, Liechtenstein, Norway or Switzerland and Nationals of the United States of America.
Engaging a professional property agent can be helpful for foreign buyers who are unfamiliar with the local property market. A good agent can provide advice on the best locations to invest in, negotiate on behalf of the buyer, and help with paperwork and legal procedures.
Real Estate Dad can assist with all aspects of purchasing a property in Singapore and can advise on location, price negotiation, and the total process from viewings, documentation, financing, and legalities, through to the completion of the sale.
Foreigners who want to purchase a property in Singapore must secure financing from a bank or financial institution. The loan amount will depend on various factors such as the buyer’s income and creditworthiness, the property value, and the loan tenure. It’s important to note that the loan-to-value (LTV) ratio for foreigners is lower than that for Singapore citizens and permanent residents.
Buying a property in Singapore involves legal procedures, such as the drafting of the Sale and Purchase Agreement and the completion of the transfer of ownership. Hiring a lawyer who is familiar with Singapore’s property laws and regulations can help ensure that the transaction proceeds smoothly and that the buyer’s interests are protected. Real Estate Dad is also positioned to recommend the best lawyers to help you.
Learn about the benefits of property investing in Singapore. Contact me for a list of units with high projected ROI.
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