Purchasing Property In Singapore1945422
Singapore is an ideal location for these looking to get the best of both worlds the East and West. This is perhaps the purpose why Singapore is a preferred destination for expat Chinese and other Asians, who'd like their children get the best education, yet remain rooted and close to their culture. Sentosa Cove is a virtual hub for expats who've made this gated neighborhood in the deep sea marina, their home. In fact, there are several reports that recommend that Singapore has turn out to be the third most popular location for the wealthy Chinese. Here are a couple of highlights to be kept in mind when purchasing property in Singapore.
• Foreigners in Singapore can buy non landed properties (read apartments and condominiums) with out prior approval of the government. This rule is a outcome of an enactment in 2005 that barred foreigners from buying property in apartment blocks that are reduce than six storeys or come under the category of condominiums. However they still need to seek permission from the Singapore Land Authority to buy landed properties like bungalows, semi-detached houses, and vacant plots.
• They are also restricted from purchasing an HDB shophouse, an HDB house directly from the HDB, a resale HDB flat that is authorized by the HDB, and a condominium that is bought below the Executive Condominium Housing Scheme of 1996. This scheme was introduced for people who wished to buy something much better than an HDB flat, but could not afford to buy private property. For the uninitiated, HDB is an acronym for Housing and Development Board- Singapore, the public housing authority of Singapore. This was set up by the government of Singapore, with an aim to help Singaporeans buy quality home at inexpensive prices.
• Permanent Residents or PR's are allowed to purchase HDB flats directly from the HDB, provided they form a family nucleus with a Singapore citizen. Pr's can also buy an HDB flat from the resale market provide they enlist at least one occupier as a Singaporean citizen or PR. And to shield people from flipping their property, owners looking to sell apartments that are much less than 3 years old, would have to pay a duty of 3 per cent of the resale value. Therefore property owners who buy property via easy credit and then sell them rapidly for a profit are discouraged from doing so.
• As for properties below the Executive Condominium Scheme, PR's are permitted to buy property in projects that are in their sixth to tenth year of the Temporary Occupation Permit or TOP. As for foreigners and corporate bodies they can buy EC property only after the eleventh year of the TOP.
