Find below expert answers to the frequently asked questions for expatriates who wish to reside in or buy a permanent property in Singapore.
What are the best places to invest in Singapore?
Singapore is one of the preferred residential places in the world for foreign expats. Not only is Singapore warm and welcoming to foreigners, it is also lenient regarding regulations and laws as far as treating expatriates is concerned. Diverse ranges of properties available in Singapore provide a residential solution to everyone. The Singapore residential property market is abounding in options. The calm and serene residential cityscapes in regions like Ang Mo Kio, Bukit Timah, and Harbourfront are preferred by the retired and aged residents. The chaotic residences of the Central Business District are preferred by the hard-nosed business sharks.
What are the rules for a foreign expatriate to buy residential property in Singapore?
The Residential Property Act (Singapore) came into effect from July 19, 2005. It strictly controls the terms at which a foreign expatriate can buy a property in Singapore. Expatriates in Singapore cannot buy residential properties, especially vacant plots and other semi-detached houses, until and unless they become Permanent Residents.
What are the rules for renting a property in Singapore?
Even though the rules for renting a property is not so strict as in the case of buying a residential property, but all the other procedures such as forwarding a Letter of Intent to the landlord, etc. are to be fulfilled with due caution.
What are the kinds of properties that cannot be bought by foreign expats in Singapore?
Foreign expatriates are restricted from buying or leasing the following types of residential properties:
- Detached properties such as bungalows, semi-detached houses, and terrace houses
- Residential properties that are less than 6 levels
- Unoccupied land
Apart from these conventional residential estates, foreign expatriates are also not allowed to buy the following types of properties for residential purposes:
- HDB flats resold or bought directly from the HDB
- HDB Shophouses
- Under the Executive Condominium Act of 1996, Executive Condominiums (ECs) are also restricted for sale to foreign expatriates
However, only foreign expatriates who have acquired the status of Permanent Resident have a better chance of buying and reselling the properties that have not been restricted.
How soon can I register for a Permanent Resident status?
As soon as you get an Employment Pass, to work or pursue business, you can apply for a Permanent Resident status. However, the decision is completely subject to the Singaporean authorities, and the contribution of the expatriate towards the development of the country's economy and society.
What kind of property agents should I use?
Employ a single specific agent, preferably an online portal like PropertyGuru.com.sg for better and more exhaustive property searches. An individual agent would only have prowess over a definite number of rental or residential properties in a definite region. However, an online portal would be able to provide you with hundreds of available properties from all over the country.
What are the loan options available to foreign expatriates?
While the actual loan availability may vary from individual to individual, the criterion actually is dependent upon the income and credit condition of the expatriate concerned. However, a foreign expatriate can apply for a loan up to 70% on the property valuation or 80% on the purchase value of the property. According to the criteria and standards it has set for its clients, the bank concerned shall decide which of the two it shall grant.
What are the banking options available for foreign expatriates in Singapore?
Almost all the major international banks have branches in Singapore, along with Automated Teller Machines (ATM) and cash-free payment services called NETS. Opening an account with any of these banks would need copies of your employer's letter of sanction, passport and an authorized statement from your home nation's bank.
Licensed money-changing options (to the native currency - Singaporean Dollar, SGD) are available at most hotels, banks and shopping complexes.
What is the potential for business development or employment as far as foreign expatriates are concerned?
A large number of chambers of commerce are in Singapore, all of international repute and comprising companies which are globally prominent and business powerhouses. Moreover, with a recent boom in the property and industrial markets, employment too is on the rise. Singaporean authorities are more than encouraging to foreign expatriates who wish to reside in Singapore and make a living.
The financial meltdown of recent times hasn't had much of an impact on the economy of Singapore. Several prominent businessmen and successful entrepreneurs are from the expatriate community of Singapore.
What are the educational facilities available for expatriate students?
Education is at its finest in Singapore with schools, colleges and universities abounding in the country. Along with local schools, a host of international schools and universities that impart courses on a variety of subjects, right from science to fine arts are also located here. Schools in Singapore recognize expatriate students on the same level as Singaporeans, with no special favours for the latter.
What are the laws regarding foreigners' driving licenses?
A person, who is a resident of Singapore for 12 months or less, need not convert his foreign driving license to be able to drive on the roads of Singapore. He/she should possess a valid international driving license from an authentic Automobile Association.
If an expatriate has stayed for over 12 months in the country, or is already a Permanent Resident of Singapore, then possessing a Singaporean driving license is required. Vehicles that are less than 3 years old can also be imported.
How efficient is the transport system in Singapore?
Singapore boasts of one of the finest roads and railway transport systems in the world. The bus services and railway transport is cheap and efficient. Almost all the regions have exclusive LRT (Light Rapid Transport) and MRT (Mass Rapid Transport) stations for intra-city railway transportation. Taxis and hired cars are also available as private modes of transport.
