Foreign ownership of properties – Apartment for sale in Singapore
Since 1973, the Singapore Government has imposed restrictions on foreign ownership of private residential property in Singapore. Such ownership is governed by the Residential Property Act (the Act). Apartment for sale in Singapore.
The Act seeks to strike a balance between giving Singaporeans a stake in the country by being able to buy and own residential properties at affordable prices, while attracting foreign talent by allowing permanent residents, foreign companies and limited liability partnerships that make an economic contribution to Singapore to purchase such properties for their occupation.
The Land Dealings (Approval) Unit administers the provisions of the Act and its rules by:
- Processing applications from foreign persons for approval to acquire or retain restricted residential property;
- Issuing clearance certificates to Singapore companies, limited liability partnerships and societies;
- Prosecuting offences under the Act; and
- Dealing with general enquiries relating to the operation of the Act.
Under the Act, a foreign person means any person who is not any of the following:
- Singapore citizen;
- Singapore company;
- Singapore limited liability partnership; or
- Singapore society.
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