Is a foreigner eligible to buy residential property in Singapore?
A foreign person cannot acquire or purchase restricted residential property unless he obtains the prior approval of the Minister for Law. Such property includes:
vacant residential land
landed property [i.e detached house, semi-detached house, terrace house (including linked house or townhouse)]
landed property in strata developments which are not approved condominium developments under the Planning Act
A foreign person is not restricted from acquiring:
any apartment within a building
any unit in an approved condominium development under the Planning Act (incl. The Sail)
a leasehold estate in restricted residential property for a term not exceeding 7 years, including any further term which may be granted by way of an option for renewal.
Note: A foreign person is not allowed to acquire all the apartments within a building or all the units in an approved condominium development without the prior approval of the Minister for Law.
What is the buying / payment procedure?
Completed project (e.g. Marina Bay Residences)
In the sale of a completed project, however, the payment scheme of the property’s purchase price is generally as such:
i) Option fee upon booking of unit
1% of purchase price
ii) Deposit within 2 weeks of issuance of Option
5% or 10% of purchase price (inclusive of 1% Option fee)
iii) Within 6 – 8 weeks from the date of Option
Balance 90% of purchase price
Stamp Duty is a tax levied on documents which record transactions, such as disposition or transfer of interest from one party to another. Therefore, stamp duty is payable by the person who purchases both residential and non-residential properties in Singapore.
A document can be presented for stamping at any time before executing (signing). However, once a document is executed (signed), stamp duty must be paid within:
14 days from the date of execution if the document is signed in Singapore;
30 days of its receipt in Singapore if the document is signed overseas.
Additional Buyer Stamp Duty (ABSD) may apply.