Any cross border property transaction is more the just the buying process. It entails many considerations that often are not part of any consideration when buying in one’s home market.
Law governing ownership of property by foreign nationals
Singapore has certain restrictions regarding the acquisition of property owned by foreign nationals.
Landed property (terrace, semidetached, bungalows, Good Class Bungalows (GCB’s), shophouses) generally are reserved for Singaporeans only. The Singapore government has harsh penalties for anyone trying to illegally circumvent the law applicable to landed property ownership.
Condominiums exist as either HDB flats (government subsidized apartments subject to many restrictions and preferably reserved for Singaporeans) or private condominiums. HDB flats only exist as 99 year leaseholds. Private condominiums exist as:
- 99 year leasehold
- 999 year leasehold
- freehold (fee simple)
Private condominiums are generally available for purchase to foreign nationals (must be approved for foreigners to own).
Currency issues
Singapore has no limits on bringing foreign funds into Singapore. However, certain reporting requirements may apply depending on how funds are brought into the country
Tax Issues
Like any country, Singapore has a body of tax law that is also applicable to foreign buyers of Singapore property. Prudent consideration of the tax effects prior to purchase allow for an efficient tax structure to be put in place. For more information see our Concierge Service Section.
Financing/Banking
Singapore has a very sophisticated banking system. Virtually every global financial institution has an office in Singapore. Foreigners, with some restrictions, can open bank accounts and finance property in Singapore. For more information see our Concierge Service Section.
Medical care
Singapore’s healthcare system was recently ranked as the best in Asia and sixth best in the world by the World Health Organization.
It is a regional medical hub with a pool of skilled and experienced medical professionals and researchers, who are able to provide top-notch healthcare services.
Singapore has one third of all JCI- accredited facilities in Asia (Joint Commission International, the international arm of the organization that reviews and accredits American Hospitals).
In 2006 about 410,000 visitors, out of almost 10 million visitors, declared that they came to Singapore primarily for healthcare reasons. The number of healthcare visitors is expected to increase to about one million in 2012. Singapore provides the complete spectrum of healthcare services from primary care such as health screening, to quaternary care services such as organ transplants. International patients can also select from a wide range of services to enhance their health including medical wellness, aesthetic and anti-ageing programs. They can be assured of receiving world-class medical care in a clean, safe, and affordable environment ( although more expensive then in Thailand).
For a list of some of the best hospitals in Singapore kindly visit our concierge section.
Visa requirements
For more detailed and most recent visa updates, kindly visit your country’s Singapore consular website!
If you cannot find your Singapore consular website below or need additional information on embassy location and other information go to http://embassyinformation.com or http://Singapore.visahq.com/.