Are you planning to move into Singapore permanently or as a simple investment? This is something that has been rolling very strongly for quite some time and is only going to get stronger. Do you know what the rules and regulations are when it comes to buying investment property in Singapore? If you do not know, don’t take chances. There are a few very simple but very essential rules that anyone looking to buy an investment property here in Singapore must abide by. There is one main law that must be abided when a foreigner is thinking about buying any investment property in Singapore and that is the Residential Property Act. Abiding by this law is not the only thing involved; approval must be given by the Land Dealing Approval Unit before any purchase will be approved.
When it comes to foreigners buying investment property in Singapore there are certain requirements and criteria that the investor must meet in order that their investment property purchase is approved. These requirements are spelled out in Section 24 of the Residential Property Act. Any foreign investor must be recognized as a Permanent Resident; must also be able to make a positive economic impact here in Singapore by either the business or the housing that you want to bring into this country; and will your business bring in the high quality, experienced professionals that will make this country even better. This is designed to bring in more and more economic prosperity to Singapore.
Wait a minute… what about those who already own investment property? They still have all rights to do as they please with their residential property as any other investor who bought property after Section 24 was enacted. The only restriction they have to deal with when they decide to sell that property is that they will only be able to sell their property to legal citizens of Singapore and/or other approved buyers. You may be asking what makes this possible and why this, Section 24, was enacted in the first place. This main reason behind Section 24 is to ensure that any foreign investors coming into Singapore will not bring the local and national economy, but will add to our country’s resources.
You may think that owning investment property is all about taking things easy and collecting the rents from your tenants; but this could not be further from the truth. Anyone who already owns any property, whether it be an investment property or their primary residence will tell you that you must constantly be on top of the upkeep and maintenance of your property. If you think that the real estate market can never take a downward turn; you really need to think again! The real estate market can turn sour in a heartbeat; this is something that you always need to be mindful of when you are making any kind of repairs to your investment property. The investors who get the greatest returns on their property investments are those who constantly keep the property in good repair.
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