Can foreigners buy a home in Singapore?
Yes, you can.
Singapore encourages people from all over the world to work, study and settle here, so foreigners are also allowed to buy real estate in Singapore. However, there are some restrictions for foreigners to buy property in Singapore as compared to Singapore citizens and PRs.
What are the restrictions for foreigners to buy property in Singapore?
There are only two types of properties available for foreigners to buy in Singapore, private condominiums and landed homes.
In order to stabilize the property prices in Singapore, the government has provided many policies to support Singapore citizens, such as building affordable HDB flats for them and limiting the types of properties that foreigners can buy in Singapore.
How much does it cost for a foreigner to buy a home in Singapore?
Although Singapore is small, it is divided into 28 districts. The prices of properties can vary greatly from district to district. When choosing a property, you can choose a condominium at different price points according to your budget.
Generally speaking, apartments in districts 1-7, 9, 10, 11 and 15 will be more expensive because most multinational companies, universities and traditionally wealthy areas are concentrated in these areas.
If you are working in Singapore, you can check the price of apartments near your workplace. If the average price is beyond your budget, you can also choose a neighborhood that is easily accessible or further away.
If you are studying in Singapore or sending your children here to study, choosing an apartment near an international school is certainly the most convenient.
You can choose a trusted local real estate agent who can provide you with more detailed information about the area and the property.
Can foreigners get a loan to buy a home in Singapore?
Foreigners can also get a loan for buying a property in Singapore, up to 75% of the property price, and the interest rate is also very low, currently around 2% ~ 3%, which is one of the main factors why many foreigners choose to buy a property in Singapore.
What taxes do foreigners have to pay when buying a home in Singapore?
If your condominium costs less than S$1 million, the purchase tax is 33% of the property price, which is 3% stamp duty on the purchase and 30% additional stamp duty on the purchase.
If your condo costs more than S$1,000,000, the purchase tax you have to pay is 34% of the property price, which is 4% of the purchase stamp duty and 30% of the additional purchase stamp duty.
What are the general steps for foreigners to buy a property in Singapore?
On the day of booking, 5% of the purchase price as a deposit.
Within 1-2 weeks, the developer sends the contract to the law firm.
Within 3 weeks after receiving the purchase contract, apply for the loan and go to the law firm for signature.
Within 2 weeks after signing the sales contract, the buyer must pay the stamp duty.
Within 8 weeks of booking, 15% of the purchase price is paid.
Payments are made according to the progress of the project.
If you want to buy a second home in Singapore, you need to take the following steps:
Go through a real estate agent or property website and choose a property you are happy with.
Contact the seller to negotiate the price and determine a price that is acceptable to both parties.
Pay a 1% deposit.
Go to the bank for a loan.
Make a 4% down payment within the next 14 days.
Sign the purchase contract.
On the closing date, pay the remaining purchase price minus the amount of the purchase loan.
Transfer of the house.
Can I buy a home without being in Singapore?
Yes, you can.
Overseas buyers can sign the documents at a local notary public or at the Singapore Embassy. Overseas buyers can also authorize their friends and relatives in Singapore to execute the purchase transaction on their behalf by obtaining a POA through their lawyers.
Can I buy a home and immigrate to Singapore?
Buying a home in Singapore is not the same as immigrating because buying a home is usually done from a developer or private seller, so buying a home is not a step-by-step way to immigrate.
However, buying a home in Singapore does help add points to your PR application and can be a stepping stone to immigrate to Singapore.