Naruto
10-04-12, 16:57
Foreigners not allowed to own HDB flats, ECs or private landed property Minister for Trade and Industry Mr Lim Hng Kiang said Monday that foreigners are not allowed to own HDB apartments and Executive Condominiums in Singapore.
They are also not allowed to purchase private landed property. Only Singapore citizens and Singapore Permanent Residents are allowed to do so, he said.
He was replying to Non-Constituency Member of Parliament Mrs Lina Chiam's question on what benefits do foreigners who are citizens of countries with which Singapore has signed Free Trade Agreements (FTAs) enjoy while purchasing residential properties.
Mr Lim said there are only two FTAs where "National Treatment" - where foreigners are given the same treatment as Singapore citizens - has been accorded for the Additional Buyer's Stamp Duty (ABSD).
"Under the 'national treatment' obligation of the US-Singapore FTA (USSFTA) and the Singapore-European Free Trade Association FTA (ESFTA), Singapore is obliged to accord investors from the US, Switzerland, Norway, Liechtenstein and Iceland similar treatment as Singaporeans when purchasing residential properties, except where our legislation indicated otherwise at the time the relevant FTAs were signed," he said in a written statement.
However, these "national treatment" obligations under the two FTAs do not remove the restrictions imposed on foreign ownership of local residential property under the Residential Property Act (Cap. 274), Housing and Development Act (Cap. 129) and Executive Condominium Housing Scheme Act (Cap. 99A).
Mr Lim said "national treatment" was helpful in facilitating and promoting investment flows between countries. Similarly, Singaporean investors were granted equivalent rights and privileges in a host country as that accorded to those foreigners in Singapore.
On Mrs Chiam's question on whether the FTA currently being negotiated between Singapore and the EU will provide for the same benefits for EU citizens, Mr Lim said negotiations on an FTA with the EU are ongoing and hence, it would be premature for the ministry to lay out the full range of benefits and concessions arising from this FTA.
"However, as with all our FTAs, the EU-Singapore FTA (EUSFTA), when in force, will provide meaningful benefits to European and Singaporean companies and citizens," he said.
They are also not allowed to purchase private landed property. Only Singapore citizens and Singapore Permanent Residents are allowed to do so, he said.
He was replying to Non-Constituency Member of Parliament Mrs Lina Chiam's question on what benefits do foreigners who are citizens of countries with which Singapore has signed Free Trade Agreements (FTAs) enjoy while purchasing residential properties.
Mr Lim said there are only two FTAs where "National Treatment" - where foreigners are given the same treatment as Singapore citizens - has been accorded for the Additional Buyer's Stamp Duty (ABSD).
"Under the 'national treatment' obligation of the US-Singapore FTA (USSFTA) and the Singapore-European Free Trade Association FTA (ESFTA), Singapore is obliged to accord investors from the US, Switzerland, Norway, Liechtenstein and Iceland similar treatment as Singaporeans when purchasing residential properties, except where our legislation indicated otherwise at the time the relevant FTAs were signed," he said in a written statement.
However, these "national treatment" obligations under the two FTAs do not remove the restrictions imposed on foreign ownership of local residential property under the Residential Property Act (Cap. 274), Housing and Development Act (Cap. 129) and Executive Condominium Housing Scheme Act (Cap. 99A).
Mr Lim said "national treatment" was helpful in facilitating and promoting investment flows between countries. Similarly, Singaporean investors were granted equivalent rights and privileges in a host country as that accorded to those foreigners in Singapore.
On Mrs Chiam's question on whether the FTA currently being negotiated between Singapore and the EU will provide for the same benefits for EU citizens, Mr Lim said negotiations on an FTA with the EU are ongoing and hence, it would be premature for the ministry to lay out the full range of benefits and concessions arising from this FTA.
"However, as with all our FTAs, the EU-Singapore FTA (EUSFTA), when in force, will provide meaningful benefits to European and Singaporean companies and citizens," he said.