Foreigners not allowed to own HDB flats, ECs or private landed property

[Naruto]

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.

[roly8]

they can only buy condo lor....

[Naruto]

"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.

"National Treatment" Similar treatment as Singaporean?

[ysyap]

So foreigners from these countries who have FTA with Singapore are not subjected to the 10% ABSD or are they required to pay 3% which other locals buying 3rd or subsequent properties need to pay?

[JohnTan]

"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.

"National Treatment" Similar treatment as Singaporean?

Ah ha! Something that the man one the street is unaware about.

Citizens from US, Switzerland, Norway, Liechtenstein and Iceland aresubjected to the same ABSD as Singaporean citizens, meaning to say no additional stamp duty for 2nd property and only 3% more for third property! Not the 10% tauted in the media.

[Naruto]

After reading this report, blur blur..ask a fren ..he say..any of above stated foreigners want purhase, have seek our's gov approval before sale can be done.. But doesnt mean there isnt any deal done lor?

[bargain hunter]

the 5 countries were mentioned before i think. but not widely publicized. anyway, not that many foreigners from these countries buying here.

Ah ha! Something that the man one the street is unaware about.

Citizens from US, Switzerland, Norway, Liechtenstein and Iceland aresubjected to the same ABSD as Singaporean citizens, meaning to say no additional stamp duty for 2nd property and only 3% more for third property! Not the 10% tauted in the media.

[ysyap]

the 5 countries were mentioned before i think. but not widely publicized. anyway, not that many foreigners from these countries buying here.

Wait till China and Indonesia sign FTA with us... then its time to review the policy again...

[carbuncle]

Convert to Icelander and own both an igloo and hdb, anyone?

[solsys]

Do we get discount for buying Swiss property?

[Akira Fudou]

EC will be converted to PC after reaches 10 years right? So the rule still apply?

[mantrix]

EC will be converted to PC after reaches 10 years right? So the rule still apply?

that is correct

[Laguna]

Must get a son-in-law and daughter-in-law from these countries lor

[Akira Fudou]

that is correct

correct as in even if its converted to PC, foreigners are still not eligible?

[ysyap]

correct as in even if its converted to PC, foreigners are still not eligible?

Foreigners can buy PC but not EC. So in first 10 years, when it is still an EC, foreigners cannot buy. After 10 years, when it is a PC, foreigners can buy lor...