For investors from overseas, it is crucial to familiarize themselves with the regulations and limitations surrounding property ownership in Singapore. Condominiums are generally more accessible for foreign ownership compared to landed properties, which have stricter guidelines. However, foreign buyers must also consider the Additional Buyer’s Stamp Duty (ABSD), currently set at 20% for their initial purchase. Despite these added expenses, the stability and potential for growth in the Singapore real estate market remains a strong draw for foreign ownership.
In the case of a foreign property purchase, a cheap conveyancing lawyer can also assist with obtaining the necessary permits and approvals from local authorities. This could include obtaining a foreign ownership permit, building and construction permits, or any other approvals necessary for the purchase. Without these permits, the ownership and use of the property could be contested in the future, leading to legal complications.
One of the main reasons …