One of the biggest reasons that many foreigners go for a Singapore PR application is to become eligible to purchase certain types of property, as well as save on property taxes. In the following paragraphs, we will discuss more in-depth.
Here is the short answer to whether PR can buy property
Getting your permanent residence, even without being a full citizen, will already open up the eligibility for virtually every type of property in Singapore for you to purchase.
On the other hand, it is a different story for foreigners for the type they are allowed to purchase. They are only allowed to get very few types of properties in SG, and even then, there will be a hefty Additional Buyer Stamp Duty (ABSD) tax for the foreigners.
With the exception of executive condominiums, all private condos are able to be purchased with zero restrictions.
When it comes to private condos, there are no restrictions as long as you have the necessary cash to buy it, or the necessary profile required to qualify for a loan to buy it. Additionally, there is no limit to the number of these units that you can snap up. The amount of ABSD taxes applicable to you will be in between that of citizens and foreigners.
An executive condo looks exactly the same as a private one. The only difference is that it is partially subsidized by the government, for citizens.
Only Singaporeans are able to get them first hand. A permanent resident can buy it after 5 years from the completion of its development. Foreigners are able to buy it after 10 years from date of completion.
Can PR buy landed property?
What if you are a true baller and even intending to get a local GIP Singapore investment VISA? Perhaps you want something more prestigious and to separate yourself from the pack by getting a landed property or home.
You are only eligible to get landed properties on the mainland with manual approval from the Singapore Land Authority (SLA), and only after you have been one for at least 5 years.
Foreigners are not allowed to buy any kind of landed houses on mainland.
Sentosa Cove is the unique exception
Ever wondered why many foreign billionaires buy houses on Sentosa Cove? This is because there are absolutely no restrictions on the buyers when it comes to landed property on Sentosa Cove. That is the only known place right now which has no restrictions for the buyer’s profile.
Can PR buy HDB flat?
Both and only citizens and PRs are allowed to purchase HDB units. However, only citizens are allowed to buy HDB units at the subsidized rates. PRs are only eligible to buy them at the Open Market rate, which can be roughly $100,000 to $250,000 more expensive than the subsidized rates.