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Singapore

Foreign investors given "national treatment" in buying houses in Singapore

Investors from the United States of America, Switzerland, Norway, Liechtenstein and Iceland are accorded similar treatment as Singaporeans in the purchase of residential properties in Singapore.

SINGAPORE: Investors from the United States, Switzerland, Norway, Liechtenstein and Iceland are accorded similar treatment as Singaporeans in the purchase of residential properties in Singapore.

But they are not allowed to purchase HDB apartments and Executive Condominiums.

Non-citizens are also restricted from purchasing private landed residential property.

In a written reply to Non-Constituency Member of Parliament Lina Chiam, Singapore's Trade and Industry Minister Lim Hng Kiang said this is under the "national treatment" obligation of two free trade agreements Singapore has with the United States and with the European Free Trade Association (EFTA).

The EFTA is a free trade area comprising Switzerland, Iceland, Liechtenstein and Norway.

These are the only two FTAs where "national treatment" has been accorded for the Additional Buyer's Stamp Duty (ABSD).

Conversely, Singaporean investors are also accorded equivalent rights and privileges in a host country as that accorded to those foreigners in Singapore.

Singapore's negotiations on an FTA with the European Union are ongoing and it is therefore premature for MTI to lay out the full range of benefits and concessions arising from this FTA at this point in time.

Source: CNA/ck

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