Residential Property (Amendment) Bill 2006 Passed
The Residential Property (Amendment) Bill that was introduced in Parliament on 16 January 2006 was passed on 14 February 2006. The Act implements the changes to rules on foreigners owning residential properties announced in Parliament by the Minister of National Development on 19 July 2005.
Specifically, foreigners can now own apartments in any flat, not just approved condominuiums or those in buildings more than 6 storeys.
Other amendments include:
(a) Enchanced penalty for citizens or approved purchasers buying residential properties as a nominee for a foreigner;
(b) empowering courts to issue confiscation orders of benefits where a nominee buys a residential property for a foreigner;
(c) the Act will now be administered by the Controller of Residential Property; and
(d) allowing for Trust Companies to hold residential properties on behalf of beneficiaries who are citizens or approved foreigners.
Specifically, foreigners can now own apartments in any flat, not just approved condominuiums or those in buildings more than 6 storeys.
Other amendments include:
(a) Enchanced penalty for citizens or approved purchasers buying residential properties as a nominee for a foreigner;
(b) empowering courts to issue confiscation orders of benefits where a nominee buys a residential property for a foreigner;
(c) the Act will now be administered by the Controller of Residential Property; and
(d) allowing for Trust Companies to hold residential properties on behalf of beneficiaries who are citizens or approved foreigners.
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