Singapore legislation
Clause 16
Clause 16
Application by foreign person for approval to purchase, acquire or retain residential property
(1)
For the purposes of this Act, there shall be a committee to be known as the “Residential Property Advisory Committee” which shall consist of a Chairman and such number of other members as the Minister may, from time to time, appoint for such period as he may think fit. Any member so appointed who ceases to be a member shall be eligible for re-appointment.
(2)
Subject to the provisions of section 17 of this Act, any foreign person who desires to purchase, acquire or retain any estate or interest in any residential property (hereinafter in this section referred to as the “applicant”) shall make application (hereinafter in this section referred to as the “application”) to the Controller, in respect thereof, in such form as the Controller may require, for the grant of approval to acquire or to retain residential property, as the case may be.
(3)
Every such application shall state such particulars as the Controller may require.
(4)
The Controller shall forward every such application to the Committee; and after consideration thereof, the Committee shall make recommendations thereon to the Minister who may, in his absolute discretion, grant, with or without conditions (or refuse to grant), approval —
for the purchase or acquisition of the estate or interest in the residential property in respect of which the application was made or for the retention of such estate or interest; or
for the purchase or acquisition of the estate or interest in residential property of such class or nature as the applicant may desire to purchase or acquire.
(5)
Without prejudice to the generality of the powers of the Minister under subsection (4) of this section, he may, in his discretion, grant approval, with or without conditions, to any applicant, being a natural person, who intends to purchase or acquire residential property for the purpose of his own occupation and that of his family as a dwelling-house and not for the purpose of rental or any other purpose; and for the purposes of this subsection
Definition
“an applicant” means one —
who is a permanent resident;
who, in the opinion of the Minister, is of economic benefit to Singapore or who, in the opinion of the Minister, makes or is able to make an adequate economic contribution to Singapore; or
who, not being a citizen, possesses professional or other qualifications or experience which, in the opinion of the Minister, are of value or of benefit or advantageous to Singapore.
(6)
Without prejudice to the generality of the powers of the Minister under subsection (4) of this section, he may grant approval, with or without conditions, to an applicant, being a foreign company which —
in the opinion of the Minister, is of economic benefit to Singapore or which, in the opinion of the Minister, makes or is able to make an adequate economic contribution to Singapore; and
intends to purchase or acquire, or retain any interest in, residential property for the purpose of occupation as a dwelling-house by its employees or other personnel and the families thereof and not for any other purpose.
(7)
The Minister may require the applicant referred to in subsections (5) and (6) of this section to give an undertaking in writing in such form as may be required that such applicant being —
a natural person, will use the residential property for his own occupation and that of his family as a dwelling-house and not for any other purpose; or
a foreign company, will use the residential property for occupation as a dwelling-house by its employees or other personnel and the families thereof and not for any other purpose.
(8)
Any natural person or any foreign company who or which is in breach of any undertaking given pursuant to subsection (7) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five thousand dollars or to imprisonment for a term not exceeding three years, or to both such fine and imprisonment.
(9)
Every applicant referred to in subsection (5) of this section shall furnish a Statutory Declaration as to whether the applicant or the applicant’s spouse or any of their children owns residential property in Singapore, and if so shall state full particulars thereof.