Understanding the Recent ABSD Hike and Foreigner Rate Increase
The Singapore government’s recent changes in the property market have made it challenging for foreigners who want to invest in residential properties. The ABSD for PR buying their first property remains at 5% while purchasing their second property has increased from 15% to 25%, and the ABSD rate for foreigners has doubled from 30% to 60%. These changes are part of the government’s efforts to stabilize the property market and ensure that locals have access to affordable housing.
Benefits of Applying for PR or Singapore Citizenship
1. Eligibility for HDB Flats and Private Properties
One of the significant benefits of applying for PR or Singapore Citizenship is eligibility for Housing and Development Board (HDB) flats and private properties. HDB flats are public housing units heavily subsidized by the government, and they are available to Singapore citizens and PRs. Foreigners are not eligible to purchase HDB flats unless they have lived in Singapore for at least five years and have obtained PR status.
With PR status, foreigners can purchase HDB flats and private properties without ABSD and have access to government subsidies. This opens up a wider range of residential property options for foreigners who are looking to invest in the Singapore property market.
2. Job Security
PR and Singapore Citizenship holders enjoy job security as they are not subject to the same employment restrictions as foreigners. Foreigners who work in Singapore are required to hold a valid work pass, which is subject to renewal every two years. With PR or Singapore Citizenship, individuals can work in Singapore without worrying about work pass renewals, which can be a significant source of stress for foreigners.
3. Access to a Stable Property Market
Obtaining PR or Singapore Citizenship can also provide foreigners with access to a stable property market. Singapore’s property market is highly regulated and has a track record of steady growth over the years. PR and Singapore Citizenship holders can enjoy the benefits of a stable property market and invest in properties without the fear of sudden price fluctuations.
Conclusion
The recent changes in the Singapore property market have made it challenging for foreigners who are interested in investing in residential properties. However, applying for PR or Singapore Citizenship can provide numerous benefits in the context of real estate. These benefits include eligibility for HDB flats and private properties, job security, and access to a stable property market.
If you are a foreigner who is serious about investing in the Singapore property market and considering applying for PR or Singapore Citizenship, we recommend seeking professional advice from a reliable immigration agency. Lion City Immigration is a trusted agency that specializes in providing immigration services to foreigners who wish to live, work, or invest in Singapore.
Contact Lion City Immigration today to learn more about the PR or Singapore Citizenship application process and how they can help you navigate the complex immigration procedures. Don’t let the recent changes in the property market deter you from investing in the Singapore property market – take the first step towards your dream of owning a property in Singapore today.
