For acquisition of residential property

A non-citizen can acquire residential property falling under one of the following categories, with the prior approval of the Economic Development Board (EDB):

• A residential property, other than a bare land, forming part of a project which falls under the Property Development Scheme (PDS)
• A residential property, other than a bare land, forming part of a project which falls under the Integrated Resort Scheme (IRS)
• A residential property, other than a bare land, forming part of a project which falls under the Real Estate Scheme (RES)
• An apartment in a condominium development, of at least two floors above the ground floor (G+2), found on freehold land, provided that the acquisition price is at least Rs 6 million or its equivalent in any other hard convertible currency.

For acquisition of property for business purposes

In accordance with the Non-Citizen (Property Restrictions) Act 1975, a non-citizen can acquire an immovable property, a rights to immovable property or part of a building for business purposes, provided that he is registered as an investor (company) with the Economic Development Board (EDB) and that he obtains an authorisation from them to make the acquisition.

A non-citizen can also lease an immoveable property or part of a building for a period exceeding 20 years for business purposes provided that he is registered as an investor and that he obtains and authorisation from the EDB.

Authorisations are likely to be granted where the business activity is for:

• The development of high activity commercial use building including, but not limited to shopping mall, office building or warehouse, for own use, sale, rental or lease
• The development of residential properties under the Property Development Scheme and the Smart City Scheme
• Any other activity carried out for reward, gain, or profit, but excluding acquisition for resale, lease or rental of any bare land.