Important to know rules that ban foreign ownership of houses

Those who want to buy houses in Singapore should be aware of the rules that prohibit foreign ownership of landed properties. PHOTO: ST FILE
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One of the golden rules of investing is simply this – understand the regulations governing the products you plan to buy before parting with your money. Get that wrong, and you could end up losing everything and there may be nothing you can do because even the law will not be on your side.

Singapore has important rules governing the purchase of property. For instance, it is a no-no to pay someone to buy a Housing Board flat and hold it on your behalf. If the person reneges on this arrangement and refuses to share the sales proceeds with you, there is nothing you can do because the law does not recognise such proxy ownership.

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