Singapore: Scrapping foreign buyer scheme won't stop investors
 

Singapore: Scrapping foreign buyer scheme won't stop investors

Friday, April 13, 2012. Ivan Radford @themovechannel

Singapore's plans to cancel its investment scheme for foreign buyers will not stop real estate investors, agents have declared this week.

Singapore's plans to cancel its investment scheme for foreign buyers will not stop real estate investors, agents have declared this week.

The Financial Investor Scheme, which allows buyers with personal assets of over $20m to invest up to $2m in Singapore property as long as more than 50 per cent of their assets are invested in Singaporean bonds and equities.

The country's financial authorities recently announced plans to scrap the scheme, but local firms are confident that demand from overseas will continue regardless. Speaking to OPP this week, PropNex commented:

"The FIS...was actually never intended to target foreigners to come in to buy the S$2 million property. It was more towards a PR status. What we have realised here is that foreigners are interested to invest in Singapore properties for its right fundamentals, regardless whether they get PR or not."


Author - Dan Johnson

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