overseas property

[PUrePLS]

Hi, I am looking to invest properties in developing countries.I got a friend who is a property agent in Philippines. Is there anything that I have to look out for besides the taxes incurred? The developer is reputable so no worries about incomplete projects.

And, how will investing in overseas properties affect my chances of a first time buyer for HDB? Thanks in advance!

 

[lusunshine]

You need study on legal and regulation matters and consider the foreign exchange risk.

 

[holysmokes]

Cannot buy HDB

TS, it will affect your HDB chances by reducing it to zero.

Resale HDB rules (URL)

If you or any person listed in your resale flat application owns private residential property (locally or overseas), you may still buy a resale flat without any CPF housing grant or HDB loan but you must dispose of the private property within six months of the purchase of the resale flat.

New HDB from Govt rules (URL)

You, your spouse, any occupiers listed in the Application Form or their spouses must not own or dispose or have an estate or interest in any other flat, house, building or land*

• Within 30 months before the date of application,
• and between the application date and the date of taking possession of the flat.

* includes but not limited to:

• HUDC flats (Privatised and Non-Privatised)
• Properties acquired by gift
• Properties inherited as beneficiaries under a will or as a result of the Intestate Succession Act
• Private properties
• Properties owned/acquired/disposed through nominees regardless of properties location

If you want to own both HDB and private, you have to buy HDB first, then private.

And, how will investing in overseas properties affect my chances of a first time buyer for HDB? Thanks in advance!

 

[PUrePLS]

TS, it will affect your HDB chances by reducing it to zero.

Resale HDB rules (URL)

If you or any person listed in your resale flat application owns private residential property (locally or overseas), you may still buy a resale flat without any CPF housing grant or HDB loan but you must dispose of the private property within six months of the purchase of the resale flat.

New HDB from Govt rules (URL)

You, your spouse, any occupiers listed in the Application Form or their spouses must not own or dispose or have an estate or interest in any other flat, house, building or land*

• Within 30 months before the date of application,
• and between the application date and the date of taking possession of the flat.

* includes but not limited to:

• HUDC flats (Privatised and Non-Privatised)
• Properties acquired by gift
• Properties inherited as beneficiaries under a will or as a result of the Intestate Succession Act
• Private properties
• Properties owned/acquired/disposed through nominees regardless of properties location

If you want to own both HDB and private, you have to buy HDB first, then private.

It stated that I must not own any properties for 30 months from the date of application. What if I buy some overseas properties first, and sell it off before buying HDB? Will it work for that way? Thanks!

 

[holysmokes]

It stated that I must not own any properties for 30 months from the date of application. What if I buy some overseas properties first, and sell it off before buying HDB? Will it work for that way? Thanks!

Technically yes.

But not advisable. What if u have to sell the overseas one at a loss when u want to buy the hdb? You might as well leave that cash in the bank.