SPR for SC Spouse chances

[triviolet]

Hi.. i read some of the thread in this forum and found good advice and feedback. I am hoping for your advice and opinions too;) thank you

I am a Singaporean woman in my late 20s, who used to work full time/paid taxes and CPF in Singapore, but since Dec 2010, I have been working/living in Japan in order to be with my long-distance boyfriend whom I met during vacation in Japan. We have been staying together in Japan. In February 2014, he is now my hubby as we registered our marriage in Japan.

My hubby is a German in early 50s. He has an engineering bachelor degree education. He will be fully 'retired' (not working) when we move to Singapore. He has more than SGD 1 million in personal savings, in which SGD200k + is liquid cash in bank and the rest in investments and shares. Maybe we will look for biz opportunities if he is bored in Singapore. Hubby has been staying in Asia for more than 20 years, in which 17 years continuously in Japan hence no problem to integrate to 'Asia' culture etc. We do not have any children. He visited Singapore but never work/ stayed in Singapore before.

My company transferred me to Japan when i wanted to move and now they agreed to transfer me back to Singapore. My mum been very ill so i need to return to Singapore. I have a business university degree education. My basic salary when i transfer back to Singapore will be SGD 7000 per month excludes bonus.

He applied SPR in April through the embassy and we will move back to Singapore soon by mid-year regardless approval of SPR. We need SPR soon so that we can apply HDB SOBF/DBSS as rental is crazy expensive. We will settle down in long term in Singapore.

My question is what is the chance of him getting SPR on first time application? Any idea on processing timeline for such cases?
Would appreciate any feedback. Thank you so much for reading;)

[PNGMK]

Why SPR? LTVP almost does what you need except it required yearly or bi-yearly renewal. It's considerably easier to get as well.

[triviolet]

Thanks for reply
We need SPR in order to buy new HDB flat via DBSS or SOBF.
If on LTVP not allowed except resale HDB which i don't want as older flats and more expensive

[PNGMK]

Thanks for reply
We need SPR in order to buy new HDB flat via DBSS or SOBF.
If on LTVP not allowed except resale HDB which i don't want as older flats and more expensive

You can't buy it in your own name I guess (I can't remember the rules). Good luck.

[triviolet]

Thanks for the well wishes.. We sure do need it;).. No I checked with HDB but I can't apply as under 35years old.. Only can buy HDB if with spouse

I am concern if cant get SPR as I heard they don't issue New SPR to those above 50 years old and not working.

[sundaymorningstaple]

Singaporean & SPR can buy new provided Singaporean is 1st time buyer.

But you are correct as you might have a problem due to his age for obtaining PR for the 1st time. Good Luck. With a sizable bankroll they might consider.

[therat]

Thanks for reply
We need SPR in order to buy new HDB flat via DBSS or SOBF.
If on LTVP not allowed except resale HDB which i don't want as older flats and more expensive

No need PR.

http://www.hdb.gov.sg/fi10/fi10321p.nsf ... ilyNucleus

Under Non-Citizen Spouse
You, the applicant must be a First-timer, and your spouse who is not a Singapore Citizen or Singapore Permanent Resident

Your spouse who is a non-citizen must have a short or long-term social visit pass.

[taxico]

not for nothing but you better'd think of an alternative plan as he won't be getting SPR in the time frame i think you want it obtained in...

a subsidized flat isn't really worth it if you two aren't struggling by on your income...

there are plenty of resale flats that are < 10 years old. of course there's a premium to be paid in the current market... but you are also getting a way newer flat with fewer problems. you may merely need to remodel the kitchen and bathrooms. or not, if you two aren't fussy.

also, if you buy smart, you will find older condos that will eventually nett you a nice 35-50% return in the event of an en bloc sale. less if it's just a regular sale... especially at today's prices. sure, in some of these places you'd have to slum it out HDB style until the sale happens, but it's still private property that you can do whatever the heck you want with if you decide to leave singapore again in future.

you'd find the flats sold by HDB isn't really a bargain when all the costs involved start adding up. you'd have to rent for 4-5 years. the actual published price is after all the maximum amount of grants have been factored (something like 50k). then there're all the other costs you'd have to pay for a contractor to come in and make the bare flat liveable. DBSS just means you pay for the extra stuff up front. doesn't mean they're stuff you will like.

if you were earning a meager salary and are just looking for a roof over your heads, by all means go ahead. the grants can really make a small flat very affordable when stretched out over 25 or 30 years. they are also unable to command much by way of resale value 10 years down the road when you want to sell it... although that's not to say all 5 room flat will be worth exponentially more.

finally, flat prices are sky high now. barring some really unusual developments (i can think of only the peak right now) there's no point buying them brand new at the prices HDB sells them for, at least not right now.

don't worry if you can't get a DBSS or BTO or whatever flat because your husband doesn't get his SPR in X months. housing in singapore is expensive. HDB is still singapore housing. if you buy smart and know how to manage debt, you can buy better and safer than a brand new HDB flat.

[triviolet]

Thank you all for reply and taking much time and effort in it

Yes you are right. However I checked with HDB via email and I am considered a second timer as my name was used by family to purchase a new HDB before and sold. HDB said I still have 1 last chance for either new HDB BTO/ EC/ DBSS if my spouse is a SPR first timer.

I did consider private housing too but then the stamp duty fee will be too much especially if not SPR I think it's 10%. Plus I have to get private bank loan.. Although first few years interest is cheaper than HDB, but after than it follow fluctuating rates and I heard it is not as lenient for non payment

So my only choice is my spouse needs SPR.. And I am concerned because he is above 50 and unemployed. Not sure if government consider it as non contribution to the economy. But for sure we won't need any welfare support since he can support himself or otherwise my salary is enough for us both.

Not sure if the age thing is true.. Anyone have any experience on it?

Thank u

[Beeroclock]

Will your husband consider working again to ease this financial pressure you are feeling re: housing?

Anyway seems to me you have enough money, even if you plan on renting a HDB for 2+k, your salary will cover this plus living expenses and you already have a lot of savings in his name. Seems workable to me, and if the PR comes then just stop renting and buy the HDB at that time and it's a bonus.

[PNGMK]

Thank you all for reply and taking much time and effort in it

Yes you are right. However I checked with HDB via email and I am considered a second timer as my name was used by family to purchase a new HDB before and sold. HDB said I still have 1 last chance for either new HDB BTO/ EC/ DBSS if my spouse is a SPR first timer.

I did consider private housing too but then the stamp duty fee will be too much especially if not SPR I think it's 10%. Plus I have to get private bank loan.. Although first few years interest is cheaper than HDB, but after than it follow fluctuating rates and I heard it is not as lenient for non payment

So my only choice is my spouse needs SPR.. And I am concerned because he is above 50 and unemployed. Not sure if government consider it as non contribution to the economy. But for sure we won't need any welfare support since he can support himself or otherwise my salary is enough for us both.

Not sure if the age thing is true.. Anyone have any experience on it?

Thank u

If you buy private in your name only there would be no stamp duty. I think you've convinced yourself that he needs SPR but I don't think that's the case and I suspect neither will ICA. One major issue in your application will be your age/his age and apparent (presumably) desire not to have children. SPR -> SC -> children for the country (that seems to be one of the hidden factors).

There are some good buys around but you have to think out of the box. Buy in Geylang for example. Bid and rent a black and white for a few years. There is no easy way around this. I see a lot of people do some crazy stuff to get subsidized HDB flats and like the poster above I doubt they've done the math.

[triviolet]

Thank you for the advice.

Yup.. No kids for us unless if unplanned incidents.. Lol

That was insightful.. Ok why didn't I think of buying in my own name??.. Makes sense too since all the costs will be paid by me for cpf, mortgage and cash downpayment etc.. i only wanted to add hubby's name only. Lol I think it is the typical 'Singapore way' of get married then can buy HDB. Well does it mean Singaporean don't need stamp duty for private property?.. Ok I go and check further with property agents then.

Hhmm I can only afford those shoebox (studio or 1 bedroom) property kind.. I think in good places rental is good but might be difficult to sell back in market? I guess I post my property questions in another forum then;)

Nope.. Hubby said he no longer wants to work.. Moreover he was self employed so nothing much he can work in Singapore. Maybe just do trading online or volunteer work etc..

I just hope I get answer about SPR end year if not I will just be happy if he get LTVP.

Thank u everyone

[therat]

. Well does it mean Singaporean don't need stamp duty for private property?.. Ok I go and check further with property agents then.

Thank u everyone

All buyer need to pay stamp duty but Singaporean no need to pay extra buyer stamp duty for 1st property.

You can read this from IRAS for better explain on the extra buyer stamp duty
http://www.iras.gov.sg/irashome/page04.aspx?id=12832

Table for summaries
http://www.iras.gov.sg/irasHome/page04.aspx?id=12818

[triviolet]

Wow this is very useful. Thank you so much! Really appreciate.

I think I will need to query more with IRAS or property agent. Just unsure as I am not first timer as I bought new HDB flat before and sold it 4 years ago. So I don't own any Singapore property now. Not sure if it meant currently owned? Or owned before but sold?
Thank u;) all of u are very helpful, knowledgable and kind;)

[PNGMK]

Wow this is very useful. Thank you so much! Really appreciate.

I think I will need to query more with IRAS or property agent. Just unsure as I am not first timer as I bought new HDB flat before and sold it 4 years ago. So I don't own any Singapore property now. Not sure if it meant currently owned? Or owned before but sold?
Thank u;) all of u are very helpful, knowledgable and kind;)

I'd be surprised if you're still eligible for any form of HDB grant etc but I could be wrong.

Look in the unusual places for bargains in the private market.