Acquiring Residency Through Property Investment: The Smart City Initiative

The concept of Smart Cities is a holistic approach to urban living, embedding work, life, and play in a single harmonious entity. These expansive mixed-use developments are situated in bustling metropolitan areas and are designed with innovative smart technology at their heart. Residential properties in these areas are a part of an all-encompassing plan that promotes a sustainable, joyful lifestyle. The smart cities also offer generous space for innovative businesses, along with a multitude of recreational amenities, essentially offering a live-work-play lifestyle right at your doorstep.

Foreign individuals have the opportunity to purchase a residential property within these Smart Cities. The available properties can range from townhouses, villas, apartments, penthouses, to duplexes.

Furthermore, foreign residents with residence permits, occupation permits, or permanent residence permits have the chance to acquire a serviced land plot, up to 2,100 square meters in size. This land can be used to construct a residential property, located within a Smart City development approved by the Economic Development Board (EDB). However, this acquisition needs to be finalized by the 30th of June, 2022.

Moreover, if the residential property purchased is valued at a minimum of USD 375,000, the foreign individual qualifies for a residence permit.

Projects that have been greenlit by the Economic Development Board fall under the category of Smart City Certificate Holders.