Foreigners are allowed to own cars in Singapore, but there are specific regulations and requirements that must be met. Here are some key points to consider:
- Employment Pass or S Pass: To own a car in Singapore as a foreigner, you typically need to hold an Employment Pass (EP) or S Pass issued by the Singaporean government. These passes are generally given to professionals, skilled workers, and employees of Singaporean companies.
- Dependent Pass and Long-Term Visit Pass: In some cases, individuals holding Dependent Passes or Long-Term Visit Passes may also be eligible to own a car in Singapore.
- Open Market Value (OMV) of the Vehicle: There are restrictions on the type and cost of vehicles that can be owned by foreigners. The Open Market Value (OMV) of the vehicle, which is essentially its purchase price, plays a role in determining eligibility. More expensive vehicles may have higher requirements.
- Certificate of Entitlement (COE): To register and drive a car in Singapore, you will need to obtain a Certificate of Entitlement (COE). COEs are auctioned periodically, and their cost can be significant. You will need to bid for a COE and win it to register your car.
- Additional Costs: Owning a car in Singapore can be expensive due to various fees and taxes, including road taxes, insurance, and the COE itself. Additionally, there may be other fees associated with vehicle ownership.
- Resale Restrictions: If you decide to sell your car in Singapore, there may be restrictions on selling it to another foreigner. There are also restrictions on how long a foreigner can keep a car in Singapore after the expiration of their employment pass or other relevant pass.