In a notable and burgeoning trend, foreign Work Pass Holders (WPH) in Singapore are seizing an unconventional opportunity to maximize their income by renting entire Housing and Development Board (HDB) flats at prices typically reserved for local residents. This practice has gained traction among foreigners employed in Singapore, allowing them to enjoy the benefits of HDB ownership, including rental income, without the substantial financial investment required of Singaporean citizens.
The netizen who posted the screenshot said:
FOREIGNERS GET HDB FLATS AT RENTAL PRICES TO EARN RENTAL INCOME
What you see in the post below is becoming an increasing trend and profitable venture for foreigners who are working in SG.
These Work Pass Holders (WPH) are now renting the entire HDB flat and earning a second income from it despite not being the HDB Owners.
For a WPH to be here with a spouse, he must be earning at least $6,000 and above. Despite this, many WPH are now earning a 2nd income through the subletting of their rented HDB flats – legally or illegally. Many of our Local PMETs may not even be drawing a salary of $6,000 or close to it.
While Our Citizens have paid Hundreds of Thousands to be called HDB Owners, these WPH only have to rent a HDB flat in order to behave and act like one to start collecting rental income.
HDB Owners rental income is declared to HDB which knows the rate that the flat is being rented out for. This data is probably useful for IRAS to gather to and know the sources of income for a HDB Owner. What about these WPH, who will they declare their rental income to?
No wonder people all over like to work in SG. Not only do they get a Good Job, Good Income and also a HDB flat to collect rental income!
