IMPACT – MEDIUM
What is the change? New restrictions on how foreign residents can borrow money have been announced by the Ministry of Manpower and Ministry of Justice.
What does the change mean? Foreign residents who borrow from unlicensed lenders will have their work pass revoked and be repatriated. Additionally, the Singapore government will impose new legal limits on the amounts that foreign residents may borrow from licensed lenders.
Analysis & Comments: Foreign residents and their employers should be aware of the harsh consequences for borrowing from unlicensed lenders and the new limits on borrowing from licensed lenders. The strict regulation is intended to protect borrowers from unlicensed lending and encourage borrowers to seek debt assistance.
Source: Deloitte LLP. Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC303675 and its registered office at 1 New Street Square, London EC4A 3HQ, United Kingdom.
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