Who are the foreigner that would affected by the changes in the laws of borrowing money?
In a joint statement, the Ministry of Law (MinLaw) and Ministry of Manpower (MOM) said that foreigners living in Singapore will be subject to new aggregate loan caps just like Singaporeans. Are all foreigners affected to these changes? Will it also affect tourists such as myself if in case I need to borrow money?
If you are a tourist then you don't need to worry because it will not apply to those with a temporary presence in Singapore, It will only apply to foreigners who are holders of Work Passes, Long Term Visit Passes, Short Term Visit Passes, Dependant's Passes and Student Passes.