FOREIGNER CAN BUY HOUSE IN VIETNAM

On November 25th 2014, the National Assembly of the Socialist Republic of Vietnam has approved the Housing Act 2014. One of the most prominent new is that foreigner is entitled to purchase house in Vietnam.

Foreign objects (organization and foreign individual) can own houses in Vietnam are:

·         Overseas organizations and individuals investing in housing construction under projects in Vietnam according to the provisions of the Housing Law and related legal documents;

·         Enterprises with foreign investment capital, branch or representative offices of foreign enterprises, foreign investment funds and foreign bank branches are operating in Vietnam (hereinafter referred to as foreign organizations);

·         Foreign citizens are allowed to enter Vietnam.

Form of ownership housing foreigner in Vietnam

·         Investment in housing construction under the project in Vietnam according to the provisions of the Housing Law and related legislation;

·         Purchasing, leasing, donation or inheritance of commercial housing includes apartments and individual houses in the investment projects of housing construction. (Except for housing projects in the area of ensuring national defense and security as stipulated by the Government of Vietnam).

 Condition, right and obligation of foreigner when buy house in Vietnam

 For individuals and organization investing in housing construction under the project in Vietnam when own houses in Vietnam must satisfy the following conditions:

·         Have investment certificate

·         Have housing projects that are built in the project in accordance with the law on housing

For foreign organizations are enterprises with foreign investment capital, branch or representative offices of foreign enterprises, foreign investment funds and foreign bank branches are operating in Vietnam when buy house in Vietnam must satisfy the following conditions:

·         Have investment certificates or documents relating to the permit to operate in Vietnam (hereinafter referred to as investment certificate) issued by the competent State agencies of Vietnam.

For foreign individual buy house in Vietnam:

·         Allowed to enter Vietnam and are not entitled to the privileges and immunities of diplomatic and consular as stipulated by law.

For foreign organizations are enterprises with foreign investment capital, branch or representative offices of foreign enterprises, foreign investment funds and foreign bank branches are operating in Vietnam and individuals foreigners buy house in Vietnam can own house in Vietnam when:

·         Can only buy, leasing, donation, inheritance and owning not exceed 30% of the apartments in an apartment building; if the houses are individual houses including villas, semi-detached houses and located in an area with population equivalent to ward-level administrative, the allowed units that foreigners are permitted to buy, leasing, donation, inheritance and own are not exceed two hundred and fifty houses;

·         For foreign individuals, they shall be entitled to own house as agreed in the contract of sale, leasing, donation or inheritance of housing but not exceeding 50 years from the date of issuance of certificate of ownership and it can be extended according to the provisions of the Government if required; housing ownership period must also be specified in the certificate;

·         In case of foreign individual married to citizen of Vietnam or married to Vietnam citizen settled in foreign country, they can own the houses for a long and stable term. They also have the owner’s rights like Vietnam citizen;

For foreign organizations, they shall be entitled to own house as agreed in the contract of sale, leasing, donation or inheritance of housing but not exceeding the term specified in the certificate of ownership, including the extended time. The housing ownership period is calculated from the date of receipt of the certificate of ownership and specified in the certificate.

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