Foreigners are able to buy property in Vietnam, updated information

On 25 November 2014, the National Assembly of the Socialist Republic of Vietnam passed Vietnam Housing Law 2014. There is a new regulation written in Vietnam Housing Law 2014 about foreign ownership of properties (or it can be simply understood that foreigners are allowed to purchase houses in Vietnam). This Decree provides detailed regulations on entities who have rights to buy houses in Vietnam, as well as their conditions, rights and obligations. Helping foreigners follow necessary procedures to buy properties in Vietnam conveniently, quickly and cost-saving, Viet An Law is the pioneer be the pioneer in providing full legal service package for foreigners buying houses in Vietnam.

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Foreigners (organization, individuals) entities are entitled to purchase Houses in Vietnam, including the following:

Foreign organizations and individuals investing in the construction of dwelling houses under projects in Vietnam according to the provisions of Housing Law and relevant laws.

Foreign-invested enterprises, branches and representative offices of foreign enterprises, foreign investment funds and branches of foreign banks operating in Vietnam.

Foreigners permitted to enter Vietnam.

Types of foreign property ownership in Vietnam:

Invest in the construction of dwelling houses under projects in Vietnam according to the provisions of the Housing Law and relevant laws.

Purchasing, inheriting, being donated or owning houses including apartments, individual houses in dwelling house projects. (Excluding those located in national defense and security maintenance areas prescribed by the Government).

Conditions, rights and obligations of foreigners who buy houses in Vietnam

For individuals and organizations investing in the construction of dwelling houses under projects when owning houses in Vietnam, the following conditions must be satisfied:

Investment certificate,

Houses built under the projects in accordance with the Housing Law.

For foreign-invested enterprises, branches and representative offices of foreign enterprises, foreign investment funds and branches of foreign banks operating in Vietnam, the following conditions must be satisfied:

Investment certification or papers related to the permission to operate in Vietnam (hereinafter referred to investment certification) issued by competent agencies.

For foreigners individuals, who buy properties in Vietnam:

Foreign individuals allowed to enter Vietnam and not being entitled to privileges and diplomatic immunities according to the provisions of law.

For foreign-invested enterprises, branches and representative offices of foreign enterprises, foreign investment funds and branches of foreign banks operating in Vietnam and foreigners are only allowed to own house when:

- Only can buy, lease, purchase, inherit, being donated or own houses not more than 30% the total number of apartments in a apartment block. If individuals houses such as villas, semi-detached houses are in an area with a population equivalent of a ward-level administrative units may only purchase, hire purchase, donation, inheritance and ownership not exceeding two hundred and fifty houses;

- For individuals, the home ownership was agreed in the contract of sale transactions, leasing, donation or inheritance but not exceeding 50 years from date of issuance of certificate and may be extended under the provisions of the Government if required; Housing ownership period must be specified in the certificate.

- Where foreign individuals married to a citizen of Vietnam or married to a Vietnam residing abroad, the house is owned stable, long-term and have the homeowner's rights as a citizen in Vietnam Male.

For foreign entities, the ownership of housing as agreed in the contract of sale transactions, leasing, donation or inheritance housing but not exceeding the time limit stated in the investment certificate granted to such organizations, including the time is extended; Housing ownership period is calculated from the date the organization was granted the certificate and specified in the certificate.

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