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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This publication is designed to provide updated information of legal
matters, and does not constitute professional advice.
