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