How Foreigners Could Buy Real Estate in Vietnam?
Regulations on foreigners owning
real estate in Vietnam are regulated in Civil Code 2015, Law on
Land 2013, Law on Housing 2014, Decree no. 99/2015/ND- CP on guidelines the Law
on Housing and related documents.
Real estate dispute lawyers in
Vietnam
For land, foreign individuals are not eligible to use land
assigned or leased by the State, recognized land use rights, received transfer
of land use rights. However, a foreign-invested enterprise could be allocated
or leased land by the State, recognized land use rights, or received a land use
right transfer. Foreign-invested enterprises that are assigned land by the
State with the collection of land use levies to execute investment projects on
the construction of houses for sale or for sale in combination with lease.
For housing, foreign entities eligible for the homeownership in
Vietnam include: foreign entities who invest in project-based housing
construction in Vietnam as prescribed in this Law and corresponding regulations
of law; foreign-invested enterprises, branches, representative offices of
foreign enterprises, foreign-invested funds and branches of foreign banks
operating in Vietnam (hereinafter referred to as foreign organization); foreign
individuals who are allowed to enter Vietnam.
The foreign entities are eligible for the homeownership in Vietnam
if they invest in project-based housing construction in Vietnam as prescribed
in this Law and corresponding regulations of law; or buy, rent and purchase,
receive, or inherit commercial housing including apartments and separate houses
in the project for housing construction, except for areas under management
relating to national defense and security as prescribed in regulations of the
Government.
Foreign organizations and individuals must have documents proving
being the eligible subjects and meeting conditions to own houses in Vietnam. A
foreign individual must have an unexpired passport bearing the entry seal of
the Vietnam’s immigration authority and not given diplomatic immunity and
privileges according to Ordinance on diplomatic immunity and privileges of
diplomatic missions, consular offices, and representative authorities of
international organizations in Vietnam. Foreign organizations must be subjects
of owning houses in Vietnam which have investment registration certificate or a
permission issued by a Vietnam’s competent authority for operation in Vietnam
which is still unexpired at the time of housing transaction (hereinafter
referred to as investment registration certificate).
A foreign entity shall not be granted a Certificate of the house
and may only sell or offer it to another entity eligible to own housing in
Vietnam in the case being: a foreign organization or individual receives a house
as an inheritance or a gift which is located in an area in which foreign
entities must not own houses, or the quantity of which exceeds the permissible
limits; a foreign organization that does not operate in Vietnam, or a foreign
individual who is not permitted to enter Vietnam, receives a house in Vietnam
as a gift or an inheritance.
For specific situations, to avoid future dispute in house
ownership arisen from the purchase, lease of property, house, land from the
state, developer or other seller, or lessor it is important that the client
check with property lawyers for eligibility, conditions and other relevant
matters.
ANT Lawyers – Law firm in Vietnam that could assist in different land and house
related projects and matters such as land ownership, house purchase or sale and
is aware of the differences between provisions on house law for foreigners and
Vietnamese. Our professionals could advise clients about possibilities and
potential risks concerning real estate laws, housing laws in Vietnam and
furthermore could support clients with required procedures with the Vietnamese
authorities.
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