Law regarding foreigners buying houses in Vietnam

On 25 Nov 2014 National Assembly of the Socialist Republic of Vietnam approved the Housing Act 2014. One of the most prominent new Housing Act 2014 contains provisions of a separate chapter on housing ownership in Vietnam by foreign organizations and individuals in Vietnam (or in simple words is a foreigner the right to buy houses in Vietnam). Under the provisions of the Housing Act 2014 are detailed regulations on the subject of foreigners buying houses, conditions foreigners to buy houses and rights and obligations of foreign home buyers to buy houses in Vietnam. Considering the demand of foreigners for homeownership procedures in Vietnam and help foreigners to buy houses in Vietnam rapidly convenient, most economical, Vietnam An Act is a pioneer in the field of provision of services package for foreigners to buy houses in Vietnam.

Foreign objects (organizations, foreign individuals) to own houses in Vietnam:

• Organizations and individuals investing overseas housing construction project in Vietnam under the provisions of the Housing Law and related legislation;
• Enterprises with foreign investment, branch or representative offices of foreign enterprises, foreign investment funds and foreign bank branches operating in Vietnam (hereinafter referred to as foreign organizations );
• Foreign individuals are allowed to enter Vietnam.

Form of ownership residences of foreigners in Vietnam

• Housing construction investment project in Vietnam under the provisions of the Housing Law and related legislation;
• Purchase, hire purchase, 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).

Conditions and rights and obligations of foreigners to buy houses in Vietnam
For individuals, institutional investors of housing construction project in Vietnam when homeowners in Vietnam must meet the following conditions:

• There are investment certificates
• Housing project was built in accordance with the law on housing

For foreign organizations are enterprises with foreign investment, branch or representative offices of foreign enterprises, foreign investment funds and foreign bank branches operating in Vietnam when buying a home in Vietnam must meet the following conditions:

• There are investment certificates or documents relating to the permitted operations in Vietnam (hereinafter referred to as investment certificates) issued by the competent State agencies of Vietnam.

For foreign individuals to buy houses in Vietnam:

• Be allowed to enter Vietnam and are not entitled to the privileges and immunities of diplomatic and consular prescribed by law.

For foreign organizations are enterprises with foreign investment, branch or representative offices of foreign enterprises, foreign investment funds and foreign bank branches operating in Vietnam and individuals foreigners to buy houses in Vietnam only when homeowners:

• Only to buy, hire purchase, donation, inheritance, and property do not exceed 30% of the apartments in an apartment building; if the individual houses including 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 foreign individuals shall be entitled to own houses as agreed in the contract of sale transactions, hire purchase or donation of housing inheritance but not exceeding 50 years from the date of issuance of certificates 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 citizens of Vietnam or Vietnam to marry foreigners settled in the houses owned stable, long-term and have the rights of owners of housing as Vietnamese citizens Male;
• For foreign organizations shall be owned housing as agreed in the contract of sale transactions, hire purchase, donation or inheritance of housing but not exceeding the time limit stated in the investment certificate grant for that organization, including extended time; housing ownership period is calculated from the date of the organization certificate and specified in the certificate.

(Luat Viet An)