What should foreigners pay attention to when buying a house in Vietnam?
Although the law stipulates that foreigners are can’t buy real estate in Vietnam; however, they can still own houses but must follow legal procedures. So what should foreigners pay attention to when buying a house in Vietnam? Let’s find out in this article with LSX Law firm.
Legal Ground
- Housing Law 2014
Conditions for foreigners buying a house in Vietnam
Although the Law on Housing 2014 stipulates that foreigners can’t buy real estate in Vietnam; however, they can still own houses in Vietnam but must follow legal procedures.
Specifically, according to the provisions of Clause 1, Article 159 of the Law on Housing 2014; Foreign individuals are allowed to own houses in Vietnam, including:
+ Foreign individuals investing in the construction of houses under projects in Vietnam in accordance with the law.
+ And, Foreign individuals are allowed to enter Vietnam.
Conditions for foreigners to own houses in Vietnam
+ For foreigners investing in the construction of houses under projects in Vietnam; they must have an Investment Certificate, and have houses built in the project according to the provisions of law.
+ For foreign individuals who are allowed to enter Vietnam; they must be allowed to enter Vietnam and not be entitled to preferential rights; diplomatic and consular immunity as prescribed by law.
Forms of homeownership by foreigners in Vietnam
+ Investment in housing construction under projects in Vietnam in accordance with this Law and relevant laws.
+ Buy, rent-purchase, receive as a gift, or inherit commercial housing; including apartments and separate houses in housing construction investment projects, except for areas ensuring national defense and security as prescribed by the Government.
What should foreigners pay attention to when buying a house in Vietnam?
Foreigners have the same rights as house owners as Vietnamese citizens, but must comply with the following regulations:
+ They may only buy, rent-purchase, receive as gifts, receive an inheritance and own no more than 30% of the number of apartments in an apartment building. If it is a separate house, including villas, townhouses; in an area with a population equivalent to a ward-level administrative unit; they may only buy, rent-purchase, receive as gifts, inherit and own no more than two hundred and fifty houses.
The case in an area with a population equivalent to a ward-level administrative unit; where there are many apartment buildings or for individual houses on a street; the government shall specify the number of apartments, the number of individual houses that foreign organizations and individuals may buy, rent-purchase, receive as gifts, inherit and own;
+ In case of being gifted or inherited a house that they can’t own; or exceeds the prescribed number of houses; they may only enjoy the value of the house there.
+ For foreign individuals, they are can own houses upon contracts of purchase, sale, lease-purchase, donation, or inheritance, but for a maximum of 50 years.
In case a foreign individual marries a Vietnamese citizen; or marries a Vietnamese residing abroad; they are able to buying a stable and long-term house in Vietnam and have the same rights as homeowners as Vietnamese citizens.
+ For foreign organizations, they are can own houses as agreed upon in contracts for purchase, sale, lease-purchase, donation, or inheritance of houses; but not exceeding the time limit stated in the Investment Certificate issued to that organization; including extended periods.
+ Before the expiration of the house ownership period, the owner can donate; or sell this house to subjects eligible to own houses in Vietnam; if the time limit for house ownership expires, the owner does not sell or donate it; the state will take it.
Finally, hope this article is useful for you to know more about: What should foreigners pay attention to when buying a house in Vietnam? If you need any further information, please contact LSX Law firm : +84846175333 or Email: [email protected]
Frequently Asked Questions
What is Housing?
Housing is a building built for the purpose of living and serving the daily needs of households and individuals.
What is private housing?
A separate house means a house built on a separate residential plot of land under the lawful use right of an organization, household, or individual, including villas, adjacent houses, and independent houses.
What is an apartment building?
An apartment building is a house with 2 floors or more, with many apartments, with common walkways and stairs, with private ownership, shared ownership, and a system of infrastructure work for common use by households. , individuals and organizations, including apartment buildings built for residential purposes and condominiums built with mixed-use purposes for residential and business purposes.
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