What are the conditions for foreigners to own houses in Vietnam?
In fact, many foreigners are living, working, and permanently settling in Vietnam. So can foreigners own houses in Vietnam? Let us find out this article with LSX Law firm.
Housing Law 2014.
Can foreigners own houses in Vietnam?
According to Article 7 of the 2014 Housing Law, subjects can own houses in Vietnam. Accordingly, foreigners are one of the subjects who are allowed to own houses in Vietnam.
In order to own a house in Vietnam, a foreigner needs to have documents proving that he/she is a house owner.
, foreign individuals must have a valid passport; have the Vietnamese immigration management agency; are not eligible for preferential treatment; diplomatic immunity; under the Ordinance on privileges and immunities for diplomatic missions; Consular offices representative offices of international organizations in Vietnam.
Additionally, foreign organizations must be subject to Article 159 of the Law on Housing; and have an Investment Registration Certificate; or papers authorized by competent Vietnamese authority to operate in Vietnam. Those documents must be valid at the time of signing the housing transactions (Investment Registration Certificate).
Significantly, if the foreign individual has a document confirming that he is of Vietnamese origin; then he only has the right to select an applicable subject; an overseas Vietnamese or a foreign individual; to determine house ownership in Vietnam.
In what ways can foreigners own houses in Vietnam?
According to Article 159 of the 2014 Housing Law, foreigners can own houses through the following forms:
Firstly, invest in housing construction projects in Vietnam under this Law and relevant laws;
In addition, purchase, lease-purchase, donation, and inheritance of commercial housing; including apartments and separate houses in housing construction investment projects. Except for areas where national defense and security are ensured according to the Government’s regulations
Foreigners who may own houses in Vietnam:
Foreign organizations and individuals are investing in housing construction under projects in Vietnam; under this Law and relevant laws.
In addition, foreign-invested enterprises, branches, representative offices of foreign enterprises; foreign investment funds, and foreign bank branches operate in Vietnam.
Besides, foreign individuals who are allowed to enter Vietnam.
Finally, hope this article is helpful for you!
Foreigners may not own houses in Vietnam when it does not meet the conditions for owning houses in Vietnam.
If a foreign individual marries a Vietnamese citizen; he/she is entitled to own a stable and long-term house; has the same rights as a house owner as a Vietnamese citizen.
Foreign individuals are allowed to lease houses to use for purposes not prohibited by Law. Before renting a house; the owner must send a written notice of the house lease to the district-level housing management agency at the house’s location. Taxes from this housing rental must be paid under the Law.
Foreigners may buy and own no more than 30% of the apartments in an apartment building. If it is a separate house; including villas and adjacent houses; in an area with a population equivalent to a ward-level administrative unit; only buy, rent-purchase, receive as a gift; inherit and own no more than 250 houses.