My boyfriend is a Korean who is currently working and living in Vietnam, so he intends to buy an apartment to live in. So, can foreigners buy houses in Vietnam? What are the conditions for foreigners to buy houses in Vietnam? What is the procedure for buying and selling apartments with foreigners? I hope a lawyer can help me.
With low cost of living and also an interesting tourist destination; Therefore, the demand for foreigners to live and work in Vietnam is increasing day by day. Many foreigners even marry Vietnamese and live here. Therefore, they also want to buy a house to live and work in. So can foreigners own houses in Vietnam? What are the conditions for buying and selling houses? What is the procedure for buying and selling condominiums for foreign individuals? To answer this question; Lawyer X would like to introduce the article “Can Koreans living in Vietnam buy a house?”. We invite you to read along.
Legal grounds
Land Law 2013
Housing Law 2014
Decree 99/2015/ND-CP
Ownership of houses by foreigners
According to Article 5 of the Land Law 2013; land users who are allocated or leased land by the State; recognition of land use rights and transfer of land use rights, excluding foreign individuals. According to the provisions of the Law on Housing 2014, foreigners are allowed to own houses in Vietnam.
Because of this foreign nature; in addition, the ownership of houses and other land-attached assets is closely related to land, which is a matter of national sovereignty; Therefore, foreigners who want to own this right in Vietnam must meet strict conditions. Specifically, the following issues should be clarified:
Foreign subjects are allowed to own houses in Vietnam
Article 159 provides for foreigners’ ownership of houses in Vietnam as follows:
Foreign organizations and individuals entitled to own houses in Vietnam include:
a) Foreign organizations and individuals investing in housing construction under projects in Vietnam in accordance with this Law and relevant laws;
b) Foreign-invested enterprises; branches, representative offices of foreign enterprises; foreign investment funds and foreign bank branches operating in Vietnam.
c) Foreign individuals are allowed to enter Vietnam.
Subjects may own houses in Vietnam through the following forms:
a) Invest in housing construction under projects in Vietnam in accordance with this Law and relevant laws;
b) Purchase, lease-purchase, gift or inheritance of commercial housing, including apartments and separate houses in housing construction investment projects, except for areas ensuring national defense and security according to regulations. Government regulations.
Conditions for foreigners to own houses in Vietnam
In order for foreigners to own houses in Vietnam, they need to meet the following conditions; According to Article 160 of the Law on Housing 2014:
– For foreign organizations and individuals specified at Point a, Clause 1, Article 159 of this Law; must have an investment certificate and have a house built in the project according to the provisions of this Law and relevant laws.
– For the foreign individual specified at Point c, Clause 1, Article 159 of this Law; they must be allowed to enter Vietnam and not be entitled to diplomatic and consular privileges and immunities as prescribed by law.”
In addition, according to Clause 1, Article 74 of Decree 99/2015/ND-CP:
“For foreign individuals, they must have a valid passport with an entry verification stamp of the Vietnamese immigration authority and are not entitled to diplomatic privileges and immunities under the provisions of the Law on Foreign Affairs. Ordinance on privileges and immunities for diplomatic missions, consular offices and representative offices of international organizations in Vietnam.”
Accordingly, foreign individuals who want to own a house in Vietnam need to meet the above regulations.
Can Koreans living in Vietnam buy a house?
According to the above regulations, foreign individuals can own houses in Vietnam. Therefore, they can have their names listed in the red book (certificate of ownership of houses and other assets attached to land); if they meet the following conditions:
– Allowed entry and Vietnam
This person must have a valid passport with an entry verification stamp of the immigration authority of Vietnam and not be entitled to diplomatic privileges and immunities under the provisions of the Ordinance on Preferential Rights. , exemption for diplomatic missions, consular offices and representative offices of international organizations in Vietnam.
-Ownership:
Buy, hire-purchase; receive gifts; accept inheritance of 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.
Therefore, if your boyfriend has a valid passport with an entry verification stamp of the Vietnam Immigration Department; and are not entitled to diplomatic privileges and immunities; then he can absolutely buy a house and be the owner of that house.
Procedures for buying an apartment building for foreign individuals
When all of the above conditions are met; foreigners have the right to buy, own and sell houses in Vietnam. Condominium housing belongs to the category of commercial housing. Therefore, when foreign individuals want to buy an apartment, they can follow the following procedures:
Negotiate and sign real estate purchase and sale contracts
The parties together draft a housing purchase and sale contract. The content of the contract shall be agreed upon by the parties themselves, but there must be some key information as follows; According to Article 121 of the Law on Housing:
– Full names of individuals and organizations of the buying and selling parties.
– Address, basic information about the parties.
– Description of the characteristics of the apartment; clearly stating details of shared ownership, shared use, area under private ownership, purpose of use in parts under common or private ownership, and floor area of the apartment.
– Time and method of payment when making real estate transactions.
– Time of handover and receipt of houses, the process of operation and warranty for houses and apartments. For apartments owned with a definite term, it is also important to note the ownership period, capital contribution period, management authorization, etc.
– Rights and obligations of the parties; commitments between the two parties, and a number of other agreements.
– The time when the contract officially takes effect.
– Date, month, year of signing the contract, confirming signatures of the parties.
Notarization and certification of house purchase and sale contract
Commercial housing sale and purchase contracts must be notarized; contract authentication; except for the case specified in Clause 2, Article 122 of the Law on Housing. Accordingly, the purchase and sale of condominiums must be notarized or authenticated, except for the following cases:
- Buying, selling, leasing and buying state-owned houses; purchase, sale, lease-purchase of social housing, housing in service of resettlement;
- Therefore you need to perform notarization; authenticate the apartment sale and purchase contract between the two parties to take effect. To notarize this contract you need to prepare the following documents; and bring it to the notary office:
- Draft real estate sale and purchase contract;
- Notarization request form;
- A copy of the legal document of the notarization requester;
- A copy of the certificate of land use right;
- Copies of other relevant documents.
Do foreigners who rent houses need to notify the local government?
According to Clause 2, Article 162 of the Law on Housing, the obligations of house owners being foreigners are as follows:
“first. Foreign organizations and individuals defined at Point a, Clause 1, Article 159 of this Law have the obligations of house owners as prescribed in Article 11 of this Law.
- Foreign organizations and individuals specified at Points b and c, Clause 1, Article 159 of this Law have the obligations of house owners like Vietnamese citizens but must comply with the following provisions:
a) For the owner being a foreign individual, the house may be leased out for purposes not prohibited by law. rent a house with the housing authority of the district where the house is located according to the regulations of the Minister of Construction and must pay tax from this housing rental activity in accordance with the law.
In case a foreign individual marries a Vietnamese citizen or marries a Vietnamese residing abroad, he/she has the obligations of the house owner as a Vietnamese citizen;
etc,.
c) Make payment for house purchase or lease purchase through credit institutions operating in Vietnam.”
Accordingly, foreigners can rent houses to other people for purposes not prohibited by law and must notify in writing of the housing rental with the district-level housing management agency where the house is located; and must pay tax from this housing rental activity
Related article:
Notes when buying a co-owned house in Vietnam
In Vietnam, can detainees sell houses?
Frequently asked questions
Pursuant to Clause 3, Article 7 of Decree 99/2015/ND-CP, when buying a house in Vietnam, a foreign individual may own a house for a maximum of 50 years from the date of issuance of the Certificate. Foreigners who marry Vietnamese or Vietnamese residing abroad are entitled to own long-term houses.
If the owner of such house wishes to extend the extension, the State shall consider and extend the extension.
According to Point dd, Clause 2, Article 161 of the Law on Housing, it stipulates:
“Before the expiration of the house ownership period as prescribed by this Law, the owner may donate or sell this house to subjects eligible to own houses in Vietnam; If past the time limit for house ownership, the owner does not sell or donate the house, that house shall be owned by the State.”
Therefore in the term of home ownership; Foreigners can completely sell this house to another person who is entitled to own a house in Vietnam.
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