What is the process of foreigners buying houses in Vietnam? Can a foreign individual own a house in Vietnam? Advice on investment procedures in land with foreigners? Advice on buying real estate for foreigners? Procedures for foreigners to buy apartments in Vietnam and other related issues. Let’s find out with LSX Law firm.
Law on housing 2014
Can foreigners buy apartments in Vietnam?
Pursuant to Clause 1, Article 159 of the 2014 Housing Law; foreign organizations and individuals that has right to own houses in Vietnam include:
- Foreign organizations and individuals investing in construction of houses under projects in Vietnam in accordance with the Law on Housing and relevant laws.
- Foreign-invested enterprises, branches, representative offices of foreign enterprises, foreign investment funds and foreign bank branches operating in Vietnam
- Foreign individuals are allowed to enter Vietnam and do not has right to diplomatic; and consular privileges and immunities as prescribed by law
Forms of foreigners has right to own apartment in Vietnam
Accordingly Clause 2, Article 159 of the Law on Housing 2014, foreign organizations and individuals may own houses in Vietnam through the following forms:
– Firstly, investment in housing construction under projects in Vietnam in accordance with the Law on Housing 2014 and relevant laws;
– Secondly, buy, rent-purchase, receive as a gift or inherit commercial houses, including apartments and separate houses in housing construction investment projects, except for areas ensuring national defense and security according to regulations.
Procedures for foreigners to buy apartment in Vietnam
Step 1. Make a written transfer of a house purchase
Individuals and foreigners make a written transfer of an apartment purchase and sale contract. The contract transfer document signed by the two parties, need 07 copies (03 copies are for handover to the investor)
Step 2. Conduct notarization or authentication procedures
The application for notarization or authentication includes the following documents:
- Firstly, 07 originals of transfer documents of house purchase and sale contract;
- Secondly, the original of the house purchase and sale contract signed with the investor of the commercial housing construction project (and the appendix if any);
- Lastly, a certified copy or a copy and must present the original for comparison of the following papers: Identity card or citizen identification card or valid passport.
Step 3. Submit documents requesting the investor to certify in the transfer document. contract assignment.
After fulfilling the obligations to pay taxes, fees and charges for the transfer of the house purchase and sale contract as prescribed, the foreigner submits 01 set of documents requesting the investor to certify in the transfer document. contract assignment.
Dossier to request the investor’s certification includes the following documents:
- 05 originals of the transfer document of the house purchase and sale contract (notarized and authenticated);
- The original of the house purchase and sale contract signed with the investor; a certified copy of the house handover record;
- A receipt for tax payment for the transfer of a house purchase and sale contract or proof of tax exemption in accordance with tax laws;
- A certified copy or a copy and the original must be presented for comparison of the foreigner’s papers: Identity card or citizen identification card or passport or equivalent document
Step 4. Granting certificates by competent state agencies
Foreigners are granted certificates by competent state agencies in accordance with the law on land. When carrying out the procedures for granting the Certificate, in addition to the papers prescribed by the land law, the Certificate applicant must additionally submit to the Certificate-issuing agency the following papers:
- Firstly, the original of the house purchase and sale contract signed with the investor;
- Secondly, the original copy of the house handover record;
- Lastly, the original copy of the final transfer contract certified by the investor.
Thus, through the above article, we have clarified the issue of whether foreigners can buy apartments of Vietnamese individuals. If you have any further questions or need advise on land-related procedures, please contact LSX Law firm for dedicated support: 0833102102
Currently, according to Vietnamese law, foreigners are allowed to buy houses in the following cases:
Only buy, rent-purchase houses of housing construction project owners;
Buying houses of foreigners;
Only receive houses as gifts from households and individuals, and houses as gifts from organizations
Foreign individuals must meet the following 02 conditions:
– Firstly, have a valid passport bearing the entry verification stamp of the Vietnam Immigration Department;
– Secondly, not subject to diplomatic privileges and immunities.