What conditions are not needed for foreigners to buy a house in Vietnam? Foreigners can buy houses in Vietnam; However, in order to buy a house, certain conditions must be met. Let’s find out in this article with LSX Law firm.
The subjects are foreigners?
So a foreigner means a person with the nationality of another country; who is working, studying, living in the territory of the Socialist Republic of Vietnam.
A Stateless person is a person who has no nationality and resides in the territory of Vietnam.
Conditions for foreigners to buy houses in Vietnam:
According to Clause 1, Article 159 of the Law on Housing 2014; Foreign organizations and individuals who can own houses in Vietnam include:
Organizations; foreign individuals investing in housing construction under projects in Vietnam in accordance with the Law on Housing; related laws.
- Enterprises with foreign investment capital; branches, representative offices of foreign enterprises; foreign investment funds; branches of foreign banks operating in Vietnam (referred to as organizations).
- Foreign individuals are allowed to enter Vietnam.
Foreigners can own houses (buy houses in Vietnam) in the following 2 ways:
- Investment in housing construction projects in Vietnam;
- Buy, rental and purchase; receive as gifts or inheritances of commercial houses, including apartments; separate houses in housing construction investment projects, except for areas reserved for ensuring national defense and security according to the Government’s regulations.
So; the fact that foreigners buy houses in Vietnam is recognized by our state; but with conditions attached; that is they can purchase, rental and purchase only apartment buildings, separate houses in housing construction investment projects.
Procedures for foreigners to buy houses in Vietnam:
According to Article 74 of Decree 99/2015/ND-CP. To buy a house, foreigners must have the required dossier, which is:
Case 1: Conditions for organizations
Organizations must have:
- Investment certificate;
- Documents allowing them to operate in Vietnam.
* these documents must be:
- Issued by a competent Vietnamese state agency;
- Still valid at the time of signing the house purchase, rental and purchase contract.
Case 2: Conditions for individuals:
Foreign individuals must meet the following 02 conditions:
- Having a valid passport into Vietnam with the entry verification stamp of the immigration department;
- Not subject to diplomatic privileges and immunities.
In short, foreigners can buy houses in housing construction investment projects.
Frequently Asked Questions
So, What is rental and purchase?
- Rental and purchase of housing; is the prepayment by the lessee to the lessor to purchase 20% of the value of the house; except where the lessee has prepayment conditions, the payment shall not exceed 50%;
- The remaining amount; payable, it shall go into house rent to pay monthly to the lessor. within a certain period of time; after the expiration of the lease-purchase period; when the remaining amount has been paid in full; then the lessee has the right to own the house there.
Conditions for foreigners to buy houses in Vietnam?
foreigners can only buy houses in housing construction investment projects; The conditions is on a case-by-case basis.