Currently, foreigners have a relatively high demand to buy houses in Vietnam. However, in case foreigners buy houses in Vietnam, they need to meet certain conditions. Let’s find out this issue What conditions do foreigners need to meet to buy houses in Vietnam? with LSX Law firm.
Law on Housing 2014
Can foreigners buy houses in Vietnam?
Pursuant to Clause 1, Article 159 of the Law on Housing 2014 stipulates that the following foreign organizations; and individuals may buy houses in Vietnam:
– Foreign organizations and individuals investing in housing construction under projects in Vietnam accordingly 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 (referred to as organizations).
– Foreign individuals has permission to enter Vietnam.
Accordingly, foreigners own houses in Vietnam in two forms:
– Investment in housing construction under projects in Vietnam;
– 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 according to regulations. regulations of the Government.
Thus, accordingly the above grounds, if you are a foreigner; you are only allowed to buy apartment houses; and separate houses in housing construction investment projects.
What conditions do foreigners need to meet to buy houses in Vietnam?
In Article 74 of Decree 99/2015/ND-CP guiding the Law on Housing; foreigners who are eligible to buy apartment houses; or separate houses in housing construction investment projects are allowed to buy houses in Vietnam; but must have documents proving:
– Firstly, have a valid passport bearing the entry verification stamp of the Vietnam Immigration Department;
– Secondly, not eligible for diplomatic privileges and immunities.
Thus , to buy a house in Vietnam you need to meet the conditions as described above.
Above are the subjects and conditions for foreigners to buy houses in Vietnam, foreigners has permission to buy houses in housing construction investment projects and must satisfy all conditions on a case-by-case basis.
The form of rent-purchase of a house means that the lessee pays in advance to the lessor to buy 20% of the value of the house; unless the lessee has prepayment conditions; the payment shall not exceed 50%;
The remaining amount to be paid shall be calculated into house rent to be paid monthly to the lessor for a certain period of time;
After the lease-purchase period expires and when the remaining amount has been paid; the lessee has the right to own the house.