The Law on Housing was issued by the National Assembly of Vietnam on November 25, 2014. One of the highlight features is the separate chapter on home-ownership of foreign organizations and foreigners in Vietnam. In other words, foreigners now have legal rights to buy houses in Vietnam. The law provide detailed regulations on entities who have rights to buy houses in Vietnam, as well as their conditions, rights and obligations. Base on the huge demand of foreigners and to help them buy houses in the fastest, easiest and the most economical way, Viet An Law Firm is proud to be the pioneer in offering full legal service package for foreigners buying houses in Vietnam.
Foreign entities (organizations and individuals) eligible for home-ownership in Vietnam:
- Foreign entities investing in housing construction projects in Vietnam, as prescribed in this law and relevant legal regulations;
- Foreign enterprises, branches and representative offices of foreign enterprises, foreign investment funds and branches of foreign banks which are operating in Vietnam;
- Foreigners who are allowed to enter Vietnam.
Types of home-ownership of foreign entities in Vietnam:
- Invest in housing construction projects in Vietnam, as prescribed in this law and relevant legal regulations;
- Buy, purchase and rent, receive or inherit commercial houses including apartments and separate houses in housing construction projects, except for projects in the areas of national defense and security as prescribed by the Government.
Conditions for home-ownership, rights and obligations of foreign entities when owing houses in Vietnam:
- For foreign entities investing in housing construction projects in Vietnam, they must have:
- The Certificate of Investment Registration;
- Houses are built in the projects as prescribed in this law and relevant legal regulations.
- For foreign enterprises, branches and representative offices of foreign enterprises, foreign investment funds and branches of foreign banks which are operating in Vietnam, they must have:
- The Certificate of Investment Registration or other documents proving their legal operation in Vietnam (hereinafter referred to as the Certificate of Investment Registration) issued by competent agencies in Vietnam.
- For foreigners buying houses in Vietnam, they must be:
- Allowed to enter Vietnam legally;
- Not granted diplomatic immunity and privileges as prescribed by the law.
Notice: For foreign enterprises, branches and representative offices of foreign enterprises, foreign investment funds and branches of foreign banks which are operating in Vietnam and foreigners buying houses in Vietnam, they must complying with the following regulations:
- They are not allowed to buy, purchase and rent, receive, inherit for more than 30% of apartments in an apartment building or no more than 250 separate houses including villas, row houses in an area whose population is equivalent to a ward-administrative division;
- If a foreigner eligible for home-ownership as agreed in sale agreements, lease and purchase agreements, gifting agreements or inherit agreements, his/her home-ownership duration is no more than 50 years from the day on which he/she is granted the Certificate of Home-ownership. The duration must be shown on the Certificate of Home-ownership and shall be extended if needed as prescribed by the Government;
- If a foreigner marriage to a Vietnamese citizen or a Vietnamese living overseas, he/she shall be eligible for stable and long-term home-ownership in Vietnam and has rights of home-owners similar to Vietnamese citizens;
- Foreign organizations eligible for home-ownership as agreed in sale agreements, lease and purchase agreements, gifting agreements or inherit agreements but their ownership duration shall not be longer than the duration of the Certificate of Investment Registration, including the extension. The ownership duration shall be shown on the Certificate of Home-ownership and be determined from the date of issue.
Legal services at Viet An Law Firm:
- Consult about legal regulations for foreigners buying houses in Vietnam;
- Consult about deposit agreements, sale agreements, gifting agreements for foreigners buying houses in Vietnam;
- Consult about conditions, procedures and dossiers for house purchase in Vietnam;
- Represent for foreigners buying houses in Vietnam to perform the procedures for transfer and issuance of the Certificate of Home-ownership;
- Return the Certificate of Home-ownership to foreigners.
Foreigners who are looking for a house and have questions about buying houses in Vietnam, please feel free to contact Viet An Law Firm. We are willing to give you legal advice and support you during the procedures!
