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Real Estate 1 Vietnam - VIETNAM REAL ESTATE LAW FOR FOREIGNERS

VIETNAM REAL ESTATE LAW FOR FOREIGNERS

Many foreigners who come to Vietnam are interested in living in the area and in having a home, be it an apartment, a condominium or a house to live in.

  Because home ownership is so common in other countries, many want to buy their own home or otherwise control the property.  We are not lawyers in each of the countries but we deal with lawyers and real estate professionals in all four countries and have helped others in the past.  In all cases, we recommend that you work with a real estate professional; that you do your due diligence and closely research the opportunity and that you secure a well trained legal professional to assist you.   Here is some guidance on laws and procedures throughout the area:

real estate laws in Vietnam

 

 

Vietnam follows the Communist system of land ownership.  All land belongs to the people and is managed by the State on behalf of the people.  People receive land-use rights – not land ownership.  Law recognizes no fee simple title.  The maximum ownership rights for Vietnamese are leasehold of land, although buildings are improvements can be owned directly.  Foreigners are not allowed to own land.  Overseas Vietnamese who were born in Vietnam but later took up residence overseas can buy properties under gradually broadening criteria that are giving them property rights more akin to local Vietnamese. 

  • Starting in 2009, Foreigners who are legally residents in Vietnam on a longer-term basis are permitted to purchase apartments in certain developments under a 50-year leasehold.  The Vietnam National Assembly approved this law overwhelmingly in 2008 but the implementing regulations have yet to be published. Those eligible to buy apartments under the law include foreign firms purchasing housing for staff, and four categories of individuals.
  • These include foreigners working at Vietnamese firms, foreigners married to Vietnamese, foreigners with special skills needed by Vietnam’s economy, and foreigners who have been awarded medals or other honors by the government.
  • They can own a house but not the land on which it is built. They have the option to lease the land from the State.
  • A foreign investor may also invest in Vietnamese real property by forming a joint venture company with a local partner, or a wholly foreign-owned company, or by forming a Build, Operate and Transfer (BOT) company or one of its variants.

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  • Foreigners who are residents in Vietnam can own dwelling houses but cannot sub-lease these dwellings. Foreign residents can also sell, donate, inherit, or give dwelling houses as gifts. But where they terminate their residence in Vietnam without disposal of their dwelling, 90 days after their departure from Vietnam their dwelling house certificates will automatically cease to be valid, and the Vietnamese State will manage and use their houses.
  • One thing that separates real estate transactions in Vietnam from the rest of the world is it's done in pure gold.  It is very important to keep this in mind when looking for a property. The buyer must be aware of the prices and conversion rates for currency to gold at all times.

To get more articles & news about real estate in Vietnam, visit http://realestate1vietnam.com

Source: Business in Asia.

 
Vietnam Office
Australian Head office
  • 5/308 Kororoit Creek Rd
  • Williamstown North Vic 3016 Australia
  • Phone: +61 3 9397 6644
  • Fax: +61 3 9397 6544
  • E-mail: enquiries@skycore.com.au

 

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