How are the regulations for buying an apartment in Vietnam as foreigners? What conditions do foreigners buy an apartment?. The following essay will help the Client better understand issues regarding buying an apartment in Vietnam for foreign people.
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I. How are foreigners buying an apartment in Vietnam becoming popular?Vietnam’s economy is promptly developing with the attraction and high appropriation of prestigious international organizations. In recent years, investors with big projects have arrived in Vietnam to seek development opportunities that help them receive significant profits. Besides, foreign workers and citizens also arrive in this country to live and start up. Thus, buying an apartment in Vietnam for foreigners is becoming more and more popular.
Foreigners buying an apartment in Vietnam are foreign people staying in Vietnam who want to buy (known as purchase) an apartment for a stable and long life in Vietnam.
Pursuant to Article 74 of Decree 99/2015/ND-CP stipulating conditions for buying an apartment in Vietnam as foreigners, as follows:
Therefore, foreigners have to demand the above conditions to buy an apartment in Vietnam.
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Pursuant to Clause 2, Article 9 of the Law on Housing 2014, procedures for granting Certificates to house owners are performed according to the Law on Land.
Application contents:
Procedures:
Pursuant to Article 161 of the Law on Housing 2014, stipulating foreigners’ rights and obligations when they buy an apartment in Vietnam, as follows:
1. Foreign organizations or individuals according to Point a, Clause 1, Article 159 of this Law are entitled to implement the house owner’s rights as defined by Article 10 of this Law; However, if these subjects’ house or apartment is built on the leased land, they are only entitled to lease that house or apartment.
2. Foreign organizations or individuals according to Point b and c, Clause 1, Article 159 of this Law are entitled to implement the house owner’s rights as Vietnamese citizens, but they have to comply with the following regulations:
a. Foreign organizations or individuals aren’t entitled to buy, lease, receive for donation and inherit, and own more than thirty percent (30%) of the number of apartments in one building; or more than two hundred fifty (250) separate houses, including villas or row houses in an area whose population is equivalent to that of a ward-level administrative unit.
If an area has a population equivalent to a ward-level administrative unit and has many apartments or row houses in a street, the Government shall specifically stipulate the number of apartments or row houses that foreign organizations or individuals are allowed to implement the above house owner’s rights;
b. If foreign organizations or individuals donated or inherited houses that contrast with Point b, Clause 2, Article 159 of the Law on Housing 2014 or more than the number of houses as defined by Point a of this Clause, these subjects are only received the validity of those houses.
c. For foreign individuals, they are entitled to own houses agreed upon in contracts of sale and purchase, lease, donation, and inheritance for at least fifty (50) years from the date they receive a Certificate and house ownerships are extended according to the Government’s regulations if needed; the duration of house ownerships shall be clearly recorded in the Certificate.
In case, foreign individuals marry Vietnamese citizens or Vietnamese people residing abroad; they are entitled to own stable and long-term houses and receive house ownership’s rights as Vietnamese citizens;
d. For foreign organizations, they are entitled to own houses agreed upon in contracts of sale and purchase, lease, donation, and inheritance, but these ownerships don’t exceed the duration recorded on the Investment Registration Certificate (that those organizations are granted), including the extra extended duration; the duration of house ownerships is calculated from the date organizations receive the Certificate, and the Certificate is clearly recorded this issue;
e. Before expiring of house ownership according to regulations of the Law on Housing 2014, owners can donate or sell their houses to subjects that are eligible for house ownership in Vietnam; However, if house ownership is expired but owners don’t donate or sell them, those houses belong to the State.
Pursuant to Article 76 of Decree 99/2015/ND-CP, amended by Clause 23, Article 1 of Decree 30/2021/ND-CP, the number of houses that foreign individuals or organizations are entitled to own, as follows:
Foreign organizations or individuals aren’t entitled to own more than thirty percent (30%) of the entire apartments of one building. If an area has population equivalent to a ward-level administrative unit with many buildings to sell or lease and buy, foreign individuals aren’t allowed to own more than thirty percent (30%) of the number of apartments in each building and no more than thirty percent (30%) of the entire apartments of all these buildings.
Foreigners belonging to subjects as defined by Article 74 of Decree 99/2015/ND-CP have the right to buy houses or apartments in Vietnam, but they need to have demonstrating documents to do so, as follows:
Case 1: For organizations
Organizations must have the Investment Registration Certificate or documents related to operating allowance in Vietnam that are granted by the Vietnamese competent State Agencies and still have validity at the time of entering into house purchase agreements or lease agreements.
Case 2: For individuals
Foreign individuals have to demand the following two conditions:
Therefore, the Residence License (also known as the Temporary Residence Card) isn’t obligatory when foreigners buy an apartment in Vietnam. However, the Temporary Residence Card is one of the advantageous conditions that helps foreigners buy an apartment more easily and conveniently.
These are all information related to Foreigners Buy An Apartment In Vietnam With Required Regulations as prescribed by Vietnamese Law. Please don’t hesitate to contact us if the clients have any further questions.
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