HOUSING OWNERSHIP OF OVERSEAS VIETNAMESE (VIETKIEU) & FOREIGN BUYERS
Note: The information contained herein is for your reference only. You are advised to seek your own legal advice relating advice to your purchase.
* On 25th November 2014, the Vietnam’s National Assembly passed the long-awaited amended Housing Law that addresses a number of issues including regulations on foreign ownership of properties in Vietnam, replacing the pilot scheme that expired in December 2013.
The new law which is effective from 01st July 2015 removes many of the previous restrictions on foreign individual buyers.
* The Decree guiding the new law was also passed on 20th October 2015 and is of full force and effect from 10th December 2015, summarized as below:
FOREIGNER PURCHASING HOUSE IN VIETNAM
- All foreigners who are allowed to enter Vietnam and not entitled to diplomatic or consular immunity and privilege
- All foreign invested companies, branches, rep offices of overseas companies, foreign investment funds, branches of foreign banks currently operating in Vietnam.
- Individuals: a valid passport with a valid stamp by the Vietnamese custom allowing entry to Vietnam.
- Organizations: valid investment certificate s in Vietnam.
- Apartments: 30% of one building; In case there is more than one buildings within a ward, the total number of apartments allowed to be owned by foreign buyers shall not exceed over 30% of all apartments of the buildings.
- Landed house: 10% or 250 units of one residential housing project.
Foreign individuals: 50 years with a maximum 50 year extension according to the housing laws
Foreign individuals married to Vietnamese citizens or Viet kieu: free-hold
- Foreign Organizations: not exceed the project terms on its investment registration certificate (IRC) + extension if its IRC is extended
- YES to foreign individuals
- NO to foreign organizations
OVERSEAS VIETNAMESE (VIETKIEU) PURCHASING HOUSE IN VIETNAM
- All Viet Kieu who are allowed to enter Vietnam.
- Viet Kieu who are and/or were of Vietnamese nationality origin (determined based on the blood-relation principle) and are residing overseas.
- Certificate of birth;
- Identification Card; or
- Vietnamese passport
- Apartments + landed property (villas and townhouses)
- Land lots within commercial residential housing projects to build houses on the land.
same as for Vietnamese
Some reference laws and regulations:
|Name of laws and regulations||Code||Relevant Chapter||Effective Date|
|Law on Housing||65/2014/QH13||Chapter IX||Jul 01, 2015|
|Decree on guidelines for the Law on Housing||Chapter II & VII||Dec 10, 2015|
|Circular on guidelines for the Law on Housing and the Decree no. 99/2015/ND-CP||19/2016/TT-BXD||Chapter IV||Aug 15, 2016|
Law No. 65/2014/QH13 dated 25 November 2014 (2014 Housing Law)
The Housing Law No. 65/2014/QH13 dated 25 November 2014 (2014 Housing Law) was introduced more than three (3) years ago and took effect on 1 July 2015. The 2014 Housing Law was intended to relax foreign housing ownership rules in Vietnam.
This Law applies to organizations, households or individuals related to ownership, development, management, use, and transactions in housing and state management of housing in Vietnam.
Decree on guidelines for the Law on Housing 99/2015/ND-CP
This Decree provides guidelines for ownership, development, management and use of housing; housing-related transactions; and the roles of regulatory agencies in housing in Vietnam prescribed in the Law on Housing No. 65/2014/QH13 (hereinafter referred to as the Law on Housing).
Circular 19/2016/TT-BXD (Circular 19)
Circular 19/2016/TT-BXD (Circular 19) guiding the implementation of some contents on the housing development, management, use, transactions, ownership and the state management of housing as stated by the Law on Housing and Decree No. 99/2015/ND-CP, dated October 20, 2015.