Foreigners buy houses in Vietnam

Terry Jones: I am a United Stated citizen but my mother is a Vietnamese, I want to buy a house to live, I need a lawyer of MTON Vietnam law firm help me?   

Gia Minh, MTON Vietnam law firm

Five groups of foreign individuals and organizations, excluding companies operating in the real estate sector, are allowed to buy and own an apartment in a commercial housing development project.

Accordingly, five groups eligible to buy and own apartments are:

Individuals who invest directly in Vietnam or are hired for management positions by local or foreign-invested companies in Vietnam; foreigners who receive certificates of merit or medals from the president or government for their contribution to the country; foreigners who work in socio-economic fields, hold a bachelor’s degree or higher and possess special knowledge and skills that Vietnam needs; foreigners who are married to Vietnamese residents; and foreign-invested enterprises operating in Vietnam that need to buy houses for employees.

Foreign individuals can own an apartment for 50 years and must sell or gift their apartments within 12 months of ownership expiration.

Foreigners who must leave Vietnam before the end of the 12 months can sell or gift their apartments earlier.

Foreign organizations can own an apartment during the period of their investment license.

If a foreigner is gifted with or inherits a home in Vietnam, he or she can only choose to own an apartment; for other forms of housing, he or she can only receive the equivalent value in money.

Each foreigner can own only one apartment at a time and can use his/her apartment as collateral for bank loans.

The procudure of buying and selling apartments for foreigners is the same to the Vietnamese citizen. Any distbutes on house register will be solved in the accordance with VietNamese law.

www.mton.vn

At the time you read above text, the effective of rule or Act may have changed. Moreover, each case have not the same. MTON advised the readers not to be arbitrarily applied in the above text. Please consult a trusted attorney or contact us at the address is listed at the bottom of this website. Thank you!