CAN FOREIGNERS OWN REAL ESTATE IN VIETNAM?

Whether foreign individuals or organizations own real estate in Vietnam is a question that LawPlus receives a lot. According to current regulations, foreign organizations and individuals are not allowed to own real estate which island in Vietnam. However, these entities may own real estate as houses according to current Vietnam law. FOREIGNERS OWN REAL ESTATE

With many years of experience in consulting for foreign .organizations and individuals in Vietnam, LawPlus would like to send you .some information related to the ownership of the real estate in Vietnam .by organizations and individuals. foreign personnel.  FOREIGNERS OWN REAL ESTATE 

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1. Conditions for foreign organizations and individuals to own real estate in Vietnam

According to Article 160 of the Law on Housing 2014, organizations and individuals allowed to own houses in Vietnam when meeting the following conditions. : 

Foreign organizations: must have an Investment Certificate or documents related to being allowed .to operate in Vietnam (hereinafter referred to as the Investment Certificate) issued by a competent .state agency of the country. Vietnam level.

Foreign individuals: must be allowed to enter Vietnam and not be entitled to .diplomatic and consular privileges and immunities as prescribed by law.

2. Cases for foreign organizations and individuals own real estate in Vietnam

1.1. For individuals

According to Article 7, Article 159 of the Law on Housing 2014, a foreign individual is.can allowed to own a house in Vietnam in the following cases:

– Vietnamese projects by the Law on Housing 2014 and relevant laws; FOREIGNERS OWN REAL ESTATE

– Foreign individuals allowed to enter Vietnam.

1.2. For an organization 

Foreign organization in this case means a foreign-invested enterprise, a branch .or representative office of a foreign enterprise, a foreign investment fund, and a foreign bank branch operating in Vietnam

According to Article 159 of the Law on Housing 2014, a foreign organization is allowed to own a .house in the following cases: A foreign organization is an investor in building housing under a project in Vietnam by the .Law on Housing. and relevant laws;

3. Forms of ownership of a real estate by foreign organizations and individuals in Vietnam 

Currently, two forms allow foreign organizations and individuals to own real estate in Vietnam. Including: 

– Investment in the construction of houses under projects in .Vietnam by the provisions of the Law on Housing and relevant laws; 

– Buy, rent-purchase, receive as a gift, or inherit commercial houses, including apartments .and separate houses in housing construction investment projects, except for areas ensuring .national defense and security according to Government regulations. 

Thus, foreign individuals and organizations can only own commercial houses … in Vietnam for a limited time .and may consider for an extension according to current regulations. 

4. Term of ownership of the real estate in Vietnam for foreign organizations and individuals 

4.1. For foreign organizations 

According to current regulations, the term of house ownership. of foreign organizations will depend on the duration of the investment project. Accordingly, a foreign organization is allowed to own a house up to the time limit specified in the Investment Registration Certificate issued to such an organization. When the above time limit expires, the owner can apply for an extension which will be considered and extended by the State according to the provisions of Article 77 of Decree 99/2015/ND-CP. In case the investment registration certificate does not specify the term, the certificate issue to the owner shall also be written indefinitely.

4.2. For foreign individuals 

Foreign individuals may own houses for a maximum of 50 years from the date of issuance of the Certificate. Upon the expiration of the above ownership period, if the foreign individual can apply for an extension, the State will consider and extend it further according to the provisions of Article 77 of Decree 99/2015/ND-CP. 

Currently, the demand for real estate ownership by foreign organizations and individuals living and working in Vietnam is increasing. This forces the above subjects to comply with relevant laws. 

The above is important information about the homeownership of foreign organizations and individuals in Vietnam. To learn more about this issue, you and your friends can contact the hotline at 02862 779 399, 03939 30522, or via email at info@lawplus.vn LawPlus team will consult and answer questions. 

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