The procedure of buying property for foreigners in Vietnam

The procedure of buying property for foreigners  – Foreigners can now buy property in Vietnam for living and working purposes. Therefore, our government has passed the Housing Law 2014 – allowing foreign individuals and organizations to own property in Vietnam. However, in order to be able to own property, foreigners need to know the regulations, procedures and legal procedures of Vietnam.

Regulation on foreign home ownership – The procedure of buying property for foreigners

On November 25, 2014, the National Assembly passed the Housing Law 2014. One of the most striking new features of the Housing Law 2014 is the provision of a separate chapter on foreign home ownership in Vietnam. The Housing Act 2014 provides a very detailed description of foreigners home ownership, conditions for foreigners to buy property in Vietnam, and rights to purchase property in Vietnam. Foreigners (including foreign organizations and individuals) are allowed to own property in Vietnam as follows:

• Foreign individuals and organizations that invest in the construction of residential projects in Vietnam according to the provisions of the Housing Law as well as relevant legal documents;
• Enterprises with foreign owned capital, having branches and representative offices of foreign enterprises, foreign investment funds or foreign bank branches operating in Vietnam (hereinafter referred to as foreign organizations)
• Foreigners are allowed to enter Vietnam.

The form of owning houses of foreigners in Vietnam – The procedure of buying property for foreigners

To invest in the construction of residential project in Vietnam according to the provisions of the Housing Law as well as relevant laws;

Buy, hire, purchase, donate, inheritance commercial real estate in Vietnam including apartment and individual housing in investment projects to build houses. (Except for housing projects in the areas of national defense and security, which are prescribed by Vietnamese law).

Conditions for foreigners to buy property in Vietnam – The procedure of buying property for foreigners

Conditions for foreign individuals to buy and own houses in Vietnam are specified in the Law on Houses in 2014. In particular, Article 5 of Decree No. 99/2015 / ND-CP stipulated conditions for foreigners to buy houses in Vietnam as follows:

The first condition is that foreign individuals and organizations must have documents proving the subject, condition of purchase, inheritance, donation and ownership of residential land in Vietnam.

Foreigners can legally buy property in Vietnam.

If they are foreign individuals buying houses, they must have valid passports and be affixed with the entry stamp of the competent State management agency. If they are foreign organizations, they must be eligible for recognition of the right to own houses and houses in Vietnam. At the same time, the certificate of investment registration or papers approved by competent Vietnamese agencies for operation still valid at the time of signing house transactions.

Foreigners need to prove their finances when purchasing houses and land in Vietnam

The second condition for foreigners to buy houses and land in Vietnam is to have proof of their eligibility to buy and own houses in Vietnam. Foreigners must have permanent residence cards or temporary residence cards in Vietnam. The relevant documents must be issued by the Immigration Department for a period of 12 months or more.

In addition, foreigners buying houses that are not subject to diplomatic or consular privileges, or consulates are subject to the Ordinance of the Standing Committee of the National Assembly.

Procedures for foreigners to buy houses and land in Vietnam – The procedure of buying property for foreigners

The order, procedures and dossiers of application for house ownership and land use right certificates for foreigners having houses and / or land in Vietnam are prescribed in Decree No. 51/2009 / ND-CP.

Dossiers of application for certificates of house ownership and land use right certificates.

In order to be issued a certificate of ownership of houses and land use rights, a foreigner must file a dossier with the Department of Construction where the house is located. A dossier of application for a certificate of ownership of a dwelling house and land use right shall include:

– An application for a certificate of house ownership and land use right in Vietnamese and English.

– The original contract of purchase, sale, donation or house inheritance documents in accordance with the law of Vietnam. In case of purchasing apartments of real estate enterprises, sale and purchase contracts must not be certified by notary. If buying or donating an individual’s apartment, the contract must be certified by the notary in accordance with the law on housing;

– A certified copy of the foreign passport and the documents stipulated in Decree 51. If the copy of the passport is not certified, the foreigner must submit the original for comparison.

– In the case of purchasing apartments of real estate enterprises, the procedures of buying and selling through the real estate trading floor must be carried out and there are original documents certifying the purchase and sale of apartments through the trading floor in accordance with the law on real estate business.

– Receipt of tax and registration fee according to the provisions of Vietnamese law. The tax rates and registration fees are the same as for Vietnamese citizens in the country.

The process of issuing certificates of ownership of houses and land use rights – The procedure of buying property for foreigners

After completion of the legal procedures, if the application file is valid, the Department of Construction will issue a certificate of ownership of the house and land use rights to the foreigner. When coming to get the certificate of ownership, the foreigner must present the receipt of the dossier and pay the fee for granting the certificate and signing it in the register of house ownership.

Within 2 days after receiving the house ownership certificate, the foreigner must send a written request to the Ministry of Construction. The contents of the document must clearly state the full name, passport number, place of issue, date of issue, and nationality of the buyer as well as apartment address purchase.

In addition, foreigners must have a certificate number and the date of issuance of a certificate of ownership and land use rights. The provision of this information is for the Ministry of Construction to include information on the Department’s Web site, so that cases where a person who owns a house in Vietnam is notified on the website of the Ministry of Construction.

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