13 Aug EXPATS IN VIETNAM – HOUSING INVESTMENT AND FORMS OF HOMEOWNERSHIP(Last Updated On: August 16, 2021)
Our secretarial services help you more convenience and efficiency in working and doing business in Vietnam, including buy – rent – purchase of housing:
- Open bank accounts for: Payment, saving, direct or in-direct investment.
- Private banking services: Manage required papers and procedures for every transaction as per local laws. Overseas remittance and loans.
- Direct Investment in Vietnam.
- In-direct Investment in Vietnam.
- Buy, rent and purchase housing
- Manage contracts and representative for the deals. Legalized and notarized translations of overseas papers
- Exclusive counsel for the Chief of representative office and Legal representatives of a business entity.
Foreigners eligible for the homeownership in Vietnam include:
- Foreign entities who invest in project-based housing construction in Vietnam.
- Foreign-invested enterprises, branches, representative offices of foreign enterprises, foreign-invested funds and branches of foreign banks operating in Vietnam.
- Foreign individuals who are allowed to enter Vietnam.
The foreigners eligible for the homeownership in Vietnam if they:
- Invest in project-based housing construction in Vietnam.
- Buy, rent and purchase, receive, or inherit commercial housing including apartments and separate houses in the project for housing construction, except for areas under management relating to national defense and security as prescribed in regulations of the Government.
Requirements pertaining foreign entities eligible for the homeownership in Vietnam
- The foreigners are required to have an investment certificate for the houses project or a permission to run business in Vietnam.
- The foreigners who have a permission to enter Vietnam and he/she is not granted diplomatic immunity and privileges as prescribed.
Rights of foreign entities as homeowners
The foreigner is entitled to exercise rights of homeowners similarly to Vietnam citizens provided that he/she complies with following regulations:
- He/She may not buy, rent and purchase, receive, inherit and own more than 30% of apartments in an apartment building; or more than 250 houses regarding separate houses including villas, row houses in an area whose population is equivalent to a ward-administrative division.
- In case in an area whose population is equivalent to a ward-administrative division has multiple apartment buildings or regarding separate houses in a street, the Government shall provide guidance on number of apartments or number of separate houses that a foreign entity is entitled to buy, rent and purchase, receive, inherit and own
- The foreign individuals are eligible for the homeownership as agreed in agreements on housing sale, lease purchase, gifting, or inheritance for not more than 50 years, from the day on which they are granted the Certificate and they may be also granted extension as prescribed in regulations of the Government; the duration of the homeownership must be stated in the Certificate.
- If a foreign individual marries to a Vietnamese citizen or an oversea Vietnamese, he/she qualifies for stable and long-term homeownership and has all rights of homeowner similarly to Vietnamese citizens;
- The foreign organization are eligible for the homeownership as agreed in agreements on housing sale, lease purchase, gifting, or inheritance for not longer than duration stated in their Certificate of investment, including extension duration, the duration of the homeownership shall be determined from the day on which the organization is granted the Certificate and stated in such Certificate;
- Before the time limit of the homeownership prescribed in law expires, the homeowner is entitled to gift or sell their house(s) to entities eligible for the homeownership in Vietnam; if not, their house(s) shall be under ownership of the State.
Obligations of foreigners as homeowners
The foreigner has obligations of homeowners similarly to Vietnamese citizens provided that he/she complies with following regulations:
- If the homeowner is a foreign individual, he/she is entitled to lease house(s) for lawful purposes provided that he/she notifies the agency of district in charge of housing where the house is located of housing lease as prescribed in regulations of the Minister of Construction and pays taxes on housing lease as prescribed before leasing houses. If a foreign individual gets married to a Vietnamese citizen or an oversea Vietnamese, he/she qualifies for stable and long-term homeownership and has all rights of homeowner similarly to Vietnamese citizens;
- If the homeowner is a foreign organization, its house(s) is/are only provided for their employees but it is not allowed to use their house(s) for lease, offices, or other purposes;
- They pay off the total amount through credit institutions operating in Vietnam.
Foreign employees in Vietnam shall be always complied with the local laws and regulations to avoid and prevent the risks in advance, keep their good standing in optimal manners whenever they are working and doing business in Vietnam.
When buy – rent – purchase of housing, what are the required procedures foreign employees in Vietnam shall keep in mind?
- Visa for experts and businessmen
- Work permit
- Temporary residence card
- Personal income tax
- Compulsory insurances
- Labor contracts, Employment records and relations
- Rights and obligation of Chief of representative offices and Legal representatives of a business entity | Direct investment in Vietnam | Other procedures at the local competent state agencies.
- Legalized and notarized translations of overseas papers | Local banks accounts and remittances | Manage contracts | Buy, rent and purchase housing.
VIVA BUSINESS CONSULTING
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We looking to be your valued business partner and resources in Vietnam as we have been choosing since 2006.
Please contact our expertises should you have any further query about the conditions, requied papers and procedures.