New regulations on foreigners and Viet Kieu purchasing houses in Vietnam

1. Who?:

- Vietnamese residing overseas (“Viet Kieu”) allowed entering Vietnam;

- Foreign individuals allowed to enter Vietnam and not entitled to diploma or consular immunity and privilege;

- Foreign organizations including foreign invested companies, branches, rep offices of overseas companies, foreign investment funds, branches of foreign banks currently operating in Vietnam.

2. Documents evidencing satisfaction of conditions for purchasing houses in Vietnam

- Viet Kieu: valid Vietnamese passport with an entrance stamp of Vietnam immigration body; or valid foreign passport with an entrance stamp of Vietnam immigration body and certificate of having Vietnamese nationality or Vietnamese origin;

- Foreign individuals: valid passport with an entrance stamp of Vietnam immigration body;

- Foreign organizations: investment registration certificate (IRC) or equivalent document.

3. Types of houses:

- Viet Kieu: apartments and landed houses

- Foreign individuals and organizations: apartments and landed houses within commercial residential housing project

4. Quantity:

- Viet Kieu: unlimited

- Foreign individuals and organizations:

+   Apartments: not exceeding 30% of number of units in a building;

+   Landed house: not exceeding 250 units within an area having populations equivalent to a ward.

5. Ownership Term:

- Viet Kieu: freehold

- Foreign individuals: max 50 years counting from the date of pink book + extension of max 50 years

- Foreigners married to Vietnamese or Viet Kieu: freehold

- Foreign organizations: not exceed the project terms on its IRC + extension if its IRC is extended

6. Rights and obligations of Viet Kieu and foreigners as houses owners are same as Vietnamese except for the following:

- Foreign individuals are allowed to lease their houses for lawful purpose but have to serve a notice to the housing management body at district level and pay tax resulting from this leasing activity.

- Foreign organizations are only allowed to use their houses for staffs’ residence who are working at such organization. They are not allowed to lease the houses or use for office or other purposes.

- Payment for buying houses must be done through a credit institution at Vietnam.

Note: The information on this site is for reference only. Customers should seek legal advice to determine his/her eligibility to buy houses in Vietnam. The company does not hold any responsibilities for any loss or damage whatsoever arising from any use of the information herein.