Buying property in Vietnam for foreigners
From 1 July 2015, Vietnamese legislator has passed the law to allow foreigners to buy property in Vietnam. The change would see more foreign ownership throughout the region especially with the ASEAN Economic Community AEC which started in 2016.
What kind of property can foreigners buy in Vietnam
Foreigners allow to buy property in Vietnam including condominium and landed property such as villa and townhouses but foreigners are not allowed to own land. In fact, even citizens are not allowed to own land. In Vietnam, land is theoretically owned by people collectively and it is regulated by the State.
There is no limit on the number of dwelling units a foreigner can buy but the total number of dwelling units owned by foreigners must not exceed 30% of the total units in 1 condominium complex or not exceed 250 landed property units in one particular administrative.
Who can buy property in Vietnam
- Foreigner with valid visa
- Foreign companies and international organizations operating in Vietnam
Previously only foreigners married to Vietnamese nationals and those making contributions to the country were allowed to purchase property
Restriction for foreigners who buy property in Vietnam
Besides the maximum 30% of total units in 1 condominium complex, the other restriction is foreigner only allow up to 50 years leasehold with renewal possibility upon expiration. In addition, there is no cap on the sizes of dwelling units or number of units a foreigner can buy or additional tax.
The relaxation of foreign ownership restrictions is more significant than previously anticipated, and marks a strong step towards opening up the Vietnam real estate market to overseas investment.
This recently passed Law makes the market more attractive to Vietnam-based expats seeking an investment in residential properties in Vietnam, and clears away the initial barriers to create a level playing field.
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