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Can foreigners buy real estate in vietnam?

The law on land ownership in Vietnam applies to all types of property. A foreign owner can purchase a flat, a house, a villa or a plot of land. Foreign individuals and foreign companies may not own more than 30 er shares in a building or more than 250 properties in the same district. For non-residential real estate – Foreign non-real estate companies in Vietnam are allowed to purchase non-residential real estate for their own use (i.e.

D) Which project is not allowed for foreign ownership? ASL LAW – Vietnamese Law Firm for Business Law This page updates readers on the latest news and trend-setting articles from law firms around the world. As in almost all other Southeast Asian countries, foreigners cannot buy and own land in Vietnam. According to the country’s constitution, land is a collective property of all Vietnamese and is administered by the state. Foreigners residing in Vietnam are allowed to buy residential houses.

They can own a house, but not the land on which it is built. They have the option of leasing the land from the state. Vietnamese citizens, local organisations and foreign-owned enterprises can acquire the right to use and build on land. The duration of a lease and the terms of use depend on the type of enterprise acquiring the land.

If a foreigner has a tourist visa, he or she can buy land. One thing that distinguishes property trading in Vietnam from the rest of the world is that it is done in pure gold. However, some Chinese passport holders with “nine-dash line” cannot buy property in Vietnam for reasons of sovereignty and politics. In recent years, for example, multinational companies such as Nike, Adidas and Samsung have moved their operations from China to Vietnam.

It is a typical misconception that foreigners or organisations cannot own property in Vietnam. Vietnam has a Land Use Rights (LUR) law that mitigates the risks for foreign investment in Vietnam. Foreign-owned companies can enter into leases in Vietnam until the end of their investment licence. For example, GBS supports the developer selling 38-year leases in Ho Chi Minh City that have been in place for 12 years (the maximum lease term under Vietnamese law is 50 years).

In Vietnam, I recommend you look for your opportunities in the two main cities – Ha Noi and Ho Chi Minh City. However, there are certain conditions you need to know before you buy real estate in Vietnam as a foreigner. Depending on the project, there are different requirements for participating in the construction business in Vietnam. A foreign investor can also invest in Vietnamese real estate by setting up a joint venture company with a local partner or a wholly foreign-owned company, or by setting up a Build, Operate and Transfer (BOT) company or one of its variants.

Vietnamese customs and import procedures are complex; find out how to import products into Vietnam if even the most stringent requirements are met. Chesterton, for example, sells 38-year leases on the Parkland building, which has been in existence for 12 years (the maximum lease term under Vietnamese law is 50 years). Real estate agents in Vietnam say there are still some “minor problems in buying property, such as the fact that the number of properties one can buy depends on the number of foreign investors already in the area.