BUYING PROPERTY IN VIETNAM
Many foreigners who come to South-East Asia are interested in living in the area and in having a home, be it an apartment, a condominium or a house to live in. Because home ownership is so common in other countries, many want to buy their own home or otherwise control the property. Here is some guidance on laws and procedures: Vietnam follows the Communist system of land ownership. All land belongs to the people and is managed by the State on behalf of the people. People receive land-use rights – not land ownership. Law recognizes no fee simple title.
The maximum ownership rights for Vietnamese are leasehold of land, although buildings are improvements can be owned directly. Foreigners are not allowed to own land. Overseas Vietnamese who were born in Vietnam but later took up residence overseas can buy properties under gradually broadening criteria that are giving them property rights more akin to local Vietnamese.
– These include foreigners working at Vietnamese firms, foreigners married to Vietnamese, foreigners with special skills needed by Vietnam’s economy, and foreigners who have been awarded medals or other honors by the government.
– They can own a house but not the land on which it is built. They have the option to lease the land from the State.
– A foreign investor may also invest in Vietnamese real property by forming a joint venture company with a local partner, or a wholly foreign-owned company, or by forming a Build, Operate and Transfer (BOT) company or one of its variants.
– Foreigners who are residents in Vietnam can own dwelling houses but cannot sub-lease these dwellings. Foreign residents can also sell, donate, inherit, or give dwelling houses as gifts. But where they terminate their residence in Vietnam without disposal of their dwelling, 90 days after their departure from Vietnam their dwelling house certificates will automatically cease to be valid, and the Vietnamese State will manage and use their houses.
– One thing that separates real estate transactions in Vietnam from the rest of the world is it’s done in pure gold. It is very important to keep this in mind when looking for a property. The buyer must be aware of the prices and conversion rates for currency to gold at all times. Source: Business-In-Asia.com
Foreigners can own homes in Vietnam starting at July 2015
Vietnam will allow foreigners to buy houses for the first time with one simple requirement, they must enter Vietnam legally. They will be able to own the property for a maximum of 50 years and enjoy the same rights to lease, transfer or sell the property as Vietnamese citizens. The new law will extend the rules that currently apply to apartments, according to the amended Housing Law which will take effect on July 1, 2015. The law passed with 77.46 percent approval in the National Assembly during a Tuesday session.
Foreign entities who have invested in housing projects in Vietnam, foreign-invested enterprises; branch and representative offices of foreign companies in Vietnam, foreign investment funds; and foreign bank branches will all be entitled to purchase real estate under the law. According to the amended law, foreign individuals and entities will only be allowed to buy, receive, or inherit apartments and houses in commercial projects and not in areas that limit or ban foreigners. They are able to buy a maximum of 30 percent of apartments in a block and 250 houses in a given ward. Individual foreigners may extend their home ownership after 50 years, according to their need. The government provide further details about the extension process in the future. They may lease their property for any “purposes that is not banned by law” but must also inform the provincial house management agency before leasing the property. Foreign property owners will also be subject to the nation’s property taxes. Foreign entities can already buy property to house their employees, but they are not able to lease or use it toward any other purpose. According to Phan Trung Ly, chairman of the National Assembly’s Law Committee, the legislature passed over proposals to tighten home ownership restrictions for foreigners. A majority of voting lawmakers said the open policy will attract more foreign investment without jeopardizing national security. A total of 372 deputies voted for the articles related to foreign home ownership in Vietnam, while 28 other voted against it. Four others abstained from voting.
SEA LINKS BEACH VILLAS For SALE
The villas are located in the spectacular area of 4-star luxury golf resort complex Sea Links City, in 5 minutes drive from one of the most popular international resort in Vietnam Mui Ne. At the vast area of resort complex (154 ha) are available a 5000 m2 4 level swimming pool with a bar in the center, 3 restaurants, SPA center, GYM, 4 tennis courts, kid center and a world-class 18-hole golf course. Sea Links Beach Villas is an executive standard, three bedrooms property with good quality furniture and fittings and panoramic sea view. Each Villa is built on 400 Sqm plot.
Lease term is 50 years (lease-purchase), with the possibility of renewal for the same term. Our experienced team could help you all the way through the buying process, from initial search to final signing.
SEA LINKS OCEAN VISTA RESIDENCES. APARTMENTS for SALE
Ocean Vista belonging to the luxurious complex of Sea Links City. Ocean Vista is the only condominium which is positioned in front of the sea at 60 m height slopping toward the sea to take advantage of endless ocean view and the most challenging links style golf course in Vietnam. Ocean Vista project includes 6 building blocks with 572 apartments. Block A (5 floors), Block B (7 floors), Block F (7 floors) are on sale.
Flexible payment method: from 6 months to 2 years without interest, just making payment of 65 ~ 70% to receive apartment. In addition, there is a complimentary interior package for apartment and a lot of other privileges. Our experienced team could help you all the way through the buying process, from initial search to final signing. If we can be of any further assistance, please let us know.