Allowing foreigners to buy houses in Vietnam
On the afternoon of November 25, Congress passed the Housing Act (as amended). In that rule, individuals allowed to enter Vietnam is entitled to buy, lease, donate, inheritance commercial housing including apartments and individual houses in the project housing construction, except for the area to ensure defense and security.
At the same time ensuring security, defense, law has strict regulations such as: only allowed to purchase residential housing projects in the commercial sector to ensure defense and security, allowing to have owned for 50 years, limiting the proportion of housing is allowed to buy and own personally. Particularly for foreign nationals married to Vietnamese or Vietnamese marry residing abroad shall be homeownership in stable, long-term and the rights of homeowners in Vietnam as citizens. It also narrowed objects collected in public service; does not provide for the establishment of the Fund for social housing development.
Foreigners allowed to enter Vietnam has the right to buy, lease, donate, receive inheritance
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Business Property Act amended by the National Assembly on the same day, provided the minimum legal capital of 20 billion is necessary to establish real estate companies. When implementing specific projects, investors must have owned their capital not less than 20% of the total investment for the project scale under 20ha of land use and not less than 15% of total investment for the project of land use from 20 ha in accordance with the Law of Land.
It also has several provisions to protect the interests of buyers, leasing houses established in the future as investors have to be a commercial bank guarantee financial obligations in the absence of proper handover progress has been committed under the contract, only collecting advance payments from customers who have completed the foundation of the building and should be regulatory agencies at provincial level check eligibility of housing may be sold, leased.
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