Overseas VietnameseCan Buy Houses Unlimitedly

Laws - Overseas Vietnamese, commonly called as Viet Kieu, can buy unlimited number of houses in Vietnam, according to the Prime Minister’s Decree 71/2010/ND-CP.

According to the decree guiding in detail the implementation of the Housing Law, foreign institutions and individuals are allowed to possess houses in Vietnam in the form of building them to live in or buying apartments in commercial housing projects. Foreign institutions and individuals invest in building houses to rent and receive land-use rights certificates competent State authorities. The duration of house ownership is detailed on such certificates. After building houses, investors can sell to eligible institutional and personal buyers stated in the Housing Law, Real Estate Business Law and this decree.

Investors statutorily bear the responsibility for working with competent authorities to grant the land use rights and house ownership certificates to buyers within 50 days dating from the date of transferring houses for buyers, except when buyers voluntarily do this.

According to the decree, Overseas Vietnamese will have right to own home ownership in Vietnam if they hold Vietnam citizenship, they are Vietnamese original directly investing in Vietnam in line with the Investment Law, they have contributed to the country, they are scientists, culturists, who have special skills that agencies and organizations of Vietnam needs and working in Vietnam, they have spouses who are Vietnamese citizens living in the country, or they are allowed by competent authorities.

These persons can buy houses in Vietnam without any limit in number and type in the form of purchasing or receiving as donation, inheritance or received the land use rights.

The new decree will take place from August 8, 2010.

The decree also stimulates penalties on acts of housing ownership violation committed by Viet Kieu. Accordingly, if Overseas Vietnamese residing in foreign countries have forged paperwork or other violations to own more than one house in Vietnam, they will not be issued a home ownership certificates. Ownership certificates have been granted, the houses must be sold within 120 days from the date of violations detected. At the same time, they will be imposed sanctions provided by the laws.

In addition content related to housing for overseas Vietnamese, Decree 71 also detailed regulations on ownership, management and use of housing, including apartments, villas in urban; housing transactions; rights own houses in Vietnam for Vietnamese settled in foreign and organizations, foreigner individual, the state management of housing.

After the time limit is over and houses have not been sold, the State will naturally become the owner of those houses. Civil servants are also punished for their acts of violations.