Since August 1, foreigners allowed to own houses in Vietnam

LAWS - Under new legal regulations issued by the Vietnamese legislative and executive bodies, foreign individuals and organizations are allowed to buy and own houses in Vietn am since August 1

Foreign individuals, who wants to buy, inherit, receive as gifts and own houses, must have thevalid passports or similar papers granted by competent agencies in their countries. They must also present one of the following types of papers.

- Foreign direct investors : Their names must be written in their investment certificates or the similar documents with at least one-year validity or papers proving they are members of the boards of directors managing enterprises in Vietn am .

- Individuals working as hired managers for enterprises operating in Vietn am must have labor contracts or appointment decisions written in Vietnamese.

 - Individuals having great contributions to Vietn am must have medals conferred by the State President of the Socialist Republic of Vietn am .

- Individuals having special contributions to Vietn am must have certificates issued by a relevant ministerial level agency. The papers should be sent to the Ministry of Construction for consideration before being submitted to the PM for written permission.

-  Foreigners entering Vietnam to work in economics, science, technology, environment, education and training sectors must have academic degrees (bachelor up) granted by Vietnamese or foreign competent bodies. They must also have work permits granted by Vietnamese competent agencies .

- Individuals having special skills must have papers granted by Vietn am ’s occupational associations to prove their expertise and professional skills, and work permits granted by Vietnamese competent bodies .

- Spouses of Vietnamese citizens must have marriage certificates granted by Vietnamese or foreign competent bodies; passports/permanent residence book and identity card of their Vietnamese spouses .

All the above individuals must have permanent/temporary residence cards or other papers proving their allowed stay (at least 12 months) in Vietn am . These cards/papers must be issued by the Immigration Agency of the Vietnam Ministry of Public Security. These foreigners must not be beneficiaries of diplomatic preferences.

Foreign-invested enterprises, operating in Vietnam and having valid (at least one year) investment licenses granted by Vietnamese competent bodies, are also allowed to buy, inherit, receive and own houses in Vietn am .

Deadline for granting certificates of house ownership

The applicant for house ownership certificates must submit a legalized record to the provincial Department of Construction. Within 30 days, excluding time to complete the document, the certificate must be granted.

Each individual can own only one house in Vietn am