Under Housing Law 2023, what are the forms of house ownership in Vietnam by foreign organizations?
What are the forms of house ownership in Vietnam by foreign organizations?
Under the provisions of Clause 1, Article 17 of the Housing Law 2023, foreign organizations allowed to own houses in Vietnam include:
- Foreign-invested business organizations building houses in projects in Vietnam in accordance with this Law and relevant law provisions;
- Business organizations with foreign investment, branches, representative offices of foreign enterprises, foreign investment funds, and foreign bank branches (hereinafter referred to as “FBB”) operating in Vietnam (hereinafter referred to as “foreign organizations”);
Thus, the forms of house ownership in Vietnam by foreign organizations are determined in Clause 2, Article 17 of the Housing Law 2023 as follows:
Article 17. Foreign organizations, individuals allowed to own houses and form of house ownership in Vietnam
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2. Foreign organizations, individuals under Clause 1 of this Article may own houses in Vietam, including apartment dwelling units and single-family houses via:
a) The implementation of housing investment and construction projects in Vietnam in respect of organizations under Point a Clause 1 of this Article;
b) Purchasing, lease-purchasing residential real estates of developers of housing investment and construction projects, receiving gift, inheriting residential real estates in housing investment and construction projects in areas without strict national defense and security requirements in accordance with Article 16 hereof in respect of organizations and individuals under Point b and Point c Clause 1 of this Article;
c) Purchasing, lease-purchasing houses previously owned by foreign organizations and individuals in accordance with Point b of this Clause in respect of organizations and individuals under Point b and Point c Clause 1 of this Article.
Thus, foreign organizations are allowed to own houses in Vietnam via:
- Foreign-invested business organizations building houses in projects in Vietnam in accordance with this Law and relevant law provisions:
The implementation of housing investment and construction projects in Vietnam.
- Business organizations with foreign investment, branches, representative offices of foreign enterprises, foreign investment funds, and foreign bank branches (hereinafter referred to as “FBB”) operating in Vietnam (hereinafter referred to as “foreign organizations”):
+ Purchasing, lease-purchasing residential real estates of developers of housing investment and construction projects, receiving gift, inheriting residential real estates in housing investment and construction projects in areas without strict national defense and security requirements.
+ Purchasing, lease-purchasing houses previously owned by foreign organizations and individuals in accordance with Point b of Clause 2, Article 17 of the Housing Law 2023.
What are the conditions for owning housing in Vietnam for organizations?
Pursuant to the provisions of Article 8 of the Housing Law 2023, and Article 18 of the Housing Law 2023, the conditions for owning housing in Vietnam for organizations are determined as follows:
- Foreign-invested business organizations building houses in projects in Vietnam in accordance with Housing Law 2023 and relevant law provisions:
+ Be developers of housing investment and construction projects.
+ Own houses via the specified forms
- Business organizations with foreig investment, branches, representative offices of foreign enterprises, foreign investment funds, and foreign bank branches (hereinafter referred to as “FBB”) operating in Vietnam:
+ Obtain investment certificate or investment registration certificate or documents relating to permission to operate or establish in Vietnam effective at the time of signing housing transactions (hereinafter referred to as “investment certificates”) issued by Vietnamese competent authority.
+ Own houses via the specified forms.
What are the regulations on the protection of housing ownership in Vietnam under the Housing Law 2023?
Accordingly, the protection of housing ownership for owners is stipulated in Article 7 of the Housing Law 2023 as follows:
Protection of the right to property
1. The Government recognizes and protects legitimate right to property of house owners in accordance with this Law.
2. Houses under legal ownership of organizations and individuals shall not be nationalized. In case of national defense and security purposes or for national interest or emergencies or prevention of natural disasters, the Govenrment shall decide to purchase houses in advance or clear houses under legal ownership of organizations and individuals.
In case of advance purchase of houses, the Government shall pay in accordance with market price; in case of clearance, the Government shall compensate, support, and implement relocation policies for house owners as per the law. In case of forceful purchase and/or requisition of houses, conform to property forceful purchase and requisition laws.
Thus, the protection of housing ownership for owners in Vietnam shall comply with the above content. The Government recognizes and protects the legitimate right to property of house owners following Housing Law 2023.
The Housing Law 2023 will come into force from January 1, 2025.
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