Foreign individuals who are allowed to enter Vietnam may own housing for up to 50 years

According to Clause 3 Article 7 of Decree No. 99/2015/ND-CP of Vietnam’s Government, foreigners mentioned in Point c Clause 1 Article 159 of the Law on Housing may own housing for up to 50 years from the date of issue of the Certificate. When the house ownership period written on the Certificate expires, if the owner wishes to have this period extended, the State shall consider granting an extension according to Article 77 of this Decree.

However, in case the foreign organization or individual sells or offers the house before the expiration of the ownership period, the buyer or recipient may own the house as follows:

- If the house is sold or gifted to a domestic organization, household, individual, or a Vietnamese citizen residing overseas, the buyer or recipient will acquire a long-term ownership of the house;

- If the house is sold to a foreign organization or individual eligible to own housing in Vietnam, the buyer or recipient may own the house for the remaining period. When this period expires, if the owner wishes to have this period extended, the State shall consider granting an extension according to Article 77 of this Decree.

- The seller or giver must pay tax and other amounts to the state budget as prescribed by Vietnam’s law.

Besides, Decree No. 99/2015/ND-CP also stipulates that foreign-invested enterprises, branches, representative offices of foreign enterprises, foreign-invested funds and branches of foreign banks operating in Vietnam may own a quantity of housing not exceeding the limit written on their investment registration certificates. When the house ownership period written on the Certificate expires, if the owner wishes to have this period extended, the State shall consider granting an extension according to Article 77 of this Decree. If the investment registration certificate has an indefinite term, the Certificate granted to the owner will also have an indefinite term.

View relevant provisions at Decree No. 99/2015/ND-CP of Vietnam’s Government, effective from December 10, 2015.

Thu Ba

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