Regulations on the management and ownership of houses of foreign organizations, individuals in Vietnam from August 1, 2024

Regulations on the management and ownership of houses of foreign organizations, individuals in Vietnam from August 1, 2024 (Image from the internet)

1. Eligibility for owning houses in Vietnam from August 1, 2024

Foreign organizations and individuals are allowed to own houses in Vietnam if they meet the following conditions:

- For foreign-invested economic organizations stipulated in point a, clause 1, Article 17 of the Housing Law 2023, they must be the project investors in residential construction as prescribed by this Law and the law on real estate business.

- For foreign organizations stipulated in point b, clause 1, Article 17 of the Housing Law 2023, they must have an investment certificate or an investment registration certificate or other relevant documents permitting them to operate or establish in Vietnam still valid at the time of signing the transaction regarding the house (hereinafter collectively referred to as investment certificate) issued by a competent state agency of Vietnam in accordance with the law.

- For foreign individuals stipulated in point c, clause 1, Article 17 of the Housing Law 2023, they must not enjoy diplomatic or consular immunity privileges as prescribed by the law.

(Article 8 of the Housing Law 2023)

2. Regulations on the management and ownership of houses of foreign organizations and individuals in Vietnam from August 1, 2024

According to Article 7 of Decree 95/2024/ND-CP on the management and ownership of houses by foreign organizations and individuals in Vietnam from August 1, 2024, as follows:

- Information on the management and ownership of houses by foreign organizations and individuals in Vietnam shall be posted on the electronic information portal of the provincial housing management agency as stipulated in clause 4, Article 4 of Decree 95/2024/ND-CP, including:

+ The number of houses (including apartments, individual houses) in each residential construction project within the area that foreign organizations, individuals are allowed to own; the number of apartments in each apartment building, the number of individual houses of the project that foreign organizations, individuals are allowed to own;

+ The number of houses that foreign organizations, individuals have purchased, leased, purchased, and been issued certificates for in each residential construction project;

+ The number of individual houses that foreign organizations, individuals are allowed to own in case in an area with a population as prescribed in clause 1, Article 5 of Decree 95/2024/ND-CP with multiple residential construction projects and individual houses.

- The management of the sale, lease-purchase, gift of houses to foreign organizations, individuals is regulated as follows:

+ Before signing the contract for the sale, lease-purchase, gift of the house, the residential construction investor or the giftee or the seller of the house to foreign individuals or organizations must check information on the electronic information portal of the provincial housing management agency where the residential construction project is located. The residential construction project investor or the house seller is only allowed to sell, lease-purchase, the giftee is only allowed to gift houses to foreign organizations, individuals in the correct quantity as prescribed;

+ Within a maximum of 03 working days, from the date of signing the contract for the sale, lease-purchase, gift of the house, the investor, the giftee or the house seller to foreign organizations, individuals must notify the information (by email and in writing) about the name of the buyer, the address of the house that has been sold, lease-purchased, or gifted to the provincial housing management agency where the house is located to be posted on the electronic information portal of this agency; within a maximum of 03 working days, from the date of receiving the information provided by the house seller, lease-purchase provider, or giftee, the provincial housing management agency must check and post this information on the electronic information portal.

+ Before issuing the certificate to foreign organizations, individuals, the certificate-issuing authority must check the information posted by the provincial housing management agency.

Within a maximum of 03 working days, from the date of issuance of the certificate to foreign organizations and individuals, the competent authority must notify (by email and in writing) the information about the house that has been certified to the provincial housing management agency to be posted on this agency’s electronic information portal.

- All transactions for the sale, lease-purchase, and gift of houses by foreign organizations and individuals exceeding the quantity that foreign organizations and individuals are allowed to own as stipulated in Article 19 of the Housing Law 2023 or transactions for the purchase, lease-purchase, gift of houses in residential construction projects that foreign organizations and individuals are not allowed to own will not have legal value and will not be issued a certificate by the competent authority; the house seller or lease-purchase provider must compensate for the damages to the house buyer or lease-purchase provider.

- If the provincial housing management agency, the investor, the house seller, the giftee, or the competent certificate-issuing authority do not promptly notify or post information as prescribed in clause 2 of this Article, they are legally responsible; if the delay in notification or posting of information causes damages, they must compensate the damaged party.

- Regulations on reporting the situation of house ownership by foreign organizations and individuals in Vietnam are as follows:

+ The certificate-issuing authority is responsible for submitting reports to the Ministry of Construction and the Ministry of Natural Resources and Environment on the issuance of certificates in accordance with Form No. 02 of Appendix I promulgated with Decree 95/2024/ND-CP accompanied by copies of certificates issued to foreign organizations and individuals for tracking and management;

+ Providing information and data on the issuance of house ownership certificates to foreign organizations and individuals is carried out according to the regulations on providing information and data on housing as prescribed by the law on real estate business.

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