Eligibility for foreign organizations, individuals to own houses in Vietnam

Eligibility for foreign organizations, individuals to own houses in Vietnam (Internet image)

1. Eligibility for foreign organizations, individuals to own houses in Vietnam in Vietnam

According to Article 18 of the Housing Law 2023 on eligibility for foreign organizations, individuals to own houses in Vietnam:

- For foreign-invested economic organizations stipulated in point a, clause 1, Article 17 of the Housing Law 2023 must be project investors of housing construction according to the provisions of the Housing Law 2023 and real estate business law.

- For foreign organizations stipulated in point b, clause 1, Article 17 of the Housing Law 2023, they must have an Investment Certificate or Investment Registration Certificate or documents related to permission to operate or establish in Vietnam that are still valid at the time of the housing transaction (hereinafter referred to as the investment certificate) issued by the competent state authority of Vietnam according to the provisions of law.

- For foreign individuals stipulated in point c, clause 1, Article 17 of the Housing Law 2023, they must not be entitled to diplomatic concessions or consular immunity according to the provisions of law.

2. Regulations on foreign organizations, individuals allowed to own houses and form of house ownership in Vietnam

Regulations on foreign organizations and individuals owning housing and the forms of housing ownership in Vietnam according to Article 17 of the Housing Law 2023 are as follows:

- Foreign organizations and individuals permitted to own housing in Vietnam include:

+ Foreign-invested economic organizations investing in housing construction projects in Vietnam according to the provisions of the Housing Law 2023 and other relevant laws;

+ Foreign-invested economic organizations, branches, representative offices of foreign enterprises, foreign investment funds, and foreign bank branches operating in Vietnam (hereinafter collectively referred to as foreign organizations);

+ Foreign individuals allowed to enter Vietnam.

- Foreign organizations and individuals stipulated in clause 1, Article 17 of the Housing Law 2023 are allowed to own housing in Vietnam including both apartments and standalone houses through the following methods:

+ Organizations specified in point a, clause 1, Article 17 of the Housing Law 2023 can own housing through implementing housing construction investment projects in Vietnam;

+ Organizations, individuals specified in point b and c, clause 1, Article 17 of the Housing Law 2023 can own housing through purchasing, leasing-purchasing commercial housing from investors of housing construction investment projects, receiving gifts, or inheritance of commercial housing within the housing construction investment project that is not located in areas required to ensure national defense and security as stipulated in Article 16 of the Housing Law 2023;

+ Organizations, individuals specified in point b and c, clause 1, Article 17 of the Housing Law 2023 can own housing through purchasing, leasing-purchasing housing from foreign organizations, individuals who have owned housing according to point b, clause 2, Article 17 of the Housing Law 2023.

3. Number of houses eligible for ownership by foreign organizations, individuals in Vietnam

The number of houses eligible for ownership by foreign organizations, individuals in Vietnam according to Article 19 of the Housing Law 2023 is as follows:

- Foreign organizations, individuals specified in point b and c, clause 1, Article 17 of the Housing Law 2023 are only allowed to purchase, lease-purchase, receive as gifts, or inheritance, and own no more than 30% of the apartments in a building; if it is a separate house including villas, terraced houses, then in an area with a population scale equivalent to a ward, they are allowed to purchase, lease-purchase, receive as gifts, inheritance, and own no more than 250 houses.

- In the case where an area with a population equivalent to a ward has multiple apartment buildings or for standalone houses on a street, foreign organizations, individuals may purchase, lease-purchase, receive as gifts, inheritance, and own no more than the number of apartments, standalone houses stipulated in clause 1, Article 19 of the Housing Law 2023.

- The Government of Vietnam sets regulations on the requirements for areas necessary to ensure national defense and security, criteria for converting the population scale equivalent to a ward, the number of houses foreign organizations, individuals may own, extensions of housing ownership durations, and the management and ownership of housing by foreign organizations, individuals in Vietnam.

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