Foreign’s Problems Must  Face When Buying A House In Vietnam

Foreigners living and working in Vietnam are no longer a foreign matter. Many of them look forward to buying a home to meet their needs for work and life.

At present, the state has passed the Housing Law and allowed foreigners to own houses in Vietnam. However, there are still a lot of problems with home buying procedures that foreigners face.

Legal proceedings

Foreigners buying houses in Vietnam should fully comply with the legal procedures necessary to obtain a certificate of land use right. Issues related to legal procedures for foreigners buying houses are regulated in the Housing Law 2014, Decree 43/2014 / ND-CP, Decree 99/2015 / ND-CP Circular 24/2014 / TT-BTNMT.

The Housing Act 2014 provides for legal procedures for foreigners

Accordingly, when a foreigner buys a house in Vietnam, it is necessary to carry out the following steps to complete the legal procedures in buying and selling houses and houses in accordance with the regulations:

Step 1: Prepare the necessary paperwork to qualify for home ownership in Vietnam. Foreign individuals need to submit their dossiers to their names and certificates.

Step 2: The land registration office will check the file. If the conditions are met, send the cadastral information to the tax authority to determine the financial obligations.

Step 3: By the date of receipt of the tax notice, the foreigner brings a receipt to receive the tax notice and fulfill the financial obligation. Then submit the tax receipt to the receiving department. The appointments department receives the certification day.

Step 4: The staff certifying the content of changes in the granted certificates of land use right

Step 5: Revise, update changes in cadastral records, land database, issue certificates to land users.

Step 6: Foreign nationals pay land administration fees.

At present, there are many overseas Vietnamese who make home investments in Vietnam. According to the law, overseas Vietnamese are allowed to own houses as citizens. However, in order to own houses overseas, Vietnamese people also need to follow the legal procedures and steps in order.

Proof of identity

Identify the property you want to invest

Check papers, legal procedures

Signing contracts, notary, payment

Complete the dossier to name and pay taxes

Payments

If the payment of real estate abroad meets many strict and difficult regulations, in our country payment is quite convenient, simple and easy with three forms:

Using Vietnam bank account (Techcombank, Vietcombank …

Transfer money directly from foreign currency accounts

Cash transfers through banks.

Foreigners pay real estate in foreign currency

Accordingly, all individuals, organizations, overseas Vietnamese residing overseas if financial conditions are able to buy and sell real estate is very simple.

Co-owner of real estate for business

The law on housing permits foreigners to buy houses in Vietnam. Foreigners may also co-own real estate to do business. However, the use of real estate for business is regulated in two specific cases in the Housing Law as follows:

If a foreigner buys a condominium apartment, the law prohibits the use of the condominium for non-residential purposes. Therefore, the purchase of apartments for business is contrary to the law.

Foreigners are not allowed to invest in apartments for business

If foreigners buy individual houses in the investment project to build houses, then they can do business. Article 161 and Article 10 of the Housing Law stipulate that the owner or the owner of a dwelling house “has the right to use the dwelling for residential purposes and for other purposes not prohibited by law.”

Investing in Vietnam is a trend that many foreigners choose. However, the law of Vietnam is also very specific provisions on issues related to buying a house. The open door policy for home buyers in Vietnam has stimulated foreign investment. This will help our country expand economic development and international integration.

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