Question: – I have a friend who is a foreigner. She wants to buy a house in Vietnam. Please ask how are conditions, procedures for foreigners to buy houses in Vietnam like? And what are the taxes to be paid on a specific home purchase?
You can read more information at Vietnam Real Estate Law
Trinh Thi Ngoc Nu (Tan Binh District, HCMC)
Answer: – Article 159 of the Housing Law of 2014 stipulates that the object of house ownership and ownership of houses in Vietnam by foreign organizations and individuals is as follows: 1) Organizations and individuals Foreigners permitted to own houses in Vietnam include: a / Foreign organizations and individuals investing in the construction of dwelling houses under projects in Vietnam according to the provisions of this Law and relevant laws; b) Foreign-invested enterprises, branches and representative offices of foreign enterprises, foreign investment funds and foreign bank branches operating in Vietnam (hereinafter collectively referred to as organizations foreign); c) Foreign individuals are allowed to enter Vietnam.
Accordingly, foreign individuals only have the capacity for civil acts to conduct housing transactions and are not required to register for temporary residence or permanent residence at the place where the house is traded.
The order and procedures for foreign individuals buying houses in Vietnam: The house purchase and sale contracts must be made (agreed upon by the parties in writing but must be made in writing) with the following details: The full name of the individual, the name of the organization and address of the parties; Describe the characteristics of the transaction house and characteristics of the parcel of land attached to that house. In case of purchase, sale, lease or lease purchase of dwelling houses where the State provides regulations on prices, the parties must comply with such regulations; Term and mode of payment of money if the purchase, sale, lease, lease or transfer of house purchase contract; delivery time; The duration of the house warranty shall be if the purchase or hire purchase of a house is invested in new construction; rights and obligations of the parties; commitment of the parties; Other agreements; the effective time of the contract; day, month, year of signing the contract. The order and procedures for transfer, contents, and forms of assignment of dwelling house purchase/sale contracts shall comply with the stipulations of the Minister of Construction; The contract transferor must pay taxes and fees in accordance with the law on taxes and fees. When buying and owning houses in Vietnam, foreigners are liable for the following remittances, taxes, charges, and fees in the same way as Vietnamese nationals: Land use fees; Value Added Tax (VAT) 10% on the selling price.
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When buying a house, her friend needs to ask whether the price includes VAT or not, if not add VAT. In addition, you must pay fees such as cadastral mapping and administrative fees, drawing fees. Registration fees, cadastral mapping and services, administration fees and flat drawing are usually included in the contract, whichever is the subject of the application process for the certificate of ownership.
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