Currently, foreigners invest heavily in Vietnam. The government’s new policy of allowing foreigners to own land in Vietnam has stimulated increased investment.
But besides the positive points, there are still many difficult problems. The problem of legal procedures makes many foreigners afraid to invest in buying houses in Vietnam.
Challenges in legal procedures that foreigners often encounter
Although the Housing Act 2014 has opened up many advantages for foreigners to buy houses in Vietnam. But in reality, many foreigners are still living in Vietnam.
The first obstacle that foreigners encounter when buying a house in Vietnam is administrative procedures. Due to language disagreements, these papers have to be bilingual and take a lot of time. The difficulties and inadequacies when carrying out administrative procedures when buying and selling houses make many foreigners afraid to buy property in Vietnam.
The Land Law regulates the subject, the form of ownership as well as the conditions for buying a home. The first condition for foreigners to buy and sell houses and land in Vietnam is to “legally enter” and stay legally. In addition, they must prove themselves financially and financially to buy a home clearly to qualify for home ownership. Therefore, many obstacles in the Land Law also make foreigners afraid to buy a house in Vietnam.
A number of other issues related to projects that foreigners intend to buy such as high-risk projects and may be on the list of prohibited projects. In cases where foreigners do not thoroughly research but buy a house in the diocese will be recovered by the state.
Solutions to solve problems in legal procedures for foreigners
The solution to solve problems in legal procedures for foreign investors to invest in Vietnam is now the timely entrance of the state.
Accordingly, foreigners are fully qualified to invest in building houses under the project in Vietnam in accordance with the Law on Housing and relevant laws as well as buying, selling, donating, inheriting housing trade in Vietnam except where the property belongs to the area of defense and security.
In order to create favorable conditions for foreigners to buy and sell houses and houses in Vietnam, the Government officially announces the areas where national defense and security are needed to prevent foreigners from buying property.
You can read more information at Vietnam Real Estate Law
Simplify legal procedures
Decree 01/2017 is a new step for real estate in our country. On the one hand, enabling people to complete unfinished legal procedures, on the other hand, encourages foreigners to invest in housing for simplification of legal procedures.
Accordingly, the processing time of legal procedures is greatly reduced from 10 to 20 days. The sequence is also simplified so that foreigners easily grasp, carry.
However, the simplification does not come with sloppy. The Housing Act of 2014 also contains specific provisions on cases where foreigners are not granted a certificate of ownership in Vietnam. Therefore, the authority responsible for issuing the certificate must be responsible for specifying the cases in which the foreigner bought the house and compare it with the above provisions for consideration and settlement.
The state needs to intensify the activities of monitoring and supervising these activities in order to ensure the proper functioning of the regulations and the legal order. Close supervision as well as speeding up the implementation of local government agencies will make it easier for foreigners to buy a home.
In order to further develop the economy and international public associations, it is necessary to remove difficulties relating to legal procedures when investing in houses for foreigners. Once the problems are solved. It will be favorable conditions for foreigners to work and live in the stable in Vietnam.
You are reading the article “Legal Procedures When Investing In Land For Foreigners” in the section “Real Estate News” on the website: realestatevietnam.com.vn
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