What You Need To Know When Renting A House For Foreigner

Are you planning to invest in a model for rent? Do not miss the information and rules below:

Housing conditions for renting foreign organizations and individuals
Housing conditions for foreign organizations and individuals renting houses in Vietnam are stipulated in Articles 131, 132 and 133 of the Housing Law as follows:
* Renter: means a foreign organization or individual who is permitted to enter Vietnam for a period of 3 consecutive months or more; If the renter is a Vietnamese individual living overseas, he/she must be entitled to own or rent a house in Vietnam in accordance with the Housing Law; If the renter is an organization, it does not depend on the place of business registration.
You have to pay attention to this rule to avoid case such as foreigners who are not qualified to rent houses in Vietnam, which can waste time and may occur dispute when the contract terminates prematurely.

* Lessor: According to the Article 92 of the Housing Law, the lessor must meet the following conditions: a house owner or a representative in accordance with the civil law; is an individual who has the capacity for civil acts; is a rental organization that functions as a rental housing business.

If the lessee is an organization, it shall not depend on the place of business registration

* House for rent by foreigners:

In addition to the essential conditions of a rental housing such as: house ownership certificate; There is no dispute about ownership, right for use, housing for foreigners to be rented also to ensure the strict requirements on the quality of housing and safety issues.

The quality is comparable with the price: The price of apartments for rent to foreigners is very high, ranging from US $ 1,000 – US $ 1,500 per month with 2, 3 bedrooms, area from 90m² – 110 m²; The larger apartments, prices can be up to US$ 2,000  –US $ 2,500 per month. It is because of the high price so the requirements of renter are also more strict.

Apartment Tower 3 in Diamond Island: 130 m²  with the renting price> 2000 USD

These luxury apartments have self-contained facilities, fully integrated services, meet the needs of living will be more attractive to foreigners. In addition, living space also plays an important role in the decision to rent apartments: the apartment must be clean, well managed, the large, beautifully designed, high-class interior apartments will easily impress foreigners. If you have decided to invest in this type, boldly choose the good apartments or find professional architects to have interior design ideas to help your apartment become more valuable in the eyes of the foreigner.

~~>>See more information about the real estate market here: Vietnam real estate market

The necessary procedures

* Business registration: renting a house for an individual (Vietnamese or foreigner) is considered as a business activity so you should conduct business registration in the form of individual business household. You must also declare taxes: excise taxes, personal income tax, value-added tax.

Houses for foreigners must also meet stringent requirements for quality housing and safety issues

* Procedures for temporary residence declaration: This is the procedure required during the renting process. You must go to the local police office and the immigration office at the provincial/municipal police officers to submit the statement and complete the procedure.

* Procedures for tax code registration: After obtaining a business registration certificate, the lessor has to register the tax code.

Procedures for buying retail invoices: Because they are not legal entities, the business households need to make procedures to buy/sell invoices directly at the District Tax Office.

In addition, individual business households also need to have the certificate of satisfaction of security and the confirmation of the fire-proof apartments.

Renting contract

Procedures for tax code registration: After obtaining a business registration certificate, the lessor must register the tax code

The procedures for house renting transactions are stipulated in Article 93 of the Housing Law as follows:

– The parties directly or through a representative to discuss on the contract.
–  The contract must show the following contents: Name and address of the parties; Describe the characteristics of housing; renting price and method of payment; time of delivery; renting term; rights and obligations of the parties; commitment of the parties; Other agreements; day, month, year of signing the contract; Signatures of the parties (if the organization, there must be stamp and the title of the signatory in the contract).

–  Housing contracts must be certified by a notary office except in the following cases: Individuals who rent houses for less than 6 months; The house renting party is an organization which has the function of doing business in housing.

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