Legal News
Rules issued for foreigners to buy property in Vietnam

8 June 2009
The government has issued requirements and procedures on house purchases by foreigners in Vietnam.

Under it, foreign individuals and institutions wanting to obtain a government certificate on using land, inheriting, presenting or owning houses in the country according to National Assembly's Resolution No 19/2008 must meet full of following requirements:

* As for the direct foreign investors in Vietnam, their name must be recorded in investment certificates or similar documents that have the validity of over one year or have certificates proving their position in that investment company's director board, or management board.

* As for foreigners holding managerial positions in enterprises operating in Vietnam, they must have work permits or a valid work assignment decision in Vietnamese.

* Foreigners who had received a meritorious medal granted by Vietnamese President.

* Foreigners working in the fields of economics, science, technology, environment, training and education must have certificates on the specification level or a bachelors degree granted by Vietnamese or foreign authorities.

* Those with special skills must have professional certificates of Vietnamese associations along with labour licence granted by Vietnamese authorities

* Foreigners who married a Vietnamese citizen must have a marriage certificates issued in Vietnam or an official foreign authority along with Vietnamese passports (of their spouse) or resident household registry (ho khau) accompanied by the identification papers of their Vietnamese spouse.

To buy and own houses in Vietnam, the above foreigners must have a residency card or certificate remaining valid in longer 12 months granted by Vietnamese Ministry of Police.

Institutions operating in Vietnam and having valid investment certificates granted by Vietnamese authorities are also allowed to buy, inherit and own houses in the country.

The foreigners who now own a house in Vietnam will be disallowed to own other property.
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