How can foreigners buy apartments in Vietnam?

The number of foreigners working and residing in Vietnam is increasing, leading to a surge in demand for housing and real estate. To help navigate the process of buying an apartment in Vietnam and avoid errors in preparing documents, such as contracts, visas, and passports… please follow the guide below.

How foreigners buy apartments in Vietnam

How foreigners buy apartments in Vietnam

Who are allowed to own apartments in Vietnam?

Subjects allowed to own houses

According to the Housing Law, the foreign individuals and entities eligible to own apartments in Vietnam include:

  • Foreign organizations and individuals investing in the construction of apartment projects in Vietnam.
  • Foreign-invested enterprises, branches, representative offices of foreign enterprises, foreign investment funds, and branches of foreign banks operating in Vietnam.
  • Foreign individuals legally residing in Vietnam.

Forms of ownership of housing in Vietnam

For organizations and individuals from abroad, there are two main pathways for owning housing in Vietnam:

  • Direct Investment: You can invest in the construction of housing projects within approved regulations.
  • Commercial Housing Acquisition: You can purchase, rent, receive as gifts, or inherit commercial housing, including apartments and detached houses in approved development projects. This excludes properties located in areas designated for national defense and security purposes.

Conditions for foreigners to own apartments in Vietnam

In order for foreigners to own apartments in Vietnam, they must meet the following conditions according to Article 160 of the Housing Law and Article 74 of Decree 99/2015/ND-CP:

Foreign organizations and individuals investing in the construction of houses according to projects in Vietnam must have a certificate of investment and have housing built in the project.

And foreign organizations must have:

  • A certificate of investment.
  • Documents related to the permission to operate in Vietnam (collectively referred to as investment certificates).

Foreign individuals:

  • Must be allowed to enter Vietnam.
  • Must not belong to the category of individuals enjoying diplomatic, consular privileges, and immunities.
  • Possess a valid passport with an immigration check stamp.
  • Have sufficient civil capacity

The process of owning apartments in Vietnam for foreigners

Implementation process

Step 1. Prepare all necessary documents proving that you meet the conditions for owning housing in Vietnam.

Step 2. Sign a purchase agreement.

The purchase agreement for an apartment must be in writing and include the following information:

The names, addresses, and nationalities of the buyer and seller.

The following details of the apartment:

  • Common and shared areas
  • Private use area
  • Floor area of the apartment

The purpose of use of the common and shared areas in the apartment according to the approved initial design

The purchase price or contribution value of the apartment, if the contract includes an agreement on price; if the State has regulations on price, they must be implemented according to those regulations.

The payment period and method.

The delivery deadline.

The warranty period for the house if the house is newly built.

Rights and obligations of the parties

Commitments of the parties

Effective date of the contract

Date, month, and year of the contract

Signatures and names of the parties, if the parties are organizations, they must also stamp the contract (if applicable) and clearly state the position of the person signing.

Step 3. Notarize or authenticate the contract.

  • The notarization of the contract is the process of having a notary public verify the authenticity of the contract and its signatures. This process is required for all real estate purchase contracts in Vietnam.
  • The authentication of the contract is the process of having a local government official verify the authenticity of the contract and its signatures. This process is an alternative to notarization and is available in some areas of Vietnam.

The effective date of the contract is the date on which the contract becomes binding on the parties. In the case of a notarization or authentication, the effective date is the date of the notarization or authentication.

Step 4. Procedures for transferring the apartment at the Land Registration Authority.

Following notarization, the buyer or seller (as determined by agreement) submits an application for ownership transfer at the Land Registration Authority.

Step 5. Fulfill any outstanding financial obligations related to the property.

Upon receipt of notification regarding any pending financial obligations, ensure their swift fulfillment.

Step 6. Receive the certificate.

After completing all of the above procedures, the buyer will receive the certificate of ownership of the apartment.

Steps to purchase an apartment

Steps to purchase an apartment

Required documents

To notarize a contract for the sale of an apartment, the buyer and seller must prepare the following:

The original certificate of land use rights, ownership of housing and attached assets.

The original identity documents of the buyer and seller:

The buyer (foreign individual):

  • A valid passport.
  • A marriage certificate.
  • A temporary residence permit.
  • In addition, in the case of a power of attorney, the power of attorney must be notarized and the authorized person must bring the original ID card/passport.

All identity documents must be translated into Vietnamese and have the translation notarized.

Seller:

  • ID card or passport (valid).
  • Marriage certificate (if married), or Singlehood certificate (if single or divorced).
  • Original copies of other relevant documents.

Draft of contract that the parties have prepared or may request the notary to draft based on the information provided by the parties.

Documents required for registration of transfer of ownership of an apartment:

  • Declaration of non-agricultural tax, personal income tax declaration, and registration fee declaration.
  • Application for registration of changes (signed by the seller); In case there is an agreement in the contract that the buyer will carry out administrative procedures, the buyer may sign instead.
  • 2 copies of the notarized apartment purchase contract.
  • Original certificate of land use rights.
  • 2 copies of the notarized certificate of land use rights.
  • 2 copies of the notarized ID card, household registration book, and marital status confirmation of the seller.
  • 2 copies of the temporary residence permit, passport, and marriage certificate of the buyer.

Legal Services for Foreigners Buying Apartments in Vietnam

Legal service on buying apartments in Vietnam

Legal service on buying apartments in Vietnam

Buying an apartment in Vietnam as a foreigner can be complex, involving numerous steps and meticulous document preparation. Therefore, if you are interested in this issue, please contact Kien Viet Law Firm for thorough legal advice from the very first steps.

The services of Kien Viet Law Firm include:

  • Consulting on legal issues related to foreigners buying and selling houses in Vietnam.
  • Reviewing and checking the legal status of apartment, condominium, and land projects.
  • Preparing documents and contracts throughout the purchase or transfer process.
  • Executing administrative procedures.
  • Receiving and delivering results to customers.

We hope this is helpful to those who want to buy an apartment in Vietnam. The requirements for foreigners to own property in Vietnam and the necessary documents are quite complicated and constantly being updated. To ensure that the procedures go smoothly and save time, effort and money, please contact Kien Viet Law Firm immediately. Our dedicated team of experienced lawyers will provide answers to your questions, offer unwavering support, and actively participate in resolving your legal issues.

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