Foreigners cannot own land in Vietnam, period, and they can own construction only according to strict and broad restrictions.
In short, foreign residents can purchase and own residential property as a place to live, but they cannot own the land on which the property sits.
Most importantly, foreigners can sell, donate, inherit, or give away their residential property but cannot sub-let it. And, if a foreigner leaves the country without terminating his certificate of ownership, it expires after 90 days, and the state takes control of the residence.
Foreigners can apply for land leases from the State. Currently, a 50-year lease is being marketed. This program allows foreigners rights to an apartment for 50 years with a right to renew.
Should foreign property ownership become legal before the lease ends, the title would be transferred to the lessee. Under this land lease, the lessee has rights similar to ownership, including the ability to sub-let the apartment.
Vietnamese property is priced in gold. The buyer must be aware of the conversion rates between gold, dong, and dollar, at all times.
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On the other hand, registering property takes about 70 days and is cheaper than in other countries in the region.
While foreigners cannot own land, they can purchase property through a joint venture company with a Vietnamese partner, through a foreign-owned company, or through a Build, Operate, and Transfer (BOT) company.
The minister of construction in Vietnam confirmed in late 2014 that Vietnam will make amendments to loosen foreign land ownership restrictions.
Have you considered buying real estate in Vietnam? With tourism growing at a rapid pace, the government and police want to keep tourists and foreign residents safe and happy.
This country of approximately 331,000 square kilometers welcomed 10 million visitors in 2016. This number jumped to 18 million in 2019 and tourism is expected to continue rising in the future.
Since tourism improves the local economy and the country’s overall reputation, the Vietnamese are working hard to make their homeland a safe and welcoming place where foreigners will be eager to visit and live.
So far, they are doing a great job.
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