Friday, March 11, 2016

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Frequently asked questions

APARTMENT FOR SALE APARTMENT FOR SALE IN VIETNAM Buying property in Vietnam How to buy property in Vietnam Invest in Vietnam legal issue of purchasing property

FAQs

Why invest in Vietnam Real Estate Market?

The Real Estate market in Vietnam has just open in 2015, it is a new, dynamic market with big room of development.

Who is eligible to purchase Property in Vietnam?

People who entered Vietnam legally is able to buy with leasehold of 50 years and 1 extension up to 100 years. They would have full rights (as Vietnamese): Buy, Sell, Gift, Inherit…

What kind of property that foreigner can own in Vietnam?

Foreigners can own any kind of property which belong to commercial projects: Apartments, Condominiums, Land house… in their own names, provided that the total number of foreign held units does not exceed 30% of the total number of units in a particular condominium block or 250 units of land house in a Ward. The owner of each property obtains a certificate of unit ownership.

What are the Service Charges (maintenance fee) for Condominiums?

Service charges are rather low in Vietnam. They are used to maintain the common areas of the building like lifts, pools and corridors. They vary considerably according to the degree of luxury provided by the existing infrastructure.

Do I need bank account in Vietnam to buy property?

Not necessary. You can open an account in Vietnam to transfer money from outside of Vietnam to the account and from the account to Developer’s. Or transferring money directly to Developer's account from outside of Vietnam (Ask Developer for accepted currency).

Can I sell my property in the future? To Whom?

Of course it is possible to sell your property in the future, the buyers are Vietnamese or Foreigners. If selling to Foreigners, leasehold would transfer directly to new owner and keep the number of years left. If selling to Vietnamese, the leasehold right would convert to Freehold. Tax is 2% on total amount. 

Vietnam Property Taxes

Transfer tax                2% of the registered value of the property.

Register tax and fee    0.65% of registered value. 



DECREE: DETAILED REGULATIONS AND GUIDELINES FOR IMPLEMENTATION OF A NUMBER OF ARTICLES OF HOUSING LAW


Article 5. Documents proving the object is owned houses

1. For organizations, households and individuals in the country when the procedures for granting certificates of land use rights, ownership of houses and other assets attached to land (hereinafter referred to as certificates ) they must have ID papers identify objects under the provisions of the certificate of land legislation.
2. For Vietnam residing abroad must have papers according to the following provisions:
a) Where Vietnam passport must be valid and verifiable stamped immigration authorities of entry and exit Vietnam at the passport;
b) Where a foreign passport must be valid with stamp verifying immigration authorities of entry and exit Vietnam at passport and accompanied by proof of nationality Vietnam or papers confirmation is originally from Vietnam by Department of Justice of the provinces and centrally-run cities, Vietnam representative offices abroad, the management agency of Vietnam people overseas or other prescribed documents Vietnam law.
3. For organizations, foreign individuals must have proof of the object as defined in Article 74 of this Decree; Foreign individual have confirmed the original papers Vietnam, have the right to choose an object of application are Vietnam residing abroad or foreign individuals to determine the ownership of houses in Vietnam.


RESIDENTIAL PROPERTY IN VIETNAM OF ORGANIZATIONS AND INDIVIDUALS ABROAD

Article 74. Documents proving the object and conditions of housing property in Vietnam

1. For foreign individuals must have a valid passport stamped to verify immigration authorities of entry and exit Vietnam and not entitled to the privileges and immunities of diplomatic prescribed Ordinance on privileges and immunities for diplomatic representative offices, consulates and representative offices of international organizations in Vietnam.
2. For foreign institutions must be subject to the provisions of Article 159 of the Housing Law and have the certificate of registration of investment or document issued by the competent authorities of Vietnam to operate in Vietnam valid at the time of conclusion of the transaction for housing (hereinafter referred to as the certificate of registration of the investment).

Article 75. Area which organizations and individuals have rights to own houses

1. Organizations and individuals may only own houses (including apartments and individual houses) in investment projects in commercial housing construction, except for the area to ensure defense and security in accordance with the law of Vietnam.
2. The Ministry of Defense, Ministry of Public Security shall specify the area to ensure security and defense in each locality and written notice to the provincial People's Committee to make based steering DoC specified investment portfolio built commercial housing in the province does not allow organization or foreign individual ownership of housing.

Article 76. The number of housing organizations or individuals to own

1. Based on information from the Ministry of Defense, Ministry of Public Security and the direction of the provincial People's Committee under the provisions of Clause 2, Article 75 of this Decree, the Department of Construction is responsible publicized on the Portal Electronic Information Department of the following:
a) The list of investment projects in housing construction in the locality in the region that organizations and individuals are not allowed to own houses;
b) Number of dwellings (including apartments, detached houses) which organizations or individuals are owned in each investment project housing construction is not subject to regulation at this point a paragraph; number of apartments in each apartment building, the amount of each individual housing projects that organizations and individuals are owned abroad;
c) The number of housing organizations or individuals have purchased, leased, were granted certificates at each investment project housing construction;
d) The number of apartments that organizations and individuals are owned in a case in areas with a population equivalent of a ward-level administrative units have many apartment buildings; number of individual houses which organizations and foreign individuals to own in one case on a region with a population equivalent of a ward-level administrative units that have one or more projects, but total number of houses less individual or equivalent by 2,500 units.
2. Organizations and individuals are entitled to own houses in Vietnam may purchase, lease-purchase housing project investors build houses, buy houses of organizations and individuals provided in Point b Paragraph 4 of Article 7 of this Decree and only inheritance, donation of household housing, personal or donation of housing organizations in the number of houses under the provisions of subsection 3, paragraph 4 of this Article in the investment projects of housing construction is allowed to own; Where organizations, foreign individuals to donate or inherited houses in Vietnam but not entitled to own houses in Vietnam shall be settled as provided for in Article 78 of this Decree.
3. Organizations and individuals are permitted to own no more than 30% of the apartments of an apartment building; case on a region with a population equivalent administrative unit ward that many apartment buildings for sale or lease purchase, the organizations and individuals may only own less than 30% of the apartments of each apartment building and not exceed 30% of the apartments of all the apartment buildings.
4. Where in a region with a population equivalent of a ward-level administrative units that have investment projects construction of commercial housing, including detached houses for sale or lease purchase, the organization, foreign individuals owning number of separate houses according to the following provisions:
a) Where there is only one project that the number of separate houses less than 2,500 units, the organizations and individuals may only own less than 10% of the total number of houses in that project;
b) Where there is only one project that the number of separate houses, the equivalent of 2,500 organizations and individuals may only own less than 250 units;
c) Where there are two or more projects that the total number of separate houses in these projects less than or equal to 2,500 units, the organizations and individuals may only own less than 10% of the number of houses each project.
5. MOC specific instructions how to determine the number of houses that organizations and individuals are owned stipulated in Paragraph 3 and 4 of this article.

Article 77. Extension of period owned houses in Vietnam's organizations, foreign individuals

1. Where a foreign individual ownership of housing as defined in Article 2 point c of Article 161 of the Housing Law, the extension period house ownership is defined as follows:
a) before the expiration of 03 months of ownership housing, if owners wish to extend the application must be clearly stated deadline extension proposal together with a certified copy of the certificate for housing and sent to the provincial People's Committee where the house that consideration and settlement;
b) Within 30 days from the date of receipt of application by the owner, the provincial People's Committee for consideration and written consent deadline extended once owned housing at the request of the owner ownership but not exceeding 50 years from the expiration of the first time home owner stated on the certificate, except in cases provided for in Paragraph 3 of this Article;
c) Pursuant to a written consent for extension of the provincial People's Committee, the competent authority for certificates shall record on the certificate renewal; Certificate authorities to back a copy of the certificate and transfer to the Department of Construction for monitoring.
2. If a foreign organization owned housing deadline prescribed in Clause 2, Article 161 of the Housing Law, the extension period house ownership is defined as follows:
a) before the expiration of 03 months of ownership housing, if owners wish to extend the application must be clearly stated deadline extension proposal together with a certified copy of the certificate for housing and certificates of registered investments were competent agencies of Vietnam to extend the operation and sent to the provincial People's Committee where the house in which to consider and resolve;
b) Within 30 days from the date of receipt of application by the owner, the provincial People's Committee for consideration and written consent deadline extended once owned housing at the request of the owner ownership but not exceeding the time limit stated on the certificate of registration of investment was competent agencies of Vietnam to extend the operation;
c) Pursuant to a written consent for extension of the provincial People's Committee, the competent authority for certificates shall record on the certificate renewal; Certificate authorities to back a copy of the certificate and transfer to the Department of Construction for monitoring.
3. If on the expiry of first ownership by individuals and foreign organizations with competent agencies of Vietnam decided to force the exit or forced termination of operations in Vietnam shall not be extended deadline property as defined in Paragraph 1, Item 2 of this Article; Housing objects are processed in accordance with Clause 3 of Article 8 of this Decree.

Article 78. The case is not recognized ownership of houses in Vietnam

1. Organizations and individuals under circumstances specified below, shall not be granted certification for the houses that can only be sold or donated to these houses to objects owned houses in Vietnam:
a) Organizations and individuals donated to or inherited houses located in areas not subject to ownership as provided for in Article 75 of this Decree or exceed the number of houses under ownership permitted provisions of paragraph 3, paragraph 4 of Article 76 of this Decree;
b) Foreign organizations not operating in Vietnam, foreign individuals are not allowed to enter Vietnam but being donated or inherited houses in Vietnam.
2. Subject to the provisions in point a paragraph 1 of this article are direct or authorize others to sell or donate houses; subjects specified in Clause 1 of this Article may authorize individual or organization residing and operating in Vietnam sell or donate houses.
3. The sale, house donation of objects specified in Paragraph 2 of this Article shall be conducted with the papers according to the following provisions:
a) Contracts awarded for papers on inherited housing is made under the provisions of law on housing and civil laws of Vietnam;
b) Proof of ownership of the donor's house, the bequest under the provisions of the Housing Law and Article 72 of this Decree;
c) There is a written authorization to sell or donate houses made under civil law if the other person authorized to sell, donate houses.
4. The order and procedures for sale, house donation of objects specified in paragraph 2 of this Article shall comply with the provisions of the Housing Law and this Decree.
5. In the case of the object are inherited housing both entitled to own houses in Vietnam and who are not entitled to own houses in Vietnam, the parties have agreed inherited division This residential property in one of the following cases:
a) The parties agree to request the competent authority for certificates for such housing for people entitled to own houses in Vietnam;
b) The parties agree to implement donate or sell these houses to entities eligible to own houses in Vietnam under the provisions of Paragraph 2, Item 3 of this Article to enjoy value.

For any further queries, please contact us via Email: Kevinvuproperty@gmail.com or Tel: (84) 988 060 330


Kevin Vu

Author & Editor

A professional Real Estate Agent in Vietnam.

3 nhận xét:

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