| Foreigners permitted to own apartments for 50 years |
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(Listed Jun 27, 2008) |
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 As of January 1, 2009, foreigners will be allowed to own apartments in Vietnam for up to 50 years. However, they are not allowed to lease or use the apartments for purposes other than personal use.
That’s the key point of the newly issued resolution on allowing foreigners to buy and use apartments in Vietnam, which will take effect on January 1, 2009.
According to the resolution, five groups of foreigners can own apartments in Vietnam: people who directly invest in Vietnam; those who contribute to the development of Vietnam (receive medals from the Vietnamese government); scientists, culturists and experts working in Vietnam; those who marry Vietnamese citizens; and foreign-invested firms that aren’t involved in real estate business that buy apartments for their employees’ use.
Foreigners who buy houses in Vietnam must meet the following three conditions as well: living and working in Vietnam; already in Vietnam and allowed to live in Vietnam one year more at least; and buying a house to serve themselves and their families.
Deputy Minister of Construction Nguyen Tran Nam said the real estate market will not be influenced by this decree because there are only 21,000 foreigners who meet conditions to buy apartments under this resolution.
The resolution will be applied for five years.
Source: Ngoc Le - VietNamNet
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