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Disclaimer: We don’t offer any kind of insurance or compensation, due to losses caused by the agency, developer, banks, government or any other party that may be involved in the buying process. In 2015, the Vietnamese government made it remarkably easier for foreigners to invest in Vietnam property thanks to the issuance of the Vietnam’s New Law to Foreign Ownership of Property. The agent will also attend the event. 1. Your agent can help you to find tenants and to draft the tenant agreement. Make sure to hire a lawyer and that you will receive your ownership certificate (pink book) beforehand. My understanding is that you can only sell to a local. Have you any ideas/ thoughts about this? The easiest way of acquiring real estate in Vietnam is with the help of a real estate agent. Da Nang is a coastal city located in the central parts of Vietnam. Property prices are still comparatively high and you can find upper-end hotels and condominiums built here. Besides, foreigners can buy 10% of the houses in landed projects. Marcus is a Swedish Engineer and previously worked as a Sales Manager within the Automotive industry in Shanghai. Still, places like Thailand, Malaysia, and the Philippines are preferred options among retirees. Rental yields are among the highest and you can pay as little as USD 1,500 per square meter for new condos in upcoming areas around Ho Chi Minh City. Rental income tax = 10% total (5% VAT + 5% personal income tax) Located between Ho Chi Minh City and Danang, Nha Trang is probably the most well-known tourist destination in Vietnam. I heard that, in order to repartriate funds, you need to set up a special investor account (DEKA account) at the moment when you buy the property. Thus, the pink book is more common for foreigners who primarily invest in condominium projects. Please contact me email “[email protected]”. 3. For now the property is in my wife name – I had to transfer funds so that we could but) I didn’t want to take the leasehold option – NOW that the marriage certificate is listed here do you think I can somehow transfer the ownership to my name – or at least joint..? It is important to note the Property Tax in Vietnam as it will affect the net return on your investments. Thanks for the feedback. Below I’ve listed some of the most interesting and popular cities where I recommend you to look for property. Foreigners can reach the city with direct flights from the major business hubs in Asia. Registration fee = 0.5% However, in July 2015, the Vietnamese Government introduced the Vietnamese Law on Residential Housing (LRH), which made it remarkably easier for foreigners to buy property. You can buy houses in new projects and you can lease the land for up to 50 years. In your particular case, you need to visit the lawyer to change the ownership into joint-ownership. Required fields are marked *. The Vietnamese Government has made it remarkably easier for foreigners to buy property since 2015, but you need to be careful before your purchase. We use cookies to ensure that we give you the best experience on our website. Nonetheless, since July 2015, thanks to the Vietnamese Law on Residential Housing (LRH), foreigners can buy property in Vietnam at ease. Vietnam. Yes, we do know people who already got the pink books in Hanoi, for example. Yes, this is a known practice in Vietnam. Buying Asia Episode 2 - Vietnam Part 1. Despite ownership issues, many foreigners are looking to buy property in Vietnam, Photo: Le Toan Feelings among first buyers Kevin Hawkins, co-executive partner of ZICO Law Vietnam, bought an apartment in Saigon Pearl from a deposit contract from a Vietnamese owner who already paid 95 per cent of the price in 2009. Also what are the best sites or resources for finding and communicating with developers and agents? Promote your Asia properties or pre-construction projects via our website and email list. As the political and cultural center, Hanoi has not attracted as many investors compared to Ho Chi Minh City. VAT = 10% when buying condominiums on the primary market Later in this article, I will explain more about interesting places for property investments. Sure, Vietnam has a nice climate and offers very low living costs and nice cuisine. Maintenance fee/sinking fund = 2% There are restrictions on the secondary market as you can’t buy property from local citizens in case the foreign quota is filled (30%). In short, buying real estate here was a completely different story and off the map for many investors. The article mentioned you ca ‘renew’ the lease, but how does that work? With that said, you cannot buy local apartments, but only in branded projects. The Law on Real Estate Trading (2014) explains that foreigners should only pay 50% of the unit value in installments prior to hand over. No, you don’t need to reside or stay in Vietnam for a long time under the new regulations. Your article is very informative, however, I’ve noticed that some of the percentage figures for the property taxes are inconsistent from the the video and the article. Vietnam will not be able to rescue the real estate market if it only relies on the domestic resources. It can be stressing. In reality, it is possible, but there are certain conditions that you need to bear in mind in order to make a purchase. We’ve recently heard about a new law and are very curious to hear from you whether anything will change for our situation. I accept that this form collects my name, email and other information that may be forwarded to a real estate agency or other relevant agency (read our. Hi Dan, first, I am not a lawyer, so please understand that this is for your general information only. Foreigners can buy houses in Vietnam from July 1st 2015. At OBC, you’ll be able to get the following benefits as a foreigner (if you’re married to a Vietnamese spouse): To get a loan, you need to provide some collaterals such as proof of savings or other properties you currently own. Foreigners have the right to sell their Vietnam Property either to the Locals or to the Foreigners. One reason is that manufacturing in China gets more expensive and companies move production to Vietnam. This can be considered as a revolution in the regulations of foreign ownership. Hi Gavin, if your marriage would have been registered in Vietnam before the Pink book was issued, you would automatically co-own the property with your wife (i.e. if one lives in Vietnam and “bought” a property under only his or her name and now trying to sell the property, he or she will need the spouse legally to give up the ownership of the property, even if the property only has one name to it. Vietnam doesn’t have any investment visa for overseas property investors. Can a foreign owned unit be sold to a local before the expiry of the 50-year lease /. Vietnamese can control land plots permanently though, while foreigners can only do so for up to 50 years (sometimes 70) at a time. Vietnam offers competitive real estate taxes. Foreigners often buy property directly from developers on the primary market, or from foreigners that previously did so. Keep in mind that the taxes listed in the article apply to condos. Can a foreigner buy property in Vietnam? Rental income tax = 20% (inconsistent with article) Even if capital gains tax doesn’t exist in theory, you need to pay a personal income tax of 2% when selling property. Below you can find some commonly asked questions and our replies. Meaning, is there maybe a credit check involved or anything else in addition to them checking your I.D? Technically, you can buy as many units as you want. Can foreigners buy land in Vietnam? Both yes and no. Vietnam ownership certificates of property If you buy-to-let, you need to pay a VAT of 5% and a personal income tax of 5%. Land Tax = 0.03 – 0.15% This gives you priority to choose units when the first sales event is launched later. Only then, you can repatriate funds upon selling. Before 2015, you could only buy a unit for self-use. The refundable booking fee will then become a non-refundable deposit. With that said, prices are lower than in Ho Chi Minh City. Best Answer. Cambodian spouse: A Cambodian spouse of a foreigner may be allowed to buy land or property in Cambodia in his or her own name. *Keep in mind that you need to keep all the supporting documents about the purchase and sale to repatriate the funds (e.g Deposit agreement, Purchase agreement, payment statements from the bank you used to transfer the money into Vietnam to buy the unit, and the Sales agreement). Your email address will not be published. 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