When can foreigner buy property in Vietnam?
In 2015, the Vietnamese government came out with a decree allowing foreign nationals to purchase apartments to be licensed under their name for a maximum of 50 years without having to hold Vietnamese citizenship. However, there is still law in place that prevents foreigners from owning any Vietnamese land.
As of 20 December 2017, the Ministry of Natural Resources and Environment is raising a resolution in order to expedite Article 5 of the Land Laws, hoping to push through a decree that allows foreigners to own land and houses in Vietnam, without having a Vietnamese citizenship. They are also looking to expedite Article 10 of the Urban Planning Laws that will allow more freedom to plan, build and alter properties on owned lands.
This must come as a blessing for foreigners looking to make Vietnam their permanent country of residence. And why not? Vietnam is beautiful. It has beautiful natural landscaping, sunny beaches, cheap fresh foods and fruits, nice warm weather and everything is cheaper in comparison to what expats experience at home.
This alteration of the Vietnamese Laws would be aligned to Malaysia’s recent promotion of its “ Malaysia My Second Home” program. This program allows foreigners to purchase houses in Malaysia with a 70% bank loan and 100% ownership.
It also has benefits including: a 10 year pass to live and work in Malaysia, a multiple-entry visa, a Malaysian Identification Card and automatic student passes for dependants. From 2006, since its launch, till 2016 around 31,700 foreigners have applied for and enjoyed the benefits of the “Malaysia My Second Home” Program.
Perhaps one day, Vietnam will adopt this program and then we may have foreigners owning villas in Thao Dien to properties in Sala Sarimi and Empire City in the upcoming Thu Thiem New Urban Area to be completed around 2022.
I hope this article will help you in deciding your dream apartment when living in Ho Chi Minh city. If you need any help from a local expertise with free searching services (only landlord have to pay) feel free to contact us. Here is some listing for you: