Quote:
Originally Posted by ChaoEch
Spore people cant buy unless you got 6 months visa...
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This the new rules for foreigner to purchase house in Vietnam. I am not sure whether any seniors here have a better way to work around the rules
The five-year pilot program allowing foreigners to own apartments in Vietnam will come into effect on January 1, 2009.
The plan is only for apartments, and in the event that the pilot program is not extended after its initial five years, those who have already purchased apartments would be allowed to keep them.
Foreign organizations and individuals are allowed to buy and own an apartment in a commercial housing development project.
Foreign individuals can own an apartment for 50 years and extend ownership once for another 70 years.
They must have documents that prove that they will stay here � or that they already have stayed here � for at least one year.
Each foreigner can own only one apartment at a time.
Foreign organizations can own an apartment for as long as the period specified in their investment license.
The five groups eligible to buy apartments are:
■ Individuals who invest directly in Vietnam or who are hired for management positions by local or foreign-invested companies in Vietnam;
■ Foreigners who receive certificates of merit or medals from the president or government for their contribution to the country;
■ Foreigners who work in socio-economic fields, hold a bachelor�s degree or higher and who possess special knowledge and skills that Vietnam needs;
■ Foreigners who are married to Vietnamese residents;
■ Foreign-invested enterprises operating in Vietnam that need to buy houses for employees.
This group excludes companies operating in the real estate sector.
If a foreigner is gifted with or inherits a home in Vietnam, he or she can only choose to own an apartment; for other forms of housing, he or she can only receive the equivalent value in money.
Foreigners must sell or gift their apartments within 12 months of ownership expiration.
Foreigners can sell or gift their apartments 12 months after they receive the ownership certificate.
Foreigners who must leave Vietnam before the end of the 12 months can sell or gift their apartments earlier.
Foreigners can use their apartments as security for bank loans.