I. What are the factors that attract the attention of foreign investors to the Vietnamese real estate market?
In recent years, the situation of foreign investors and companies entering Vietnam to do business has increased, leading to an increase in the number of foreigners in our country. At that time, it means that more and more foreigners have the need to own real estate in Vietnam.
With the increasing number of foreigners and foreign enterprises in our country, in order to avoid the case that foreigners own too much real estate, affecting the policy as well as the development process of the country. Currently, our country's law has specific regulations on the conditions and quantity of real estate that foreigners can own in Vietnam.
The attention of foreign investors to the Vietnamese real estate market
Talking to the press, Mr. Matthew Powell, Director of Savills , said that with positive growth in 2020, despite the impact of the Covid-19 epidemic on economic activities, Vietnam is becoming an A good candidate for value chain transformation in Asia and strongly attracting the attention of international investors…
Firstly, Vietnam holds a fundamental advantage when it is a large market with a young and dynamic demographic field, and the quality of Vietnam's human resources is increasingly improving. The fundamentals that make Vietnam so attractive remain unchanged. The development of Vietnam's real estate is still based on income growth, demographics and urbanization.
The rapid growth of major infrastructures in Hanoi and HCMC is supported by inter-provincial connectivity. Before Covid-19, Vietnam was in a good position; but even in the period when the epidemic had many negative effects on the global market, Vietnam still performed better than many other markets.
Second, the investment environment in Vietnam is gradually improving, with significant support for the manufacturing, trade, service, import-export and real estate industries. There are attractive investment opportunities for foreign investment in Vietnam, such as the Government creating opportunities for foreign investors to participate in land auctions, and legal barriers are being actively removed. revoke…
Mr. Matthew Powell, Director of Savills.
II. How are the legal procedures for foreign investers in Viet Nam?
Pursuant to Article 159 of the Law on Housing 2014 stipulates who can own houses and the form of house ownership in Vietnam by foreign organizations and individuals as follows:
1. Foreign organizations and individuals entitled to own houses in Vietnam include:
a) Foreign organizations and individuals investing in housing construction under projects in Vietnam in accordance with this Law and relevant laws;
b) Foreign-invested enterprises, branches, representative offices of foreign enterprises, foreign investment funds and branches of foreign banks operating in Vietnam (hereinafter collectively referred to as organizations); foreign);
c) Foreign individuals are allowed to enter Vietnam.
According to current regulations, foreign individuals only need to have full civil act capacity to conduct transactions on housing and are not required to register for temporary or permanent residence in the place where the house is assigned.
Buying houses in Vietnam in accordance with the law.
Specifically, your friend is fully eligible to participate in buying houses in Vietnam in accordance with the law.
Order and procedures for foreign individuals to buy houses in Vietnam
First, make a house transfer and sale contract (to be agreed upon by the parties but must be made in writing) including the following contents:
+ Full names of individuals, names of organizations and addresses of parties;
+ Describe the characteristics of the transaction house and the characteristics of the residential land plot associated with that house.
Foreign investers are attracted by a Luxury Apartment
For the sale and purchase contract, the lease-purchase contract of the apartment, the parties must clearly state the part under common ownership and common use; The use area is under private ownership; Floor area of apartment construction; The use purpose of the part under common ownership and common use in the apartment building is strictly according to the original approved design purpose;
+ Value of capital contribution, house transaction price if the contract has an agreement on the price;
In case of house purchase, sale, lease, or lease-purchase where the State has regulations on prices, the parties must comply with such regulations.
+ Time limit and method of payment if it is the case of house purchase, sale, lease, lease purchase, transfer of house purchase and sale contract;
+ Time of house delivery; the housing warranty period if it is a purchase or lease-purchase of a newly built house;
+ Rights and obligations of the parties; Commitment of the parties; Other agreements;
+ Effective date of the contract; Date, month and year of contract signing.
The contract transferor must pay taxes and fees in accordance with the law
The order and procedures for the transfer, content and form of the transfer document of the house purchase and sale contract shall comply with theregulations of the Minister of Construction; the contract transferor must pay taxes and fees in accordance with the law on taxes and fees.
Secondly, about the order of procedures for buying and selling apartment houses and confirming tha tthey are home owners of foreign individuals, we have a specific article on this issue, you can refer to this article.Conditions, order and procedures for buying houses of foreign individuals and organizations in Vietnam.
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