Under the provisions of the Law on Housing 2023 and its guiding documents (Decree No. 95/2024/ND-CP), foreign individuals wishing to purchase and own apartment units in Vietnam must meet the following specific conditions:
1. Requirements on Eligibility & Entry Status
- Legal Entry: Foreign individuals must be legally permitted to enter Vietnam (holding a valid passport with an official entry stamp).
- Diplomatic Immunity Exclusion: Must not belong to cases entitled to diplomatic or consular privileges and immunities under the law.
- No Temporary/Permanent Residence Card Required: Holding a Temporary Residence Card (TRC) or Permanent Residence Card is not a mandatory condition to hold property ownership title.
Legal Basis: Articles 17 and 18, Law on Housing 2023.
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2. Requirements on Projects & Property Types
- Commercial Housing Projects: Foreigners are only allowed to purchase apartments within commercial housing development projects.
- Exclusion of Defense and Security Zones: The project must not be located in areas requiring defense and security preservation as specified by the Ministry of National Defense and the Ministry of Public Security. (The Department of Construction of each province/city periodically publishes the list of projects eligible for foreign ownership).
- No Direct Purchase from Vietnamese Individuals: Foreign individuals may only buy directly from property developers or purchase via resale from other foreign individuals or organizations who already own the apartment.
Legal Basis: Articles 16 and 17, Law on Housing 2023.
3. Requirements on Foreign Ownership Quota
- Maximum 30% Limit: The total number of apartments owned by foreigners (including both foreign individuals and entities) must not exceed 30% of the total number of apartment units in a single apartment building.
- Important Note: Prior to paying a deposit or executing a Sales and Purchase Agreement (SPA), the buyer must verify with the developer whether foreign ownership quota remains available for that building.
Legal Basis: Article 19, Law on Housing 2023.
4. Ownership Term & Payment Method
- Ownership Duration: Foreign buyers are issued an Ownership Certificate (Red Book/Pink Book) for a maximum term of 50 years from the date of issuance, which can be extended upon request in accordance with government regulations.
- Special Case: A foreign individual married to a Vietnamese citizen or an overseas Vietnamese is entitled to long-term and stable (freehold) house ownership, identical to Vietnamese citizens.
- Payment Method: Payments for the apartment purchase must be transacted through credit institutions legally operating in Vietnam.
Basic Documentation Required
- Original valid passport with an official Vietnam entry stamp.
- Written commitment declaring non-enjoyment of diplomatic or consular privileges and immunities.
- Apartment Sales and Purchase Agreement (SPA) executed with the developer (or a Transfer Contract signed with an existing foreign owner).
- Other relevant legal documents.
For detailed legal consultation, please contact LDM LAW FIRM.
LDM LAW FIRM
Head Office: No. 01 Nguyen Van Nguyen Street, Tan Dinh Ward (formerly District 1), Ho Chi Minh City
Email: ldmlawfirm@gmail.com
Hotline/Zalo/ WhatsApp: (+84) 866.999.635
