| Decree lists documentation for foreigners to buy houses |
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6/16/2009 9:15:24 AM A certificate of temporary or permanent residence in Vietnam will be the primary requirement for foreigners who want to buy a house in the country, according to a government decree that takes effect this August. Otherwise, they should have permission from immigration authorities in the country to stay in Vietnam for at least one year, the decree, which is posted on the government’s website on Friday (05 June 2009), said. Those granted diplomatic immunity are excluded from the decree, the website said. The decree stipulates that foreigners who apply to purchase, inherit or gift a house are required to have a valid passport or other equivalent documents, besides specific documents relating to the property and related transactions.
Those making direct investments in Vietnam should have an investment license with their name that is valid for one year or more, or documentation showing they are members of the board of directors of the company operating in the country. Individuals hired for management positions by enterprises in Vietnam should have a proper working contract.
The category of persons who are eligible to buy houses in Vietnam by virtue of having made significant contributions to the country, should produce the order of merit or medal granted by the Vietnamese President or approval documents forwarded to the Construction Ministry and approved by the prime minister.
Professionals working in specific fields that Vietnam needs expertise in should have relevant education certificates and a working permit issued by Vietnamese authorities. Those with special skills (in sports, for example) need to have approval certification from related Vietnamese associations.
Foreigners married to a Vietnamese citizen should have the marriage certificate and passport/identity papers of the spouse in Vietnam. Foreign enterprises working in Vietnam and having an investment certificate valid for at least one year will also come under the purview of the new decree.
Eligible individuals and organizations have to submit applications to the provincial Department of Construction which will be forwarded to the People™s Committee for approval. The maximum processing period for each application is 30 days, according to the decree, which also stipulates that a foreigner can only buy one house in Vietnam. |
| TN |