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Do you plan to buy property in Vietnam? If you buy-to-let, you need to pay a VAT of 5% and a personal income tax of 5%. Hi Dan, first, I am not a lawyer, so please understand that this is for your general information only. The law passed with 77.46 percent approval in … The red book is used for the title to ownership of land, instead of physical structures, like houses and condos. Before that, foreigners had to work in Vietnam for at least 1 year (the same as it goes in China) and meet certain criteria. Maximum volume of ownership Rental income tax = 20% (inconsistent with article) I believe that foreigners can only sell to other foreigners if there’s only a foreign name in the pink book. To read more about the districts and wards in Saigon, I recommend you to, The leasehold period is still 50 years but can be renewed, You can get a freehold tenure if you have a Vietnamese spouse, The SPA (Sales and Purchase Agreement) is equally, if not more, important, You can face more difficulties to sell your property without having the pink book, Use your house for residential and other purposes, Demolish, maintain, renovate or rebuild your house, if complying with the conditions and procedures of laws on construction, Do transactions when selling, mortgaging or leasing the property, The type of project (condominium or townhouse), Refundable Booking Fee: USD 2,500 to USD 5,000, Deposit Agreement: 10% to 20% of property value, Installments: 1% to 3% per month – up to 50% of property value, Hand Over: Pay 45% (totally 95% paid at this stage), Hand over and issuing Certificate of Ownership: 5%, Open a local bank account at banks such as Vietcombank and Vietinbank. The reason is that according to the Law on Real Estate Trading (2014), off-plan projects can only be put up for sales when the foundation is completed. Have you any ideas/ thoughts about this? Would like to check with you whether foreigners can buy an apartment from Vietnamese before they collecting pink book(SPA)? Best Answer. As you can see, drastic changes have been made to open Vietnam to the foreign market. I heard that, in order to repartriate funds, you need to set up a special investor account (DEKA account) at the moment when you buy the property. We purchase this property when we were already legally married in Singapore and recognised in Vietnam. There’s a risk when doing this with local developers as they might not provide pink book later. Can we still sell the property to a foreigner as well as a local Vietnamese. Rental yields are among the highest and you can pay as little as USD 1,500 per square meter for new condos in upcoming areas around Ho Chi Minh City. My wife is Vietnamese and Sales contract is under her name but pink book has her name and mine. For more info, I recommend you to read our separate article that goes into more details. Your article does not cover on how to get the money OUT of Vietnam in case you sell the property and want to repatriate the proceeds overseas. Your email address will not be published. If you buy condominium units on the primary market, it’s generally not needed as your estate agent or developer will involve a property lawyer. There’s also a possibility to renew the lease for 50 more years. Ho Chi Minh City is one of the fastest-growing cities in Asia and attracts increasingly more investors. With that said, you cannot buy local apartments, but only in branded projects. Your email address will not be published. Below, I’ve summarized the most important information to take note of the new law, issued in 2015: Foreigners cannot buy land in Vietnam, this is the standard in most other Southeast Asian countries. Marcus is a Swedish Engineer and previously worked as a Sales Manager within the Automotive industry in Shanghai. If you decide to proceed and buy a unit, you will sign a deposit agreement around 2-3 weeks after the sales event. Stamp duty = 0.5% 6. Vietnam doesn’t have any investment visa for overseas property investors. Thankyou! Need to contact the government? We can also look into your request if you send us an email! In general, you have three options when making payments: At the moment, you need to declare any cash values that exceed USD 5000, when entering or exiting Vietnam. Needs more warnings about buying a propoerty in Vietnam. Many foreign investors choose buying property in Ho Chi Minh City (Saigon) or Hanoi. In 2015, the Vietnamese government made it remarkably easier for foreigners to invest in Vietnam property thanks to the issuance of the Vietnam’s New Law to Foreign Ownership of Property. Thanks! Also what are the best sites or resources for finding and communicating with developers and agents? *Keep in mind that you need to keep all the supporting documents about the purchase and sale to repatriate the funds (e.g Deposit agreement, Purchase agreement, payment statements from the bank you used to transfer the money into Vietnam to buy the unit, and the Sales agreement). Hello! Marcus is a Swedish Engineer and previously worked as a Sales Manager within the Automotive industry in Shanghai. You can find properties that are 20% – 50% cheaper compared to prices in cities like Shanghai, Singapore, Hong Kong, and Shenzhen. There are still many restrictions on foreigners buying properties in Vietnam, including limiting the property to a flat/appartment, but not a stand alone house. Understand there are 30% limit for foreigner in one unit but there are few flats on the market the owner is local but sell to foreigners. In short: Yes, with the new Vietnam Housing Law, Foreigners are now able to own/buy/invest in Vietnam Property on a 50+ years leasehold. Even if the SPA (Sales and Purchase Agreement) can be used to prove that you bought the property, the strongest evidence of ownership is to have both of them. You can buy houses in new projects and you can lease the land for up to 50 years. Hi Markus, If you continue to use this site we will assume that you are happy with it. Even if Da Nang receives more and more investments from countries like Korea, Japan, and China, it’s more well-known for its resorts and beautiful nature. The developer will share more details about the project 4-8 weeks before the event, such as: During the sales event, they will share all the details, including sales prices. Your agent can help you to find tenants and to draft the tenant agreement. It can be stressing. We’re not even half way through this whole selling process and it’s hard to find information on the internet, or a qualified lawyer overseas or in Vietnam to help. It also depends on what contractual agreements you made with your wife upon buying the unit. Foreigners who can enter Vietnam. Below I’ve included the real estate taxes you need to pay when buying property on the primary market. The name comes from the small pink book that you should receive after you purchased a unit. Vietnam. Learn how Asian countries compare on foreign property ownership rules, taxes, visa options, capital controls and more. Read hundreds of articles and expert interviews covering Asia property taxes, foreign ownership rules, projects & much more. He is currently a freelance consultant supporting Asiaimportal (HK) Limited with content creation and research. With a comparison to China, I’d say that Hanoi is similar to Beijing, whilst Ho Chi Minh City resembles Shanghai or Shenzhen. There is a common misconception that foreign citizens or companies cannot buy property in Vietnam. Transfer Tax = 5% Even if capital gains tax doesn’t exist in theory, you need to pay a personal income tax of 2% when selling property. Is a renewal per property or one renewal for a lease for all of the land that a Condos apartments sit on (so all other investors/buyers in a condo would be jointly renewing). Citizenship – A foreigner can become a Cambodian Citizen by payment of $50,000, which is paid to the government and noted as a donation. Foreigners have been growing more interested in buying houses in Vietnam despite obstacles in ownership. We do expect the renewals to be easier through LTLA as the 50 years renewal will be done by the developer, hence they have more access to the government. A large number of Chinese people and Russians have chosen Nha Trang as their favorite location to spend holidays. There’s also a red book that’s been used for a longer time than the pink book. I don’t want to assume but could you please let me know if the foreigner verification process is tedious for real estate investment? joint-ownership). Since then, many early investors have managed to earn remarkable profits from the Vietnamese property market as prices have increased by double digits yearly in places like Ho Chi Minh. We can mainly blame unfavorable and strict foreign ownership regulations. Vietnam will not be able to rescue the real estate market if it only relies on the domestic resources. The answers is “Yes, they can buy as many units as they want, as foreigners currently don’t have any restrictions on the amount of properties they can buy.” Since 2015, the local government introduced the Vietnamese Law on Residential Housing, which made it remarkably easier for foreigners to buy property in Vietnam. Thankfully, Vietnam has a law on land called Land Use Rights (LUR) that reduces the risks for foreigners to invest in Vietnam. Very useful. – There’s no need to have a special investor account when selling property, but you do need to open a local bank account (preferably using an international bank, e.g. Make sure that your prospective property can be owned by you as a foreigner, and confirm, before the purchase, that you will be able to receive the ownership certificate. Both are said to be 50 years renewable places for property manufacturing in China gets more expensive companies... 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