What are the differences between Vietnamese and foreign homeowners?
The land in Vietnam belongs to the people, who entrust its care to the state. As a result, private property does not exist, and this is only a permission to utilize State-owned property for a limited time.
The primary contrast between Vietnamese nationals and foreigners is the length of the act. Although it is no longer essential to obtain a work permit or be married to a Vietnamese citizen in order to purchase property in Vietnam, the period of property ownership for a foreigner is restricted to 50 years. Foreigners who marry a Vietnamese citizen or a Viet Kieu, on the other hand, can hold property virtually indefinitely.
Nonetheless, the legislation currently allows for the deed to be renewed for another 50 years by filing an application to the People’s Committee of the province in which the property is located.
Another distinction is the notice to the administrative authorities of the intention to rent out the property. In contrast to unmarried foreigners, foreigners married to Vietnamese nationals are not required to inform an administrative entity of their intention to rent their property.
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- Hotline: 0366.456.179
- Email: expathelpvn@gmail.com
