Do foreigners have the right to transfer or lease the apartment?
About transfer
Foreigners are allowed to transfer purchased apartments and need to complete the following administrative procedures:
First step, make a notarized certificate of marital status and translate it at the registry in your home country. After that, it must be notarized again and translated into Vietnamese at the local notary office. This takes a long time and comes at a cost.
Second step, prepare the deposit contract and the sale contract; Both copies must be notarized and signed by all parties including the owner who sold the property. Because there is no standard contract, the buyer must prepare it himself or seek the help of a consultant.
Third, the contract must be translated, signed and witnessed in Vietnamese by a notary. When the transaction is completed, the buyer will pay tax on the value of the property. Foreigners will not be able to return the investment money back to their home countries if the tax obligation is not fulfilled.
As a final step, by the time the money is transferred to the bank account, the buyer should note that the only way to return the money invested back home through international banks is to ensure compliance with Vietnamese laws. Provide all of the above documents including the red invoice as payment vouchers from the tax department.
Once that is done, the bank will allow the money to be received. In addition, the buyer is also required to pay a fee to the owner to complete the transfer.
About rental
Foreigners are entitled to lease their apartments and need the following requirements:
When the rent is paid monthly, the investor should remember that tax rules, return of investment back home and invoices will apply.
If the investor cannot come to the tax office on a monthly basis, it is possible to negotiate to receive the rental quarterly, monthly or for a more convenient period and be sure to have a plan for this.
We are the leading real estate leasing agent in Hanoi
How to rent out your apartment in Vietnam
The housing market is slumping, you can’t find buyers and you’re stuck. Your best option is to rent your house, at least to help cover other expenses for the apartment alone such as: management fees, parking or monthly bank money. You are about to become the “reluctant landlord”.
When you can’t sell and decide to rent out but don’t know what to do, it’s important to let the agent know. To advise on the basics of the operational leasing process.
Here’s how to rent out a house to ensure your financially smart and risky investment.
Step 1: Learn about tenancy laws in Vietnam
As we showed you in section II, scroll up and read again.
Step 2: Appropriate rental rates
Make sure the rental is correct for the local market, the timing of the rental and the location of the apartment.
You better bid lower than the market price. You’ll rent out your apartment faster, have a larger number of tenants to choose from, and you’ll have a better chance of signing a lease for a longer period.
It would be much better if the unit is left vacant for a month or longer, or if the apartment has to be repaired for 12 months when the current tenant leaves in search of a better deal.
Step 3: Advertise the apartment Search for tenants through all of the following methods:
Word of mouth: email all your friends and let them know you have a rental location. Because if you’re lucky, your friends will be the tenants.
Online advertising: You can place a free ad at the best advertising sites in your area so that your potential tenants can see the unit.
Intermediaries: in Hanoi, you can easily find real estate brokers in your area, with just a little service fee for them you will not need to do anything.
Fees are charged primarily for two services: finding tenants, including advertising and background checks, and property management. The annual rent is only 100% of the monthly rent. They will manage monthly including collecting rent, charging deferred fee, handling repairs and handling local problems, …
If you hire a real estate manager, look for a licensed professional. To find a manager in your area, visit the Alphahousing.vn website and enter your details. This real estate agent can also provide property management services.
A great advantage of hiring an intermediary company is that you do not spend too much time searching for customers, advertising, … until you hire. And they will take good care of the tenant to make sure the tenant won’t break the contract ahead of time or even extend the contract. Ultimately, their job is to make sure the owner receives the rent. “
Building management: They are there 24/7, so it often happens that tenants come in randomly. That is also an advantage.
Step 4: Meet and screen potential tenants.
Usually, the first thing a tenant will want to do is go see an apartment. This is also a great opportunity for homeowners. You will get to meet each person and feel like they are a responsible and respectful tenant.
Check before the meeting: Call your home subscriber and ask them simple questions like “How long ago did you apply for?”, “Where are you working?” And “How many people are there in your family?” This is also a good test so that homeowners can understand what their customers need.
When the customer is satisfied and wants to talk more about your unit to make a decision, you can ask them the following important questions:
- How long do you plan to stay?
- What will you do in the next few years: work, go to school?
- What type of job or school?
- What do you like about my position compared to other places you’ve seen?
- Why did you move out of your current residence?
- Will you sign a one-year lease?
- Do you like frequent people?
- How many months can you pay the rent at a time?
After you hear the answers to these questions, you will choose a tenant. Once you have selected your new tenant, ask them to complete the lease and collect your first deposit.
Once you have signed a new tenant agreement, you will need to let your other potential tenants know that the apartment is rented. If a potential tenant asks why they didn’t get it, never tell them it’s because of their age, race, gender or because they have or don’t have children. Whatever your reasons for choosing one tenant over another, you cannot choose to discriminate. Probably safest is to say “I found the right tenant and quickly.”
And finally, don’t forget to tell them the current contract term
Currently, according to statistics of Expathelpvn, there are hundreds of eligible projects for sale and rent to foreigners. If you need to find an agent, I’ll be here with you. You can contact
- Address: 9th Floor, VCCI Tower, No 462-464 Lach Tray, Ngo Quyen, Hai Phong
- Tel: 0374.330.915
- Hotline: 0366.456.179
- Email: expathelpvn@gmail.com
In addition to providing a list of projects for you to choose from, we can support the procedure until you own a house in accordance with Vietnamese law.
