Foreigners, locals allowed to own a home
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The Hanoi People's Committee has agreed to grant certificates of land-use rights and house ownership, known in Vietnam as the "red book", to overseas Vietnamese and foreigner home buyers.
As of May 4, eligible home-buyers who meet all the necessary requirements will be able to obtain a red book to certify their home ownership and land-use rights. However, they can own the property for no more than 50 years. Within 12 months of the ownership certificate expiring, foreign home-owners must sell or donate their property. A foreigner is only permitted to own one property.
There are a number of conditions that must be fulfilled if a foreigner wants to buy a house in Vietnam, and one of them is that he or she must be currently living and working in the country.
The foreigner must have at least a year’s residence permit and not be subject to diplomatic or consular preference or exemption as stipulated by Vietnamese laws.
The home-buyer should also have the following documents: Valid passport or equivalent document; official marriage certificate; Vietnamese passport or family documents and the personal identity card of the applicant’s spouse.
