Circular issued to stipulate number of apartments owned by foreigners

August 08, 2016 | 09:59

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The Ministry of Construction has issued Circular No.19/2016/TT-BXD guiding the implementation of the Housing Law and Decree No. 99/2015/ND-CP dated October 20, 2015 of the Government guiding the implementation of the 2014 Housing Law.

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Accordingly, the proportion of apartments owned by foreign organizations and individuals to the total number of apartments in all apartment buildings for sale or lease-purchase in a ward must not exceed 30%.

As for individual houses for sale or lease-purchase under commercial housing projects, the total foreign ownership must not exceed 10%.

As required by the Decree, in order to own property in Viet Nam, a foreigner must possess a valid visa stamped by the Vietnamese immigration authority.

Persons entitled to diplomatic privileges and immunities under the Ordinance on Privileges and Immunities for Diplomatic Representations, Foreign Consulates and Representative Offices of International Organizations in Viet Nam may not own apartments or individual houses in Viet Nam.

Foreign organizations and individuals doing business in Viet Nam may carry out property transactions if possessing valid investment registration certificates or relevant certificates granted by Vietnamese competent authorities.

VGP

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