Foreigners can own houses for 100 years in Vietnam

[webfact]

Foreigners can own houses for 100 years in Vietnam



VIETNAM: -- Under a draft decree being proposed by the Ministry of Construction, foreigners can extend their property ownership in Vietnam after their 50-year ownership expires under the Housing Law, but not for more than an additional 50 years, Viet Nam News reported.

An article of the draft says the provincial People’s Committee is authorised to extend house ownership, at the request of an owner. The draft is expected to boost Vietnam’s property market.

The owner must have an application detailing a specific period, along with a certified copy of his certificate of housing, and submit this to the provincial People’s Committee for consideration.

The draft decree also mentioned the submitting of all documents that individuals and organisations need to verify that they qualify for property ownership.

Further, individuals need to show a valid passport and prove that they do not belong to a group of people who enjoy special treatment or diplomatic immunity, said the draft.

For organisations, they must be the subjects for ownership, as stated in Article 159 of the Housing Law, and have their investment certificate or any valid documents showing they are lawfully operating a business in Viet Nam.

It is expected that the Government Decree will be issued in May, becoming effective on July 1, in accordance with the amended Housing Law, which was approved by the National Assembly in November last year with a separate clause on regulation on foreign ownership of properties in Vietnam.

Source: http://englishnews.thaipbs.or.th/foreigners-can-own-houses-for-100-years-in-vietnam


-- Thai PBS 2015-05-15

[DavisH]

Making it easier for foreign ownership will boost their economy and give foreigners more security. Given Vietnam's high performance in mathematics/science, as recently reported, the country is showing lots of potential. Thailand and other protectionist countries could be the big losers after AEC is implemented.

[clockman]

They are already lost!

[NeverSure]

Ecuador has had a workable expat policy and has allowed foreign ownership of land. Now they are putting the brakes on the expat part by slowing application times down so much it's hardly worth applying.

Property prices have risen beyond what the locals can afford. This may have enriched some Haves while further shutting out the Have Nots.

[car720]

One interesting aspect is the medical situation. Whether we like it or not most of us that want to live here are faced with age and the ensuing medical woes that will befall us in the future. Can they protect us medically?

[SOUTHERNSTAR]

One interesting aspect is the medical situation. Whether we like it or not most of us that want to live here are faced with age and the ensuing medical woes that will befall us in the future. Can they protect us medically?

If you live in or near a big city you are okay. You are most of the times a few hours away from Thailands medical care and Vietnam will catch up fast if the number of expats increase.

[Mudcrab]

So they are going to toss me out and leave me homeless when I'm a hundred and sixty.....heartless sods!

[Mudcrab]

In other news..Thailand announces that foreigners can own house and land.......in one hundred years.

[wowfactor10]

Yeah Thailand surely is loosing out big time.

Only thing still selling a bit are condos..

Housing market in the slump..no one wants to buy them and home owners cant sell theirs ...That housing market been dead for so many years now.Prices never been going up,still no one buys them.

So if no transactions are made who will be the biggest loser?The Thai Government cause they miss out all the taxes from each sale!

Many things they can be done to revive that housing market however they are to lame.

[klauskunkel]

that's fine...until they change the law, there's always that.

[Fullstop]

In other news..Thailand announces that foreigners can own house and land.......in one hundred years.

Subject to change.

[kannot]

In other news..Thailand announces that foreigners can own house and land.......in one hundred years.

Sadly it will take the m 500 years to realise this, would of thought 10years married and checked would be enough with loss on divorce................that really would be the "long game" for many

[Johnny S]

Vietnam has better beaches, girls and food so something will change in the coming years, in Thailand nothing change which can be good and bad, mostly bad

[steve73]

Useful... but can they pass it on to any non-VN decendents? Also, wonder if they can sell it on to another foreigner before the full term, and the new owner get a further 100 years?

[losworld]

Ecuador has had a workable expat policy and has allowed foreign ownership of land. Now they are putting the brakes on the expat part by slowing application times down so much it's hardly worth applying.

Property prices have risen beyond what the locals can afford. This may have enriched some Haves while further shutting out the Have Nots.

Why are they smart enough to see this and react by restricting foreign ownership if it hurts the locals meanwhile Sydney, Toronto, Vancouver, LA, New York, London etc. are allowing wealthy Chinese and Russians to buy their way in and push prices up so locals cannot afford to live in their cities.

Edited May 15, 2015 by losworld

[reptile91602]

Screw Viet Nam and Thailand with their housing policies. If I didn't have kids that are Thai citizens I wouldn't spend a dime on property here.

[jackanapes]

I suppose owning property in Vietnam has its advantages providing everything else is on a par I/e the cost of living accessability to services etc

[realenglish1]

No one said anything If you are now allowed to own property for 100 years then once you want to sell it it goes to 0 years again for the new foreight buyer.

Not a bad loophole.

So said that ther is no real way of owning property here in Thailand. And what is scary is lets say you are married to Thai and you are 65 and have been with your Thai wife for 30 years in the same house here in Thailand because it was in her name.

Then she dies You now have ony 1 years to vacate the house because you have no rights. This is so draconian so imature its laughable. Thailand must make progress in real estate for foreign ownership. They are afraid that if foreigners are allowed to own property that it will push out some Thais. This is not true

If you restrict foreigners to owning property then must live in then you stop speculation

So THAILAND what are you affraid of

[gandalf12]

Vietnam has an eye set on the future. When I was there they were hard workers and knew exactly how they wanted their country to be. I wish them good luck in the future

[jaaaason]

Even China has a policy that foreigners can own a house. I had one that I lived in for 13 years. The length of time is for 75 years,with a right of renewal(you own the building but not the land). When you sell it you are selling the rights to use it for what is left of the original 75 years. Supposedly after that there will be a government renegotiation if you continue to live in it and it hasn't fallen down.

[elgordo38]

No one said anything If you are now allowed to own property for 100 years then once you want to sell it it goes to 0 years again for the new foreight buyer.

Not a bad loophole.

So said that ther is no real way of owning property here in Thailand. And what is scary is lets say you are married to Thai and you are 65 and have been with your Thai wife for 30 years in the same house here in Thailand because it was in her name.

Then she dies You now have ony 1 years to vacate the house because you have no rights. This is so draconian so imature its laughable. Thailand must make progress in real estate for foreign ownership. They are afraid that if foreigners are allowed to own property that it will push out some Thais. This is not true

If you restrict foreigners to owning property then must live in then you stop speculation

So THAILAND what are you affraid of

Why worry I think I read some time ago that 10% of the population own 90% of the land here. I think it stated they were mostly politicians. Don't worry most of the poorer Thais are already pushed out by unrealistic pricing.

[Madgee]

jaaaason, on 15 May 2015 - 18:47, said:

Even China has a policy that foreigners can own a house. I had one that I lived in for 13 years. The length of time is for 75 years,with a right of renewal(you own the building but not the land). When you sell it you are selling the rights to use it for what is left of the original 75 years. Supposedly after that there will be a government renegotiation if you continue to live in it and it hasn't fallen down.

Sorry jaaaason, I'm not being pedantic but you lived in China for more than 13 years and thought it was a 75 year lease? It is 70 years.

The build quality of housing and lack of correct planning in China means most housing (actually condo's for the most part) have a maximum life expectancy of around 25 years before they are demolished and possibly rebuilt. Generally speaking, they drastically increase in value in the first year or two,(you are not allowed to sell for 5 years without a huge penalty) while the ground landscaping is still being cared for, after that most developments fall into dis-repair and the selling value stabilises before steadily dropping.

As a foreign owner you can only buy one property and it is illegal to rent it out, you must reside on the premises. Many taxes involved of various descriptions and you must have lived in China for one year before being allowed to buy. The Chinese government can make a compulsory purchase of your property for the purpose of new construction. (This happens a lot for road and rail construction). Not only will you be forced to sell your property, you might even lose money from it. The biggest drawback is owning a property with commanding views, only to see a 50 storey block go up 5 metres from your window.

Buying property in China is very expensive and difficult compared with Thailand unless you want to build a shack on some farmers land that has planning permission and sub-lease the right of the land from him....Ummmmm, food for thought on that one!

[Brer Fox]

As a long term resident (10 years) of Vietnam and a regular visitor to Thailand I would regard this report on home ownership in

Vietnam as BS and it should not be compared with Thailand. It states that it is a "draft decree" which means it will be waffled about by the Peoples Committee for years without any decision ever being made. The Vietnamese are professional procrastinators. No

foreigner can own land in Vietnam. In some case you can own a lease on a condo for a limited time but then only in certain locations

which suits the government. I can only live in a house on land which is owned by my wife, much the same as in Thailand. Vietnam has

some of the most expensive land and in the world, especially in the major cities like Hanoi.

[Nowisee]

I see little benefit to actually owning land in SEA.... I like the freedom of moving if and when I want.

[pennine]

What about Malaysia? The MM2H scheme gives a 10 year visa and you can buy property above a certain value (to protect the poorer locals).

[NeverSure]

A purchase for a specific amount of time would be called a "lease for years" in the West. This actually happens in the US where a large company wants to build a store but the owner doesn't want to lose it for his heirs. If you can "own" property for only a specific number of years it truly is just a lease.

I wouldn't want to own land other than in my home country anyway. If I had Thai kids and wanted to leave them something I'd direct the trustee of my trust to sell my US home and fund Thai homes for them after I'm gone.

[Happy Grumpy]

Foreigners can own houses for 100 years in Vietnam

Why only 100 years.

Foreigners can own their own houses in Thailand indefinitely.

[slipperx]

No one said anything If you are now allowed to own property for 100 years then once you want to sell it it goes to 0 years again for the new foreight buyer.

Not a bad loophole.

So said that ther is no real way of owning property here in Thailand. And what is scary is lets say you are married to Thai and you are 65 and have been with your Thai wife for 30 years in the same house here in Thailand because it was in her name.

Then she dies You now have ony 1 years to vacate the house because you have no rights. This is so draconian so imature its laughable. Thailand must make progress in real estate for foreign ownership. They are afraid that if foreigners are allowed to own property that it will push out some Thais. This is not true

If you restrict foreigners to owning property then must live in then you stop speculation

So THAILAND what are you affraid of

The Thai Chinese are afraid of the competition for it is they who have colonised by stealth and now want to keep the spoils in true greedy style. That is the reason for the laws and the nationalism stuffed down everyones throat from the age of zero - brainwashing to keep the foreigners at bay in the fear that the indigenous Thai might actually see the benefits and kick the Chinese mob out.

[MyFriend You]

Vietnam has an eye set on the future. When I was there they were hard workers and knew exactly how they wanted their country to be. I wish them good luck in the future

Its going to take awhile to get the Visa situation straightened out in Vietnam, there is no Visa on arrival for US, unless it is arranged ahead of time at a cost. There is no 'Rteirement Visa' or Visa Extension based on Retirement' unless you have Vietnamese family members, or are a Viet Kieu (Returning Vietnamese) but that said, it is easier to get Visa extensions, up to 3 90 extensions on a single entry & exit......I have heard of one man that "for medical reasons" he has a Ten year visa in Vietnam.........I don't profess to know any of the rules 100%, just bar room banter, but they are changing as we speak, even the Visa brokers don;t know what will change tomorrow...............I have investment property in both countries so know a little.

[Happy Grumpy]

People realize that Thailand has no restrictions on foreigners owning their own houses, right?

It just needs to be a separate legal entity to the land.

Easier to do when building than buying.

Class dismissed.