Foreigners eligible to buy apartments in Vietnam could receive ownership certificates 30 days at the latest after submitting necessary papers to local authorities, according to a Ministry of Construction proposal.
The ministry yesterday delivered the draft decree, which gives instructions on how to implement an earlier resolution allowing specific groups of foreigners to own apartments in Vietnam, to the government for consideration.
The National Assembly resolution, which will take effect on January 1, 2009, allows each eligible foreigner to own an apartment for a maximum of 120 years, including 70 years of provisional ownership extension after the initial 50-year period.
Under the draft decree, in order to be granted a home ownership certificate, expatriates have to submit documentation to the provincial or municipal Department of Construction demonstrating: their eligibility to own apartments; contracts between themselves and the home sellers, or transference or inheritance papers; home ownership certificates transferred by the former owners; and relevant tax receipts.
To be eligible to buy an apartment, foreigners must provide: documentation proving their eligibility; passports or other documents issued by foreign agencies having an equivalent value to a passport; and papers granted by Vietnam's immigration agencies allowing the buyers to reside in Vietnam for 12 months or longer. Around 10,000 out of 80,000 foreigners living in Vietnam will be eligible for apartments ownership, according to statistics provided by the Ministry of Construction.
FIVE TYPES OF FOREIGNERS ELIGIBLE TO BUY APARTMENTS
• Individuals who invest directly in Vietnam or who are hired for management positions by local or foreign-invested companies in Vietnam
• Foreigners who receive certificates of merit or medals from the president or government for their contribution to the country
• Foreigners who work in socio-economic fields, hold a bachelor's degree or higher, and possess special knowledge and skills that Vietnam needs
• Foreigners who marry Vietnamese residents
• Foreign-invested enterprises operating in Vietnam that need to buy apartments for employees. This group excludes companies operating in the real estate sector.
Source: Thanhnien News