Proposals to open Vietnam to foreign property investors are being pushed by Nguyen Tan Dung, Vietnam’s Prime Minister. At the present it is difficult for foreigners to buy property in Vietnam, and impossible for any other purpose than to actually live in them, i.e., buy-to-let deals are not allowed. No date has yet been set for the National Assembly to vote on the new proposals but it is expected that, if passed, they would come into effect from July 2014.
- Any foreigner in Vietnam with a visa valid for 3 months or more will be allowed to buy property
- As well as the condominium units now available for foreign ownership, town houses and villas (with up to 500 sq m of land) will also become available
- Foreigners will, for the first time, be allowed to own more than one property, and will be allowed to lease to tenants
- The current leasehold ownership limit of 50 years will be extended to either a straight 70 year period, or a 50 year period with the right to extend by a further 50 years
This article was republished with permission from Global Property Guide.