According to the new decree, foreign organizations and individuals may own a maximum of 30% of the total number of residential apartments of such a building and no more than 250 houses in an area with a population of 10,000 people.
Decree No. 95/2024/ND-CCP of the Government provides detailed guidance on a number of articles of the Housing Law that refer to conditions and regulations when foreign individuals and organizations want to own housing in Vietnam.
Specifically, the number of houses in housing construction investment projects that foreign organizations and individuals can own is determined according to specific cases.
For an apartment building, including apartments built for -use purposes, foreign organizations and individuals may own up to 30% of the total number of apartments for residential purpose of such building.
In case an apartment building has many units or many blocks sharing the same podium, foreign organizations and individuals may only own a maximum of 30% of the total number of apartments for residential purposes of each unit or block.
For independent houses in areas with a population of 10,000 people, if there is only 1 housing construction investment project, foreign organizations and individuals can only own a maximum of 250 houses. If there are 2 or more housing construction investment projects, foreign organizations and individuals can own all projects but not exceeding 250 units.
In case, in an area with a population of 10,000 people, there are many housing construction investment projects and foreign organizations and individuals already own a sufficient number of individual houses as prescribed, they may not additionally own independent houses under other projects in such area.
Also according to Decree 95, when wanting to own a house, foreign individuals and organizations must provide documents proving that they are eligible to own a house in Vietnam.
Specifically, in case it is a foreign organization, it must have an Investment Registration Certificate. If the foreign organization does not belong to the above group, it must have an Investment Certificate or Investment Registration Certificate or documents permitted by a competent Vietnamese agency to operate or establish in Vietnam.
In case of a foreign individual, a foreign passport and a written commitment to not be eligible for diplomatic or consular privileges and immunities are required.
In addition, foreign individuals need to provide documents proving their eligibility to own a house, which is a valid passport with an entry stamp to Vietnam or equivalent legal documents.
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-Nguyen Huong Huyen-