Proposal clarifies foreigners’ homeownership application process
Published: 01/10/2008 05:00
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 Wednesday 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 apartment ownership, according to statistics provided by the Ministry of Construction.
Reported by Tuyet Nhung |
Provide by Vietnam Travel
Proposal clarifies foreigners’ homeownership application process - Politics - News | vietnam travel company
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