CAN FOREIGNERS RESELL HOUSES IN VIETNAM TO OTHER FOREIGNERS?
Legal basis:
- Housing Law 2024;
- Decree No. 99/2015/ND-CP.
Term of use of housing in Vietnam by foreign individuals
According to Point c, Clause 2, Article 161 of the Housing Law 2014, foreign individuals eligible to own housing in Vietnam are allowed to own housing in Vietnam but must meet the following term conditions:
– Foreign individuals are allowed to own housing as agreed in purchase contract transactions: Sell, rent, buy, donate, or inherit housing for no more than 50 years from the date of issuance of the Certificate and can be extended when needed.
– If a foreign individual marries a Vietnamese citizen or marries a Vietnamese residing abroad, he/she can own a stable, long-term house and has the same rights of a house owner as a Vietnamese citizen.
Can foreigners resell their houses to other foreigners?
According to Clause 8, Article 79 of Decree No. 99/2015/ND-CP, the State strictly prohibits foreign organizations and individuals from reselling house for profits. However, the current law does not have specific regulations on how to resell housing for business purposes.
Therefore, foreign individuals who have purchased and been granted a Certificate of land use rights, ownership of houses and other assets attached to land, if they no longer need to use them, they can resell the house to other foreigners eligible to own houses in Vietnam.
At this time, the house ownership term upon transfer will be the remaining house ownership term. If at the end of the term the new owner wishes to extend it, the State will consider and extend.
How to extend the term of home ownership in Vietnam for foreign individuals
According to Clause 1, Article 77 of Decree No. 99/2015/ND-CP on extending the term of home ownership in Vietnam for foreign individuals as follows:
– Before the expiry of the home ownership period, 03 months, if they need to extend, there must be an application clearly stating the time limit for extension, accompanied by a certified copy of the Certificate for the house and send it to the Provincial People’s Committee where the house is located.
– Within 30 days from the date of receiving the owner’s application, the Provincial People’s Committee shall consider and issue a written agreement to extend it once, for a maximum of 50 years from the expiration date of owning a house for the first time which is recorded on the Certificate.
– Based on the written agreement to extend from the Provincial People’s Committee, the competent authority issuing the Certificate records the extension on the Certificate, copies a copy of the Certificate and sends it to the Department of Construction for monitoring.