Foreigners can own apartments for 50 years

Foreigners are allowed to own one apartment in Vietnam for up to 50 years, according to a recent Ho Chi Minh City Construction Department note cited in a Tuoi Tre article.

Foreigners that qualify include investors, those who contribute to national development, experts in various fields, those with a Vietnamese spouse, and non-real estate companies, the department said in the note, which aimed to provide guidance and clarification to a regulation allowing foreign ownership effective early this year.

They are allowed to buy one apartment at commercial residential projects that do not prohibit foreign ownership, according to the note. When the ownership term ends, the foreign owners will have to sell or transfer the house.

Foreigners will receive their ownership tittles within 30 days of submitting applications to the construction department, according to the note.

thanhnien

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