Buying Properties In Da Nang
Dear DB Legal Law Firm in Da Nang, Viet Nam. I would like to buy a condotel in Da Nang city, Viet Nam. Can the foreigners buy a property in Viet Nam or buy a land in Viet Nam.
Thank you for your question.
For buying the Land, private ownership of land is not recognized in Viet Nam. The land belongs to the State and the Vietnamese entity to have the ownership of a right to use land as the land user, such right is called the land use right.
According to the Law on housing, the foreign individuals who are granted entry into Viet Nam and not to privileges and diplomatic immunity can buy apartments/condotels in Viet Nam. Foreign individuals have the land tenure up to 50 years and can be extension upon issue date of the red book. However, the foreigner that married to Viet Namese citizens can have freehold tenure. The land tenure of the foreign entities is up to the duration indicated in the investment registration certificate.
Some fee and tax obligations in purchasing properties in Viet Nam: VAT (is usually 10%), maintenance fee, Registration fee, notary’s fee, personal income tax.
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