Notable Points For Buying Luxury Properties in Da Nang/ Luxury Properties in Hoi An
Dear DB Legal Law Firm in Da Nang, Viet Nam. I would like to buy a luxury Villa in Da Nang city, Viet Nam. Please advise.
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Conditions for buyer and selller in the Contracts are as following:
I. The condition of the Seller:
According to Vietnam law, requirement applied to organizations conducting real estate trading has an amount of legal capital of not less than VND 20 billion, excluding the following entities:
a) Any organization, household or individual who conducts small-scale or irregular transactions of real estate sale, transfer, lease, or lease purchase;
b) Any organization or individual providing real estate services prescribed in Chapter IV of the Law on real estate trading.
II. The condition of the Purchaser:
Foreign individual needs to have documents proving eligibility for owning houses in Viet Nam:
- Foreign individual must have an unexpired passport bearing the entry seal of the Vietnam’s immigration authority;
- Not given diplomatic immunity and privileges according to Ordinance on diplomatic immunity and privileges of diplomatic missions, consular offices, and representative authorities of international organizations in Vietnam.
Furthermore, in an apartment building (including multipurpose apartment buildings), foreign entities may own up to 30% of residential apartments thereof. If an apartment building has more than one units or blocks, foreign entities may own up to 30% of residential apartments of each unit or block. Regarding to the duration, time limit for the ownership of apartment of foreign individual is not more than 50 years. The time limit can be extended when expired.
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