If you’re tapped in to hot-button issues in Vietnam, then you probably already know that there’s been a lot of speculation lately about how and when the current home ownership laws may change with respect to foreigners.
As it currently stands, a foreigner qualifies to purchase an apartment or single-family home if he or she is:
1) Married to a Vietnamese resident;
2) Works for a foreign-invested, non-real-estate-related company operating in Vietnam that needs to house its employees;
3) An individual who invests directly in Vietnam or occupies a management position in Vietnam;
4) A recipient of medals or a certificate of merit from Vietnam's president or government for contributions to the country; or
5) Someone who works in socioeconomic fields, holds at least a bachelor's degree, and possesses special knowledge and skills that Vietnam needs.
But as Bob Dylan famously sang, times could be a changin'.
A lot of articles I’ve read recently have pointed to the possibility of any foreigner with a three-month visa being granted authority to buy, lease, mortgage or sell.
The foreigner's ownership rights may be restricted to either a 50-year lease with the option for an extension, or a flat 70-year term without an extension.
I’ve also read that the government has been discussing a possible restriction on the amount of land that can be owned around a house. I have seen 500 square meters mentioned several times.
Vietnam’s prime minister has allegedly voiced his support for revisions, which could come as soon as June, according to the Wall Street Journal.
We hope they’re right. If all — or even any — of the above happens, it would undoubtedly constitute a game-changing moment for property owners and potential buyers alike.