09/05/2024
Overseas Vietnamese with joy will soon own real estate in the country
- Many overseas Vietnamese express joy with the Land Law (amended) which will take effect from 1/7/2024 onwards, as they will then be able to have their names as the rightful owners of their land, houses.
Mr. Etcetera Nguyen, a Vietnamese American who has been living in Vietnam for some time, due to regulations not allowing it, had to authorize relatives to own property. However, the amended Land Law has now created equality between individuals within the country and Vietnamese nationals abroad in terms of real estate investment and business.
The new amended Land Law, passed by the National Assembly, stipulates that Vietnamese nationals residing abroad are considered Vietnamese citizens with full rights and obligations related to land just like Vietnamese citizens residing in the country.
Specifically, the rights and obligations of citizens regarding land; common rights of land users; rights and obligations of individuals using land; rights of conversion, transfer, lease, sublease, inheritance, donation of land use rights, mortgage, capital contribution with land use rights; receiving land use rights; rights and obligations of individuals using land including individuals within the country and Vietnamese nationals residing abroad are equal and uniform.
Article 28 of the Land Law 2024 also stipulates that Vietnamese origin immigrants residing abroad are allowed to enter Vietnam to buy or rent houses attached to land use rights, receive land use rights in housing development projects; inherit land use rights and other types of land on the same land plot with a house (current laws do not have these provisions).
Furthermore, Articles 41 and 46 of the Land Law 2024 stipulate that Vietnamese origin immigrants residing abroad, economic organizations with foreign investment capital are leased land by the state, are sold assets attached to land and lease rights under lease contracts. This is expected to promote secondary transfer activities, creating a more flexible mechanism for the real estate market.
Some experts in the real estate field also evaluate that this expansion will avoid drawbacks as before when wanting to use land in the country, Vietnamese nationals residing abroad had to rely on relatives in the country to conduct transfer transactions. This has led to many disputes arising from relying on others to receive transfer transactions, manage land use rights.
Contact Ken +84903444008 (Vietnamese and English) for further information or email to [email protected]
NomNom Land Real Estate Pty Ltd
Address: 111/24 Hùng Vương St, Nha Trang, Vietnam
Phone 0703 883 858
Website: nomnomland.com
(Photo courtesy: Khoa Tran)
Nha Trang, Vietnam
