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| The Law also specifies types of real estate which may be put for business__Photo: VNA |
Overseas Vietnamese who hold Vietnamese citizenship and are allowed to enter Vietnam may carry out real estate business activities like domestic citizens, according to the 2023 Real Estate Business Law.
Accordingly, they may now invest in the construction of houses and other works for sale, lease or lease-purchase and development of technical infrastructure systems in real estate projects for transfer, lease or sublease of rights to use land areas where technical infrastructure is available.
They may also purchase or rent with an option to purchase houses, construction works or construction floor areas in construction works for sale, lease or lease-purchase, and be entitled to rights to use land areas on which technical infrastructure systems have been built in real estate projects for transfer or lease.
Noteworthily, overseas Vietnamese who do not hold Vietnamese citizenship will be subject to some restrictions regarding forms of real estate business which they can deal in. Specifically, they will be entitled to invest only in the construction of houses and construction works for sale, lease or lease-purchase and technical infrastructure facilities for transfer, lease or sublease of rights to use land areas where technical infrastructure is available.
The new Law also specifies types of real estate which may be put for business, real estate business principles, operation of real estate exchanges, conditions for provision of real estate consultancy and real estate management services, requirements on future houses and construction works to be put for real estate business, down payments and payments for purchase and sale or lease-purchase of future houses and construction works.
The full text of the Law is available on Official Gazette Nos 13-18/2024.- (VLLF)
