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Buying Vietnam property is a valid option for foreigners. In Vietnam, the land is owned by the people and governed by the state. However there are ways for foreigners to achieve their goals of buying Vietnam property. Following are Healy Consultants' services and information related to buying Vietnam property:

Buying Vietnam property is on a lease basis. Foreigners residing in Vietnam can buy an apartment and can also buy a house, although the land which the house sits on is leased from the government. Foreigners can also buy Vietnam property by forming i) a joint venture company with a local partner ii) a wholly foreign-owned company iii) a Build, Operate and Transfer (BOT) company or one of its variants.

The process of buying Vietnam property requires registrations of land use rights as land can not be owned in Vietnam.

Healy Consultants works with international investors to effectively manage all aspects in the process of buying Vietnam property, and for selling property in Vietnam, whether that be for residential real estate purposes or commercial real estate purposes.

When the new Circular 13 law comes into effect on 1 January 2009, buying Vietnam property will be an option for foreigners so long as they fall into one of following five categories, i) individuals who already invest directly into Vietnam ii) individuals who have been awarded by the State President or Prime Minister iii) individuals with a university degree in a desired sector iv) individuals who are married to a Vietnamese person iii) via companies that are not real estate related. Restrictions apply including, apartments must be in approved housing developments and there is a lease period of 50 years. Some investors may not be attracted by this law as the properties must be occupied by the owners and not rented out, however it is an investment option for expatriates living in Vietnam.

Healy Consultants will appoint and supervise a local lawyer to ensure all the legal aspects associated with buying Vietnam property are undertaken correctly and the strengths of local laws are utilized to protect asset ownership. The processes our firm will undertake include:

Creating a legal engagement agreement between our client and the Vietnam lawyer outlining roles and responsibilities, terms and conditions and legal fees related to buying Vietnam property

Collecting the due diligence from the lawyer to ensure our client is adequately protected when buying Vietnam property.

Monitoring the key legal dates of execution, including settlement date, date of handover of keys.

Review all legal documents to ensure our client is adequately protected when buying Vietnam property.

Ensure our client’s Vietnam lawyer is frequently communicating with all parties to the property transaction, including mortgage bank, local government authorities and counterpart lawyers.