19-03-24 MTParners
According to the provisions of Article 186, Clause 1 of the 2013 Land Law (currently in effect): Vietnamese nationals residing abroad who fall under the category of individuals entitled to ownership of residential houses as stipulated by the law on residential housing are entitled to ownership of residential houses attached to land use rights in Vietnam.
At the same time, based on the provisions of Article 8 of the 2014 Housing Law regarding the conditions for recognizing the ownership rights of Vietnamese nationals residing abroad, Vietnamese nationals residing abroad must meet two conditions:
a) Allowed to enter Vietnam; and
b) Having a legal residence through purchasing, leasing, purchasing residential houses through commercial transactions with real estate enterprises (hereinafter referred to as real estate businesses); buying, receiving as gifts, receiving in exchange, inheriting residential houses from households, individuals; receiving the transfer of land use rights in commercial housing construction investment projects allowed to sell land lots for self-construction of residential houses according to the provisions of the law.
So, according to current regulations, Vietnamese nationals residing abroad are not allowed to receive the transfer (purchase) of land use rights in Vietnam, but are only allowed to use land use rights through transactions attached to residential houses as stipulated in the Housing Law as mentioned above. However, this restriction will cease to apply from January 1, 2025.
By the Land Law of 2024, recently passed by the National Assembly of Vietnam and set to take effect on January 1, 2025 (replacing the Land Law of 2013), it is stipulated that Vietnamese nationals residing abroad, who are Vietnamese citizens, are considered individuals using land like Vietnamese nationals residing within the country.
Furthermore, based on the provisions of Point b, Clause 1, Article 28 of the Land Law of 2024, Vietnamese nationals residing abroad who are Vietnamese citizens are allowed to receive the transfer of land use rights in Vietnam.
Therefore, it can be seen that the Land Law of 2024 has expanded the land use rights of Vietnamese nationals residing abroad who are Vietnamese citizens, thereby harnessing the financial resources of the Vietnamese diaspora community and limiting non-transparent, non-disclosed transactions.
MT & Partners hopes that this article will provide valuable knowledge for our readers.
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