HOUSE OWNERSHIP TERM OF FOREIGN ORGANIZATIONS AT VIETNAM
Government issued Decree No. 99/2015/NĐ-CP dated 20/10/2015 detail regulations and guiding implements of some articles of Housing Law 2014. Accordingly, from 10/12/2015 house ownership term of foreign organizations regulated as follows:
- Foreign organizations are regulated at point b Clause 1 Article 159 of Housing Law 2014 will be owned with maximum term not exceed the term in Investment Certificate.
When the term in Investment Certificate is expired if owner wants to extend, the owner will be considered by state agency to extend under Article 77 of this Decree.
If Investment Certificate have no term, house ownership certificate will be also had no term.
- If foreign organizations are bankrupt, dissolved or terminated before the ownership term or Investment Certificate or document related to operating in Vietnam is revoked by Vietnamese State agency, the ownership term will be regulated under Clause 1 Article 8 of this Decree.
In case of foreign organizations converts to domestic organizations through merger or capital transfer under provisions of the law but still within ownership term, these organizations will be had long – term ownership.
The above contents are regulated in Decree No. 99/2015/NĐ-CP.
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