When considering an investment in the oversea property market, Hongkongers tend to choose somewhere cheap and somewhere near, making the South East Asia property market a very popular choice. Among common choices like Malaysia real estate market and Thailand real estate market, Vietnam real estate market is one of the favorites of Hong Kong investors. The property price in Vietnam is relatively low yet the market has great potentials. Here are some of the FAQs about real estate equity investment in Vietnam.
Q: Can Hong Kong citizens purchase Vietnam real estate?
A: Yes and no. It is okay for foreigners to purchase real estate in Vietnam, yet foreigners cannot purchase the land. In other words, foreigners can only have land use right, but not land ownership. However, with more and more foreigners investing in Vietnam real estate market, the limitations concerning real estate equity investment for foreigners have been more lenient.
Q: Where can I find a real estate agent for Vietnam real estate equity investment?
A: To suit the needs of foreign investors, most Vietnam real estate agencies can be found online. However, some of the sites do not provide an English or Chinese translation, so there may be some communication barriers. In that case, you can check out Denzity’s directory to look for Vietnam real estate experts. With the brand-new search filters, you can easily sort out real estate experts who specialize in Vietnam real estate market.
Q: What kind of taxes and fees do I have to pay when investing in Vietnam real estate market?
A: It is more or less the same as in Hong Kong. Investors have to pay value-added tax and registration tax for ownership. If you intend to let your property out for rent, you also have to pay personal income tax. To ensure you don’t miss any important fees, you’re advised to consult a Vietnam real estate expert. Where to find one you ask? Denzity has an extensive selection of real estate experts all over the world specializing in different sectors like tax, rental issues, and even feng shui. We’re sure you can find one that suits your needs.
Q: Can I do a mortgage in Vietnam banks?
A: No. It is shockingly hard for foreigners to apply for a mortgage in Vietnam unless you’re married to a Vietnam citizen, or have oversea Vietnam citizenship. The most common practice will be an installment plan. Vietnam banks usually require buyers to travel to Vietnam and hand in the documents by person. Remember to keep all the bank records to protect yourself.
Q: Can I let my property for rent in Vietnam?
A: Yes. Yet if you’re in Hong Kong, note that the currency used in Vietnam VND is not a major currency in Hong Kong, so when you transfer the money back to Hong Kong, you may need to pay a higher transfer fee. This also applies to all the fees you have to pay when purchasing Vietnam real estate. Some of the banks and agencies don’t even accept USD. Do check twice with your real estate expert and compare the fees of different money transfer channels before you decide which one is the best for you.
Purchasing Vietnam real estate market is indeed a good investment choice. Yet, with the language barriers, it is preferred to find a real estate expert in Hong Kong specialized in Vietnam real estate market to assist you along the purchase process. Go to Denzity today and start your real estate equity investment journey!