Buy property under the name of a Vietnamese citizen?

colinoscapee wrote:

I have a friend,Tomas Wheelbarrow 15th,from Nigeria, he can set you up with great property deal here in Viet Nama.😂

I forget who seddit, but for want of a better word, greed is Good...     

Great has to be better than Good, right..?     I'm in!!!    How do I meet this guy..?     

Bazza139 wrote:

colinoscapee wrote:

I have a friend,Tomas Wheelbarrow 15th,from Nigeria, he can set you up with great property deal here in Viet Nama.😂

I forget who seddit, but for want of a better word, greed is Good...     

Great has to be better than Good, right..?     I'm in!!!    How do I meet this guy..?     

He can be found under the Long Bien Bridge.

Warning..... don't go at night, he is hard to spot.😆

Budman1 wrote:

May I suggest as a very good rule of thumb. When living in Vietnam if it needs a key and you can't put it in your name don't buy it.
Rick

That is very good advice that I highly recommend following. But, I've been ignoring it for nearly 50 years. The reason that I ignore this excellent advice is that my, Vietnamese, wife's family and I are that close and have been that close for nearly 50 years.

So, for anyone who does not have family that is completely trustworthy, DO NOT DO IT!

Note, this is not specific to Vietnam. This is true to some extent anywhere.

70 years old wrote:

Budman1 wrote:

May I suggest as a very good rule of thumb. When living in Vietnam if it needs a key and you can't put it in your name don't buy it.
Rick

So, for anyone who does not have family that is completely trustworthy, DO NOT DO IT!

Note, this is not specific to Vietnam. This is true to some extent anywhere.

Sorry, Sam.    The extent is ubiquitous.     

..Vietnam is better at it, however...

I have a friend who built a two stories house somewhere near Saigon and have his Vietnamese nephew standing in as the owner of record.  His plan was to be able to live on the second floor of the house when he comes for extended visits and occupies the whole house when he retires.  The nephew's family was allowed to live on the first floor free of charge until he retires.   About a year after completion and with the nephew's family already occupying the first floor, he received news that the nephew was already taking out loans on the house for his own benefit.  He was so distraught because this was someone he thought he could trust.  When it comes to money, people don't care.

Heard of similar stories.

Usually involves a relative abroad who bought and built a house under a Vietnamese relatives name. In this case he's getting old now and wants to sell his assets. But the relatives keep coming up with all sorts of ways to delay it hoping he dies and they get to keep it.

On issues of trust.... I know a Viet woman who was worried about her ne'er-do-well daughter getting stuck without a way to buy gas or pay for food. So she gave her a credit card for emergencies. The next bill came in for $20,000.
By divine intervention the daughter is still alive.

The way I'm reading this thread suggests anyone buying under a nominee scheme would either have to be insane or stupid.

Is that a fair assessment?

Some time ago, we considered buying a house under my wife's Aunties name.
We were quickly advised that in the event of her passing, the rest of the family would take the property. We now just rent, much safer...
Mike

I would not buy property under someone else's name! My dad bought 2 houses many years ago under his so-called best friend's name. When he tried to sell the first house, his "best friend" wanted 25% of the selling price. Second house he tried to sell, the guy wanted over 50% of the selling price to allow him to sell and harassed him and his girlfriend the entire time. They had to take the best friend to court to forced the sale but the judge said that my dad had to sell the house back at the price he bought it for because he can't profit from the house because he's not a citizen. This house was in District 2 which went up thousands of percent. It will not end well if you buy in someone else's name even if they're friendly now.

The 30% rule that overseas buyers cannot buy into a complex or apartment block should be enough for people to be aware. I met an Australian guy renting in Masteri D2, who is waiting for an apartment to become available, has to buy from an existing overseas owner and pay over the odds...
Mike

Fred wrote:

The way I'm reading this thread suggests anyone buying under a nominee scheme would either have to be insane or stupid.

Is that a fair assessment?

Geez, dunno Fred...

     Caveat Emptor doesn't seem to work here...       

      ..even (especially) the Caveat part...

       Maybe it is a Western world problem..?       

After 3-years since legislation came in, very few foreigners have bought houses. The system for buying here is still very unclear and too risky for most.

Fred wrote:

The way I'm reading this thread suggests anyone buying under a nominee scheme would either have to be insane or stupid.

Is that a fair assessment?

Speaking as someone who has bought 4 properties in Vietnam and doubled my money on selling one 1 property, your answer does sound reasonable. I have speculated in a number of properties over many decades in America and Vietnam and won some and lost some and am comfortably ahead of the game, even if the 3 remaining properties in Vietnam go bust.

I do believe that insane is more likely accurate as I am solidly ahead of the game and would not be ahead of the game if I were stupid. Note, I also have credit for three US Navy tours in the Vietnam War. Two of those tours were mostly in the Mekong Delta and were voluntary. So, I am comfortable with risk.

My, Vietnamese, wife would likely agree with you about my insanity, but, she is used to it after 48 years. I got out of the Navy halfway to retirement in 1974 and caught first available flight to Vietnam to live with my wife and then two daughters. We and a second daughter evacuated Saigon 19 April 1975. Note, I'd arranged support for my wife through Catholic Relief and had made visits to Vietnam using my 30 days a year leave from the Navy.

All in all it has absolutely been great fun. I am now 74 years old and retired, living in Vietnam. One thing I don't have are any regrets thinking about what "I could of, wish I would of, or should of done with my life."

michaellieptourists wrote:

Some time ago, we considered buying a house under my wife's Aunties name.
We were quickly advised that in the event of her passing, the rest of the family would take the property. We now just rent, much safer...
Mike

Marriage in Vietnam is automatically governed by matrimonial property law.
Assets before the marriage remain in the possession of the individual.
Income and acquisition (also properties) during the marriage are divided.
Since 2015, marriage contracts have also been accepted in Vietnam.

I would be more interested to know what happens to the land use right (registered to name of the Vietnamese spouse) if the Vietnamese spouse dies.
Foreigner can't own land use rights, but after the death of the spouse the land would have to be transferred to the spouse according to matrimonial property law.
Maybe if there are children in the marriage, the land use right goes to the children.

Maybe there is someone who knows something about this.

Aha...........Yogi's got another one on the hook.............son, you need thick skin to be a member of this forum.............we never know when Yogii's pulling our leg, or is serious. 

Mafarius..........Yogi..if that's the way feel about VN..then get out...you are despicable.

Aha!! Yogi's got another one on the hook...........son/girl, you need thick skin to e a member of this forum...........we never know when Yogi's pulling our leg, or is serious as a heart attack.............but he has lived here a very long time, and knows a lot of shenaagins that go on..............heed his advice.

Okay guys and gals,  I have been investing in Vietnam since 2000 and now "Own"  almost 4 sq kilometers of Rice Fields in the Mekong Delta  -  when i say "Own" my lady owns the property, I "own" 50% of the property but it is in the name of the Catholic Church in my name.  This was done in 2002 when we started getting serious about buying property on a grand scale, notably to protect me, but also to stop greedy family members on her side from taking it away from me if she dies, the Church owns 50% of the land, it cannot be sold unless I relinquish my rights to 'administer the land'  But alas, that was the Foreigner side of the brain thinking for me when we did it, I didn't trust her family - spent many years in Thailand and see what Thai families do when someone dies, its Gruesome.........they are like vultures when a $$ comes into play  -  I know now, I  will have ZERO  problems with this family if my lady dies before me..................we have donated a large piece as a graveyard for poor people who can't afford a burial plot................forget the Police, in Southern Vietnam get in bed with the Church, you can never go wrong.

tunnelrat69 wrote:

Okay guys and gals,  I have been investing in Vietnam since 2000 and now "Own"  almost 4 sq kilometers of Rice Fields in the Mekong Delta  -  when i say "Own" my lady owns the property, I "own" 50% of the property but it is in the name of the Catholic Church in my name.  This was done in 2002 when we started getting serious about buying property on a grand scale, notably to protect me, but also to stop greedy family members on her side from taking it away from me if she dies, the Church owns 50% of the land, it cannot be sold unless I relinquish my rights to 'administer the land'  But alas, that was the Foreigner side of the brain thinking for me when we did it, I didn't trust her family - spent many years in Thailand and see what Thai families do when someone dies, its Gruesome.........they are like vultures when a $$ comes into play  -  I know now, I  will have ZERO  problems with this family if my lady dies before me..................we have donated a large piece as a graveyard for poor people who can't afford a burial plot................forget the Police, in Southern Vietnam get in bed with the Church, you can never go wrong.

Thats a lot of land, about 1000 acres.

colinoscapee wrote:

tunnelrat69 wrote:

Okay guys and gals,  I have been investing in Vietnam since 2000 and now "Own"  almost 4 sq kilometers of Rice Fields in the Mekong Delta  -  when i say "Own" my lady owns the property, I "own" 50% of the property but it is in the name of the Catholic Church in my name.  This was done in 2002 when we started getting serious about buying property on a grand scale, notably to protect me, but also to stop greedy family members on her side from taking it away from me if she dies, the Church owns 50% of the land, it cannot be sold unless I relinquish my rights to 'administer the land'  But alas, that was the Foreigner side of the brain thinking for me when we did it, I didn't trust her family - spent many years in Thailand and see what Thai families do when someone dies, its Gruesome.........they are like vultures when a $$ comes into play  -  I know now, I  will have ZERO  problems with this family if my lady dies before me..................we have donated a large piece as a graveyard for poor people who can't afford a burial plot................forget the Police, in Southern Vietnam get in bed with the Church, you can never go wrong.

Thats a lot of land, about 1000 acres.

Maybe this is an arithmetric error and he mean 4000 sqm.

4 sq km = 4000 sq meters = 1000 acres = 1.5 sq miles

That is a good sized chunk of land

Jim-Minh wrote:

4 sq km = 4000 sq meters = 1000 acres = 1.5 sq miles

That is a good sized chunk of land

Jim,I think you will find 4sq klms is 2000 x 2000 mts which is 4,000,000 sqmts.

..mine is bigger than yours...   (so there!)     

At least Tunnelrate69 presented a solution how to protect yourself.
More such ideas should be posted here.

But from many here there are only stupid comments  and insults about foreigner who want to buy land in Vietnam.  And that really doesn't help anyone.
The problem is that these posters only pass on what they hear from their neighbours or friends, but have no personal experience of their own.

Personally I have experienced hat the buying and selling process of real estate or cars is very safe and serious.  For example, although everything is in the name of my wife, a legal sale through a notary is only possible with the signature of both spouses.

Andy Passenger wrote:

At least Tunnelrate69 presented a solution how to protect yourself.
More such ideas should be posted here.

But from many here there are only stupid comments  and insults about foreigner who want to buy land in Vietnam.  And that really doesn't help anyone.
The problem is that these posters only pass on what they hear from their neighbours or friends, but have no personal experience of their own.

Personally I have experienced hat the buying and selling process of real estate or cars is very safe and serious.  For example, although everything is in the name of my wife, a legal sale through a notary is only possible with the signature of both spouses.

Not quite true about both signatures. My friend and his wife had their house in both names, his wife was able to sign off the sale  without the husband doing anything. Trust me, its not as crystal clear as you think.

It is 4,000,000 square meters
the other figures of 1000  acres and 1.5 square miles were right
(actually 988.422 and 1.544 square miles)

Using words like 'Legal', 'Crystal Clear' and 'Trust'..?    ..in Viet Nam..?

..you guys are scaring me...     

colinoscapee wrote:

Andy Passenger wrote:

At least Tunnelrate69 presented a solution how to protect yourself.
More such ideas should be posted here.

But from many here there are only stupid comments  and insults about foreigner who want to buy land in Vietnam.  And that really doesn't help anyone.
The problem is that these posters only pass on what they hear from their neighbours or friends, but have no personal experience of their own.

Personally I have experienced hat the buying and selling process of real estate or cars is very safe and serious.  For example, although everything is in the name of my wife, a legal sale through a notary is only possible with the signature of both spouses.

Not quite true about both signatures. My friend and his wife had their house in both names, his wife was able to sign off the sale  without the husband doing anything. Trust me, its not as crystal clear as you think.

With us it was both times not like you tell.

In addition, I am still waiting for constructive solutions such as Tunnelrate.

There is always room for improvement.

But as long as my wife doesn't die unexpectedly before me, I have no concerns.

Bazza139 wrote:

Using words like 'Legal', 'Crystal Clear' and 'Trust'..?    ..in Viet Nam..?

..you guys are scaring me...     

Have you ever posted anything constructive here that would benefit the community?

You are just embarrassing.

Andy Passenger wrote:

michaellieptourists wrote:

Some time ago, we considered buying a house under my wife's Aunties name.
We were quickly advised that in the event of her passing, the rest of the family would take the property. We now just rent, much safer...
Mike

Marriage in Vietnam is automatically governed by matrimonial property law.
Assets before the marriage remain in the possession of the individual.
Income and acquisition (also properties) during the marriage are divided.
Since 2015, marriage contracts have also been accepted in Vietnam.

I would be more interested to know what happens to the land use right (registered to name of the Vietnamese spouse) if the Vietnamese spouse dies.
Foreigner can't own land use rights, but after the death of the spouse the land would have to be transferred to the spouse according to matrimonial property law.
Maybe if there are children in the marriage, the land use right goes to the children.

Maybe there is someone who knows something about this.

Or for that matter, my brother in law made very definite property wills to us for the property in his name that we "own." As my wife became a successful business woman in America over the roughly 30 years that we lived in the USA and asked me to please quit a very well paying job that I really enjoyed, which I did. The actual money that we spent on my wife's family's housing came from her business. As far as I am concerned, those properties, can go to her family. My wife expects to get her money back.

Our personal housing is a different issue. Another issue is that her brother and sister are very frail and we are helping them with living expenses. At 74 I am the oldest and by far the healthiest person involved.

Bazza139 wrote:

Using words like 'Legal', 'Crystal Clear' and 'Trust'..?    ..in Viet Nam..?

..you guys are scaring me...     

You do have a point about 'trust.' The meaning of that word doesn't translate very well. But, trust does exist in Vietnam. It just works a bit differently.

70 years old wrote:

Bazza139 wrote:

Using words like 'Legal', 'Crystal Clear' and 'Trust'..?    ..in Viet Nam..?

..you guys are scaring me...     

You do have a point about 'trust.' The meaning of that word doesn't translate very well. But, trust does exist in Vietnam. It just works a bit differently.

Not for me, Sam.
       Shakespeare's 'Love all, trust a few, do wrong to none'

                  ..works for me...     (so far)       
.

Bazza139 wrote:

70 years old wrote:

Bazza139 wrote:

Using words like 'Legal', 'Crystal Clear' and 'Trust'..?    ..in Viet Nam..?

..you guys are scaring me...     

You do have a point about 'trust.' The meaning of that word doesn't translate very well. But, trust does exist in Vietnam. It just works a bit differently.

Not for me, Sam.
       Shakespeare's 'Love all, trust a few, do wrong to none'

                  ..works for me...     (so far)       
.

It is more like, you are discussing  in general terms, when you have classified information about a subject that you are discussing with someone who does not have a legal 'need to know' for specific classified information.

Updated information.
The 'Red Book'. ís in our hands. Sadly, my wife's poôr health hás become grave and the condo will sôon be in my name only.

So sad! I am really sorry and I mean that. Here's to miracles, or at least a quiet and peaceful time for you in the future.

I'm very sorry to hear that, Mr E.  May peace and comfort find you during this difficult time.

Am happy to "see" you again, Matt.  You've been away too long.

70 years old wrote:

Updated information.
The 'Red Book'. ís in our hands. Sadly, my wife's poôr health hás become grave and the condo will sôon be in my name only.

Hi Sam,
Thinking good thoughts for Bac and you. May she have as much comfort as possible, and may you have the strength to continue being her rock.
Gordy

Ciambella wrote:

Am happy to "see" you again, Matt.  You've been away too long.

Thanks Ciambella, I'll try to drop in every now and again