Opening a bank account in VN as a tourist?

You can't own property in VN unless married to a VN citizen. One Google search would show you this immediately.

I was talking about the VN condo with 50 years leasehold construction.

Can I suggest that you open your laptop spreadsheet and make a comparison between a purchase/50 year lease and renting a similar apartment while keeping your money in the bank, presumably at a good rate.  Even if you build in a fair rate of inflation in both condo value and rent cost, renting may come out ahead.  I am not doing that exercise but you may want to.  Remember too, that unless your heirs are Vietnamese citizens, converting the condo to cash could be difficult after you are gone.

Mangoshake wrote:

I have sold a condo in Thailand and now I consider to open a bank account in Vietnam just with a simple tourist visa and transfer from my Thai-bank account roughly 2 million baht (about 75k USD) to Vietnam with the purpose of buying a condo.1. Is this possible or will i walk into a bunch of complicated  problems?

Latest Banking Regulations for foreigners discussed in this thread

Adambpg wrote:

You can't own property in VN unless married to a VN citizen. One Google search would show you this immediately.

I suggest you educate yourself about ownership laws in Vietnam before posting incorrect information.

Property

Mangoshake wrote:

I have sold a condo in Thailand and now I consider to open a bank account in Vietnam just with a simple tourist visa and transfer from my Thai-bank account roughly 2 million baht (about 75k USD) to Vietnam with the purpose of buying a condo.1. Is this possible or will i walk into a bunch of complicated  problems?( I don't have to buy a condo here i mean i can also just rent and keep the funds in the bank in Thailand) 2.Will i automatically become a fiscal resident in Vietnam after buying a condo as a tourist?  (I don't plan to stay longer then 180 days of each year) 3. Do i need to show to the new VN bank documents of that thai sale of that condo or any other documents requirements with large int money transfers?

My take on it :-
Depending on where you are planning to stay 75k wont go far certainly in HCMC but Vung Tau or Nha Trang, Da Nang certainly just now it might.

1...............As a Dutch citizen when the borders do eventually open the best tourist visa you could hope for pre Covid was 3 months with 1 months extensions (as I remember, been so long) but when tourists are eventually allowed in who knows what the rules will be. Going back about 3 years ago you would be able to open a bank account here on a tourist visa no problem but now I doubt it. Also on a tourist visa you might find it actually difficult to buy a place. On the internet you will see lots of stuff about how it is possible but when I went to buy (50 year lease) using a lawyer 2 years back I was told it was "complicated" I did eventually buy a place (50 year lease) but not on a tourist visa.

2.........As far as fiscal resident as a tourist & taking into account my answer to item 1, I doubt you will be but there are others on here better up on the law than me to answer that one. But from my personal experience on the property side if you do eventually manage to buy (50 year lease) a place & then sell it down the line you will definitely have tax to pay on the sale & various other expenses. I have first hand experience on that front.

3.........Again taking into account my answer to item 1 & 2 if you do actually manage to open a bank account & buy a place (50 year lease) my personal experience transferring money into my accounts here from overseas I can honestly say I have never been asked to prove how that money was come by & the sums have been considerably more than 75kusd. Others might have different advice on this but thats been my experience.

goodolboy wrote:

Mangoshake wrote:

I have sold a condo in Thailand and now I consider to open a bank account in Vietnam just with a simple tourist visa and transfer from my Thai-bank account roughly 2 million baht (about 75k USD) to Vietnam with the purpose of buying a condo.1. Is this possible or will i walk into a bunch of complicated  problems?( I don't have to buy a condo here i mean i can also just rent and keep the funds in the bank in Thailand) 2.Will i automatically become a fiscal resident in Vietnam after buying a condo as a tourist?  (I don't plan to stay longer then 180 days of each year) 3. Do i need to show to the new VN bank documents of that thai sale of that condo or any other documents requirements with large int money transfers?

My take on it :-
Depending on where you are planning to stay 75k wont go far certainly in HCMC but Vung Tau or Nha Trang, Da Nang certainly just now it might.

1...............As a Dutch citizen when the borders do eventually open the best tourist visa you could hope for pre Covid was 3 months with 1 months extensions (as I remember, been so long) but when tourists are eventually allowed in who knows what the rules will be. Going back about 3 years ago you would be able to open a bank account here on a tourist visa no problem but now I doubt it. Also on a tourist visa you might find it actually difficult to buy a place. On the internet you will see lots of stuff about how it is possible but when I went to buy (50 year lease) using a lawyer 2 years back I was told it was "complicated" I did eventually buy a place (50 year lease) but not on a tourist visa.

2.........As far as fiscal resident as a tourist & taking into account my answer to item 1, I doubt you will be but there are others on here better up on the law than me to answer that one. But from my personal experience on the property side if you do eventually manage to buy (50 year lease) a place & then sell it down the line you will definitely have tax to pay on the sale & various other expenses. I have first hand experience on that front.

3.........Again taking into account my answer to item 1 & 2 if you do actually manage to open a bank account & buy a place (50 year lease) my personal experience transferring money into my accounts here from overseas I can honestly say I have never been asked to prove how that money was come by & the sums have been considerably more than 75kusd. Others might have different advice on this but thats been my experience.

In Vung Tau you will get a place around 50 sqmts for that price. Older places you could get something bigger.

colinoscapee wrote:

In Vung Tau you will get a place around 50 sqmts for that price. Older places you could get something bigger.

How much does that 50 m2 place rent for?

THIGV wrote:

colinoscapee wrote:

In Vung Tau you will get a place around 50 sqmts for that price. Older places you could get something bigger.

How much does that 50 m2 place rent for?

Depends if its furnished or unfurnished,location, style of building,views.

Mangoshake wrote:

I have sold a condo in Thailand and now I consider to open a bank account in Vietnam just with a simple tourist visa and transfer from my Thai-bank account roughly 2 million baht (about 75k USD) to Vietnam with the purpose of buying a condo.1. Is this possible or will i walk into a bunch of complicated  problems?( I don't have to buy a condo here i mean i can also just rent and keep the funds in the bank in Thailand) 2.Will i automatically become a fiscal resident in Vietnam after buying a condo as a tourist?  (I don't plan to stay longer then 180 days of each year) 3. Do i need to show to the new VN bank documents of that thai sale of that condo or any other documents requirements with large int money transfers?

You don't mention if you have been to Vietnam before. If not, leave your money where it is for the time being until you've got some in-country experience and knowledge.

If you have,  you are probably aware of the issues with the quality of construction/building as well as that of urban areas in VN, similar to most of Southeast Asia.

You may be able to find a suitable unit in a sort of nice area, but what will be like in 5 or 10 years in terms of its condition and the other buildings going up around you?

colinoscapee wrote:

In Vung Tau you will get a place around 50 sqmts for that price. Older places you could get something bigger.

Yep.  At the moment, units in Saigonres (10 years old, next to Nguyen Kim) are sold for 1.7B - 1.9B.

Edit to correct:  It's a B, not M behind the prices.

Leaseholds 50 years are far from ideal and usually i never touch it but now i was considering it just for one time and not for an expensive unit. Keep money in a bank can be risky also. But now again i come to conclusion that renting in VN is much more practical. I probably will will buy something in Cambodia and or again something in Thailand.

Thank you.

I was thinking about Danang mainly because its a bit cooler temperatures there in certain months of the year. And slightly more affordable real estate prices.

I probably will have to become a tax resident after buying a condo in VN because i will need another type of visa and sone kind of permanent  and or semi permanent resident card. These requirements will automatically set me up for becoming a worldwide tax resident in VN.

I feel their system its too vague and too complicated and their 50 years lease without even an extension its too poorly besides that its expensive purchase prices.  I probably better off buying in another country probably Phillipines Cambodia and or Thailand.

Ciambella wrote:

colinoscapee wrote:

In Vung Tau you will get a place around 50 sqmts for that price. Older places you could get something bigger.

Yep.  At the moment, units in Saigonres (10 years old, next to Nguyen Kim) are sold for 1.7M - 1.9M.

Oh now i see how to quote here instead of just to reply.
I am fine with a fixer upper unit it doesn't needs to be a new unit at all and 50 sqm its fine. But i would perfer Danang and the problem seems to be the overall complicated process and regulations vaguely.

Mangoshake wrote:

Thank you.

I was thinking about Danang mainly because its a bit cooler temperatures there in certain months of the year. And slightly more affordable real estate prices.

I probably will have to become a tax resident after buying a condo in VN because i will need another type of visa and sone kind of permanent  and or semi permanent resident card. These requirements will automatically set me up for becoming a worldwide tax resident in VN.

I feel their system its too vague and too complicated and their 50 years lease without even an extension its too poorly besides that its expensive purchase prices.  I probably better off buying in another country probably Phillipines Cambodia and or Thailand.

Are you seriously thinking you will be owning the same premises after 50 years and therefore cant get an extension.

Mangoshake wrote:

I probably will have to become a tax resident after buying a condo in VN because i will need another type of visa and sone kind of permanent  and or semi permanent resident card. These requirements will automatically set me up for becoming a worldwide tax resident in VN.

Are you thinking that buying real estate will make you become a tax resident?

If that's the case, then you probably should adjust that thought.  You don't get any preferential treatment or get pumped up to a special visa category by owning a home here.  You don't get a temporary permanent card, let alone semi-permanent card.  In order to have a TRC, you have to marry a Vietnamese, or become an investor, or serve in the board of director of an investment company, or being recognised as an expert in certain field and have an employment contract with a company in that capacity.

The universally accepted legal definition of tax resident has nothing to do with the right to stay in this country.

Mangoshake wrote:

I feel their system its too vague and too complicated and their 50 years lease without even an extension its too poorly besides that its expensive purchase prices.  I probably better off buying in another country probably Phillipines Cambodia and or Thailand.

In Vietnam, the land doesn't belong to the individual owner.  All land in Vietnam belongs to the population with the state as the administrator.  The "owner" of the house, the farm, the factory etc. only has the land-use rights, and that's the reason behind the 50 year lease which applies to everyone in this country.

In reality, the extension is automatic, at least to the locals.  No one in the North, whether he's a local or a foreigner, has ever been asked to move his house to another lot, or replant his trees elsewhere, or stop growing the rice in his field at the end of 50 years.  Even though the new regime has only been ruling the South for 46 years, it's a safe assumption that the South will not be treated differently from the North.

I just swiftly try to understand something about VN real estate regulations . (I am single guy not married) wont stay over 180 days a year in VN.
1. So if i like to buy a leasehold unit in VN than what kind of visa do i need? 2. Furthermore To open a local bank account in VN what visa do i need?
3. Will having purchased  a leasehold unit in VN sets me up me for tax resident in VN meaning declaring of my assets outside of VN ? In Spain for example it works that way if you buy a property  there..

Adambpg wrote:

You can't own property in VN unless married to a VN citizen. One Google search would show you this immediately.

Foreigner Can buy a property even if s(he) only holds a tourist visa

sanooku wrote:

Adambpg wrote:

You can't own property in VN unless married to a VN citizen. One Google search would show you this immediately.

Foreigner Can buy a property even if s(he) only holds a tourist visa

Do you or anyone on the forum know anyone who has actually managed to buy a place here on a tourist visa?

goodolboy wrote:

sanooku wrote:

Adambpg wrote:

You can't own property in VN unless married to a VN citizen. One Google search would show you this immediately.

Foreigner Can buy a property even if s(he) only holds a tourist visa

Do you or anyone on the forum know anyone who has actually managed to buy a place here on a tourist visa?

I presonally know two guys here in Vung Tau who have done it and have the pink book in their name.

I think it is different in each city as uniform laws are not followed very well.

PS, I just contacted one friend and he confirmed that he bought it whilst on a tourist visa.

colinoscapee wrote:

goodolboy wrote:

sanooku wrote:

Foreigner Can buy a property even if s(he) only holds a tourist visa

Do you or anyone on the forum know anyone who has actually managed to buy a place here on a tourist visa?

I presonally know two guys here in Vung Tau who have done it and have the pink book in their name.

I think it is different in each city as uniform laws are not followed very well.

PS, I just contacted one friend and he confirmed that he bought it whilst on a tourist visa.

Just as a matter of interest, are/were they on 3 months tourist visa or US citizens on a 1 year tourist visa & how long ago did they make the purchase?
On another matter of interest as an update for others possibly, is it possible now to open a bank account on a tourist visa? just trying to remember all about the posts/debate from pre Covid that it was getting difficult or not possible.

goodolboy wrote:

colinoscapee wrote:

goodolboy wrote:

Do you or anyone on the forum know anyone who has actually managed to buy a place here on a tourist visa?

I presonally know two guys here in Vung Tau who have done it and have the pink book in their name.

I think it is different in each city as uniform laws are not followed very well.

PS, I just contacted one friend and he confirmed that he bought it whilst on a tourist visa.

Just as a matter of interest, are/were they on 3 months tourist visa or US citizens on a 1 year tourist visa & how long ago did they make the purchase?
On another matter of interest as an update for others possibly, is it possible now to open a bank account on a tourist visa? just trying to remember all about the posts/debate from pre Covid that it was getting difficult or not possible.

No, he is Australian on a tourist visa as of 3-years ago.

goodolboy wrote:

Do you or anyone on the forum know anyone who has actually managed to buy a place here on a tourist visa?

This is how the law is written on that subject:

Article 159. Subjects to own houses by foreign organizations and individuals

1. Foreign organizations and individuals who are entitled to own houses include:
[snip]

c) Foreign individuals permitted to enter Vietnam.

Source: Law No. 65/2014 / QH13

There's no specification on the type of visa.  Based on the Q&A which I've read from several law firm websites, all lawyers interpret it as everything goes.

Ciambella wrote:

goodolboy wrote:

Do you or anyone on the forum know anyone who has actually managed to buy a place here on a tourist visa?

This is how the law is written on that subject:

Article 159. Subjects to own houses by foreign organizations and individuals

1. Foreign organizations and individuals who are entitled to own houses include:
[snip]

c) Foreign individuals permitted to enter Vietnam.

Source: Law No. 65/2014 / QH13

There's no specification on the type of visa.  Based on the Q&A which I've read from several law firms websites, all lawyers interpret it as everything goes.

Any update on opening bank accounts on tourist visa...............not for me as I am all set up as of years ago but with possibility of borders opening up some people might find it of interest.

Ciambella wrote:

There's no specification on the type of visa.  Based on the Q&A which I've read from several law firm websites, all lawyers interpret it as everything goes.

However, Decree 99/2015 / ND-CP on Housing Law indicates that "foreign organizations and individuals that are eligible to own houses in Vietnam may only purchase from investors in housing construction projects or from foreign organizations and individuals specified in Point b, Clause 4, Article 7 of this Decree."

What that means is foreigners are not allowed to buy apartments from Vietnamese individuals.

Also, foreigners are not allowed to purchase more than 30% of the total number of units in one apartment building, and/or no more than 10% of the total number of houses in each project.

Ciambella wrote:

Ciambella wrote:

There's no specification on the type of visa.  Based on the Q&A which I've read from several law firm websites, all lawyers interpret it as everything goes.

However, Decree 99/2015 / ND-CP on Housing Law indicates that "foreign organizations and individuals that are eligible to own houses in Vietnam may only purchase from investors in housing construction projects or from foreign organizations and individuals specified in Point b, Clause 4, Article 7 of this Decree."

What that means is foreigners are not allowed to buy apartments from Vietnamese individuals.

Also, foreigners are not allowed to purchase more than 30% of the total number of units in one apartment building, and/or no more than 10% of the total number of houses in each project.

What that means is foreigners are not allowed to buy apartments from Vietnamese individuals.


Yes but can sell back to Vietnamese citizens.

goodolboy wrote:

Any update on opening bank accounts on tourist visa...............not for me as I am all set up as of years ago but with possibility of borders opening up some people might find it of interest.

According to Circular 02/2019 / TT-NHNN:

"7. Clause 1, Clause 2 and Clause 4 Article 12 are amended and supplemented as follows:

For an individual account:

b) ... entry visa or proof of visa exemption (for foreign individuals) of the account holder"

Source: State Bank of Vietnam

Again, since the law doesn't specify the type of visa, the Law Library interprets it as anyone who enters the country legally can open a bank account.

colinoscapee wrote:

goodolboy wrote:

sanooku wrote:

Foreigner Can buy a property even if s(he) only holds a tourist visa

Do you or anyone on the forum know anyone who has actually managed to buy a place here on a tourist visa?

I presonally know two guys here in Vung Tau who have done it and have the pink book in their name.

I think it is different in each city as uniform laws are not followed very well.

PS, I just contacted one friend and he confirmed that he bought it whilst on a tourist visa.

I presonally know two guys here in Vung Tau who have done it and have the pink book in their name.

Lucky them, just passed Phuc Yen 2 & some apartments are hanging the banners saying they have the Red Books now.................thats about 6 years since the project was completed & residents moved in!

Ciambella wrote:

goodolboy wrote:

Any update on opening bank accounts on tourist visa...............not for me as I am all set up as of years ago but with possibility of borders opening up some people might find it of interest.

According to Circular 02/2019 / TT-NHNN:

"7. Clause 1, Clause 2 and Clause 4 Article 12 are amended and supplemented as follows:

For an individual account:

b) ... entry visa or proof of visa exemption (for foreign individuals) of the account holder"

Source: State Bank of Vietnam

Again, since the law doesn't specify the type of visa, the Law Library interprets it as anyone who enters the country legally can open a bank account.

Ahhhhhhhh now I remember it was term deposits that there was problems with if you have a tourist visa.......right?

Ciambella wrote:

What that means is foreigners are not allowed to buy apartments from Vietnamese individuals.

goodolboy wrote:

Yes but can sell back to Vietnamese citizens.

Yes.  And the automatic extension is applied to Vietnamese buyers:

"For foreigners who want to sell houses in Vietnam under Clause 4, Article 7 of Decree No. 99/2015 / ND-CP:

a) In case of sale or gift to domestic organizations, households or individuals or Overseas Vietnamese, the buyer or recipient may own the house in long-term stable status."

Mangoshake wrote:

Their 50 years lease without even an extension its too poorly beside that its expensive purchase prices.

For foreigners, an extension is granted upon request according to Clause 1, Article 77 of Decree No. 99/2015 / ND-CP.  The extension is granted once, for another 50 years, and the  foreigner will receive a certificate of land ownership in Vietnam.

(In re: the last sentence, I only translated as it's written  "Sau khi hoàn thành thủ tục gia hạn, người nước ngoài sẽ nhận được giấy chứng nhận quyền sở hữu đất tại Việt Nam".  The true meaning of it is something I cannot assume.)

goodolboy wrote:

Ahhhhhhhh now I remember it was term deposits that there was problems with if you have a tourist visa.......right?

Yep.  According to the provisions of Circular 49/2019 / TT-NHNN, only foreign individuals who are allowed to reside in Vietnam for a period of 6 months or more can buy into term deposits.

BTW, I've been drowning myself in the researching, reading, and translating the laws today.   Let's wait for a couple days before you guys come up with more legal questions, OK?   

Well its obvious why most foreign visitors do not invest in real estate in VN. First of the majority of it seems pricey, Then the complete process is made to complex, to vague, bank account opening uncertain, visa uncertain , resale uncertain, 50 years lease is another deathtrap. That's not the way to attract foreign buyers with such complicated uncertain process.. i just rent in VN.

Mangoshake wrote:

i just rent in VN.

I just rent in Việt Nam!  -  Best decision you have made all day      It's not impossible, but also not as straight forward as you would think - and I might add, find a reputable company to manage your rented property while you are away.   I recommend you rent, don't buy unless you have lived here a number of years - we had a group of Scandanavian Snow Birds that thought they could do that in Vietnam as they did in Thailand............come to Nha Trang in November, go home in April.  Came back in November to find Vietnamese families living in their units, no amount of money could dislodge them,  Police wouldn't help, Courts were backed up and not interested - there is an obscure law in the line of 'abandonment of property' the unscrupulous  management took advantage of.   Last I heard they cut their losses and moved back to Thailand.

Wrong. You can buy any apartments in residence you want (during 50 years) even with a tourist visa. Foreigners just cannot buy lands or houses.

Golgo13 wrote:

Wrong. You can buy any apartments in residence you want (during 50 years) even with a tourist visa. Foreigners just cannot buy lands or houses.

You may want to add a link backing up your theory.

colinoscapee wrote:

Golgo13 wrote:

Wrong. You can buy any apartments in residence you want (during 50 years) even with a tourist visa. Foreigners just cannot buy lands or houses.

You may want to add a link backing up your theory.

Its a fact not a theory