Guide for Viet Kieu: Get Citizenship & Buy Property
Vietnam is increasingly becoming a sought-after destination for real estate investment, especially among the Viet Kieu (overseas Vietnamese) community. With its bustling cities, beautiful landscapes, and promising economic growth, many Viet Kieu are looking to reconnect with their roots by acquiring property in their homeland. However, the path to property ownership in Vietnam can be different for Viet Kieu, depending on their citizenship status. In this article, we’ll explore how Viet Kieu can obtain Vietnamese citizenship, and why doing so can significantly enhance their ability to own property in Vietnam just like any local.
Why Vietnamese Citizenship Matters for Viet Kieu
As a foreigner, property ownership in Vietnam typically comes with limitations. For instance, foreign nationals can generally only obtain a 50-year leasehold on properties, rather than full ownership and they can only buy apartments. This can be a significant drawback for those looking to make a long-term investment or establish a permanent residence in Vietnam.
On the other hand, acquiring Vietnamese citizenship allows Viet Kieu to enjoy the same property rights as Vietnamese nationals. This means they can own property on a freehold basis, which provides more security and flexibility in their investments, both for apartments and landed properties. Moreover, Vietnamese citizenship can also facilitate smoother legal and administrative processes related to property transactions, making it easier to buy, sell, or lease properties in the future. Also, bank financial support is available for them.
Steps to Obtain Vietnamese Citizenship
For Viet Kieu interested in obtaining Vietnamese citizenship, the process involves several key steps:
1. Proof of Vietnamese Origin:
This is the first and most crucial step. Viet Kieu must provide documents proving their Vietnamese heritage. These documents can include birth certificates, old Vietnamese passports.
2. Current Citizenship Documents:
Viet Kieu applicants must also submit their current passport to verify their present citizenship and country of residence.
As Vietnam is poised to pass a new Real Estate Law in 2024, which will enable Viet Kieu to purchase properties with the same rights as locals, the process for obtaining Vietnamese citizenship is expected to become more straightforward. For those of Vietnamese origin, even if they do not meet the traditional requirements, the new law may facilitate a smoother citizenship application process. However, since this law has not yet been enacted, Viet Kieu who possess both a Vietnamese birth certificate and a passport from their current country of residence can proceed with their application, potentially receiving provisional Vietnamese citizenship for up to six months. For others, it might be necessary to await further guidance and details once the new law is officially implemented.
Benefits of Citizenship for Property Ownership
Once Viet Kieu obtain Vietnamese citizenship, they can fully participate in the Vietnamese real estate market. As citizens, they have the right to:
- Own property freehold: Unlike leasehold, freehold ownership provides permanent ownership of the property, making it a more secure and long-term investment.
- Access to a wider range of properties: Certain types of properties and developments are only available to Vietnamese nationals, so having citizenship expands the options available to Viet Kieu buyers.
- Simplified legal procedures: As citizens, Viet Kieu can bypass many of the restrictions and complications that foreign buyers may face, streamlining the process of purchasing, selling, or leasing property.
Real-Life Success Stories
In our recent video, we featured Mike cao, who helped many Viet Kieu successfully navigated the process of obtaining Vietnamese citizenship and KC in helping them buying property.Â
They shared their experience, highlighting the importance of having all the necessary documents and the patience required during the waiting period. Their story serves as an inspiration to other Viet Kieu considering this path, demonstrating that while the process may be thorough, the rewards are well worth it.
For Viet Kieu looking to invest in Vietnam, obtaining Vietnamese citizenship is a strategic move that opens up a world of opportunities in the real estate market. It not only allows for full property ownership but also strengthens the connection to their heritage.Â
If you’re considering this path, start gathering your documents and consult with a legal expert to guide you through the process. The dream of owning property in your homeland is within reach, and with Vietnamese citizenship, you can enjoy the full benefits that come with it.
