New regulations of the Land Law 2024 on real estate business activities for Vietnamese residing abroad

Along with the promulgation of the Land Law 2024, the Real Estate Business Law 2023 was also issued to amend and supplement regulations for Vietnamese people residing abroad. Accordingly, Vietnamese people residing abroad have the same rights and obligations related to land as domestic citizens and carry out real estate business activities like Vietnamese citizens. 

According to the provisions of Article 10 of the Law on Real Estate Business 2023, which regulates the forms and scope of housing business, construction works and land use rights with technical infrastructure in real estate projects, transferring Transfer of real estate projects of domestic organizations and individuals, Vietnamese residing abroad, and economic organizations with foreign investment. Vietnamese people residing abroad who are Vietnamese citizens according to the law on nationality and are allowed to enter Vietnam are allowed to do real estate business in the forms specified in Article 10 of the Law on Real Estate Business. production in 2023.

In addition, to comply with the provisions of the Land Law 2024, people of Vietnamese origin residing abroad as prescribed in Clause 3, Article 10 of the 2023 Real Estate Business Law are allowed to do real estate business. Real estate in various forms includes:

One is, Investing in housing construction, construction works associated with land use rights for sale, lease, or lease purchase through real estate projects implemented in accordance with the form, purpose and land use term according to regulations. provisions of land law;

TwoInvesting in the construction of technical infrastructure in real estate projects to transfer, lease, and sublease land use rights with technical infrastructure in accordance with the form, purpose, and term of land use. according to the provisions of land law;

Third, forms of real estate business specified in Points dd and g, Clause 1 of this Article. In addition, Vietnamese people residing abroad are allowed to buy, rent, or lease-purchase houses, construction projects, and construction floor areas in construction projects for use and business. For people of Vietnamese origin residing abroad, they are allowed to buy, rent, or hire-purchase construction projects and the construction floor area in construction projects to use according to the construction's functions.

Thus, for Vietnamese people residing abroad, they are allowed to invest in the construction of houses and construction projects for sale, lease, lease purchase, and invest in the construction of technical infrastructure in projects. Real estate has technical infrastructure. Such regulations have expanded the rights of Vietnamese people residing abroad in real estate business activities in Vietnam. At the same time, it also shows that when the Land Law 2024 is passed, it will greatly impact other legal regulations such as the Real Estate Business Law 2023; Housing Law 2023;… From there, creating consistency in application and creating a full legal corridor for Vietnamese people residing abroad.