Visa Gold in the Green Hills of Vietnam

From Visa Runs to Golden Visas…

Before COVID, Vietnam was a relatively easy destination for foreign residents. Many used a 90-day “visa run” to live in the country for years.

During the pandemic the government instructed most foreigners to leave immediately, uprooting thousands of lives. Since then there haven’t been any options for long-term residency except investment visas.

But recently… Vietnam’s tourism board proposed three new types of long-term visa:

• A 5- to 10-year Golden Visa requiring a minimum investment in approved real estate projects.
• A 10-year investment visa in exchange for capital investments in Vietnamese companies or contributions to government funds.
• A 5-year visa for skilled professionals in IT, education, and healthcare.

All three categories include spouses and dependent children as well as unlimited entry and exit to and from Vietnam. You can work for foreign employers or clients—not for local companies. But if you start your own company, you can run it.

Reports suggest real estate spending of $250,000 to $400,000, or a business investment of $100,000 to $300,000 will be required.

However, the new visas may require some adjustments to other laws. Foreigners cannot own land in Vietnam, but may own structures built on it. The land itself is leased for up to 50 years, with a possibility of a one-time extension of another 50 years. This allows foreigners to lease, mortgage, or transfer their properties during that period. Foreigners are limited to 30% of the total number of units in a condominium, and 10% of houses in a given ward, to a maximum of 250. Presumably some of this will need to be changed to encourage property investors.

The tourism board is frank about their rationale: competition from neighbors. Thailand, Malaysia, and Cambodia all offer residency by investment programs, which are becoming popular as Europe becomes more restrictive. By contrast, Vietnam still hasn’t recovered from the hit its tourism sector took in 2020.

The new visas are being marketed heavily in South Asia, especially India and Pakistan. 

Those who know it will need no introduction to Vietnam. I visited a decade ago. The country is spectacularly beautiful, the people are friendly, and the food is exceptionally tasty.

But what impressed me above all was how western-style capitalism had succeeded in transforming colonial Saigon into a gleaming modern city. Given the country’s communist government, it was jarring to see billboards advertising western luxury brands on the way into town from Tan Son Nhat Airport.

Vietnam’s cost of living is low, even when compared to its neighbours. Many expats have reported living comfortably on $1,000 to $1,500 a month. Beaches, mountains, and rural landscapes are in easy reach of cities like Ho Chi Minh, Da Nang, and Hanoi. The climate is warm and humid with little temperature variation, but there is an annual monsoon season.

On the downside, Vietnamese bureaucracy is opaque, unsympathetic, and slow. Urban areas are crowded and noisy, especially with their ubiquitous scooters. Their two-stroke engines contribute to significant air pollution. Private healthcare is good, but public hospitals leave much to be desired. English isn’t widely spoken except in cities and towns.

If you’re the type that enjoys a tropical climate, an exotic culture and cuisine, and the opportunity to travel from one of the most central locations in Southeast Asia, why not book a consult with me? I’ll help you explore the opportunity of a life in Vietnam.

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