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Money USD and Passport are one of the essential things when buying a home abroad, but through which route to transfer money abroad? – Photo: TL
Supporting this policy, many experts believe that it is necessary to have a suitable solution to avoid affecting people with legitimate investment needs.
People are prohibited from buying real estate abroad.
According to an MPI leader, Decree 83 on investment abroad currently has no restrictions for people who invest abroad; in fact, some cases must be limited to limit legal risks. management, security.
Therefore, in the draft decree on investment abroad this time, the Ministry of Planning and Investments has added provisions in cases where the people who are not allowed to invest abroad are cadres, officials and employees public; professional officers, NCOs, and soldiers; EPE leaders and managers; minors, people with limited capacity for civil acts, people in criminal liability process; in other cases in accordance with the provisions of the Bankruptcy Law, the Anticorruption Law.
According to leaders of the Ministry of Planning and Investments, the complementation of the previous provisions is necessary, consistent and in accordance with the law of cadres, officials, police, military. At the same time, it helps prevent “troubled” people from taking advantage of foreign investment to spread their assets.
Furthermore, the 2020 Investment Law stipulates that offshore investment in real estate is a conditional line of business. Therefore, this draft decree complements the regulation that only companies can invest in real estate in foreign countries. Individuals will not be allowed to invest in real estate businesses in foreign countries. Leaders of the Ministry of Planning and Investments emphasized in this regulation to avoid the situation of individuals who buy real estate to settle abroad without the purpose of investment or business.
However, a leader of the Department of Foreign Investment admitted that such regulation has not managed to completely overcome the law of evasion in foreign investment to buy real estate through which citizenship is obtained. Therefore, the draft decree at this time also complements the investment license provisions.
Specifically, for an application for a foreign investment registration certificate of VND 20 billion or more, it is not subject to the approval of the investment policy of the Prime Minister, the National Assembly, but MPI will request the State Bank ( SBV) provides information on the capital transferred abroad before obtaining the license, investors violate the foreign exchange management regulations to consider before the license.
“The management of offshore investment in the near future will not focus on the management of each project, but for the purposes of macro-management of currencies, foreign exchange balance, prevention of money transfers for improper purposes, money laundering,” he stated the leader of the Ministry of Planning and Investments.
Cyprus ‘golden passport’ that many foreigners want – Photo: London Daily
How effective is it?
According to Mr. Nguyen Van Toan, Vice President of the Association of Foreign Investment Companies, there are several people who want to settle down, obtain foreign citizenship, and many companies provide immigration investment services. People who pay money can settle in the US, Australia or Europe. Investment fees range from a few billion to several tens of billions of dong, depending on the country you want to go to. Therefore, the draft decree on investment abroad wants to prevent this situation, but inadvertently avoid even legitimate investors.
Also according to the leaders of the Association of Foreign Investment Companies, banning individuals, but allowing companies to invest in real estate abroad will not have much effect. People who want to circumvent the law to invest in real estate abroad are not difficult, setting up a company now only needs very little capital and then they go abroad to buy land. Individuals or a private company that invest in real estate abroad are the same, completing the investment, people can naturalize, dissolve the company. Therefore, many people are still motivated to bring money abroad to buy citizenship.
“I am not opposed to the solutions given in the decree, but I need to consider the effectiveness of the solutions, whether to prevent abuse of policies to buy foreign citizenship. When their countries have policies to attract investment, we must consider solutions to link with other countries to prevent those who invest abroad for the purpose of naturalization from avoiding internal responsibility. Most of the Vietnamese countries that want to naturalize, such as the United States, Canada, Australia … are developed countries. link to resolve, “proposed Mr. Nguyen Van Toan.
According to Mr. Toan, the abuse of foreign currency transfer to launder money, the sponsorship of terrorist organizations, the opposition must take steps to strictly deal, and private money out of pocket to invest for commercial purposes. it shouldn’t be too strict either.
With the same point of view, Dr. Nguyen Tri Hieu, an expert in the field of finance and banking, thinks that it does not make much sense to regulate natural or legal persons to invest in real estate abroad.
It is necessary to establish regulations so that individual investors and private companies can invest in what types of real estate abroad. For example, it is advisable to encourage them to invest in industrial properties, to invest in commercial properties such as shopping centers … Thus, both earning foreign exchange for the country, bringing Vietnamese brands abroad. , promoting the image of Vietnam to other countries.
If people and companies invest in the purchase of a dozen houses abroad to rent, resell or resell, they will not benefit the country, but they will lose currency, which should be limited.
The limitation and control of the transfer of foreign currency abroad, according to Dr. Nguyen Tri Hieu, is very necessary because the economy needs exchange management. Vietnam’s foreign exchange reserves are not large enough and unsustainable, so it is necessary to guarantee foreign exchange reserves and stabilize the macroeconomy. Given the current Vietnamese economic context, it is still very necessary to establish a limit on the transfer of foreign currency abroad.
“I go to Cambodia, Laos and I see a lot of people investing here. At first, they targeted small businesses, but when business conditions were good, they bought land for projects. The laws of many countries give ownership of land to people so that they can buy it and feel very safe. If there is no separate regulation, it will accidentally limit even those with legitimate investment needs ”- Mr. Nguyen Van Toan, Vice President of the Association of Foreign Investment Companies.
More than $ 20 billion in foreign investment
According to the Ministry of Planning and Investments, from 2015 until now, the number of projects invested abroad by state companies and state capital has drastically decreased, while private companies and individuals investing abroad are increasing. in many different fields and industries. Offshore investment activities contribute to increasing foreign exchange for the country through the profits remitted from projects, improving the competitiveness of the economy.
At the end of July 2020, there were 1,741 licensed overseas investment projects (investment abroad) with a total registered investment capital of approximately $ 22.9 billion. In which, there are 1,372 valid projects with a total share capital of more than 20 billion dollars. Domestic investors have transferred about 10 billion dollars abroad to invest.
Overseas investment projects of Vietnamese companies in the recent period have shifted towards more diversified markets, fields and forms of investment. In addition to the traditional markets of Laos, Cambodia, Russia …, Vietnamese companies have expanded their investments to developed countries such as Japan, the United States, Korea, Singapore, Australia, Europe, Latin America and Africa. .
In addition to industrial crops, oil and gas exploration and exploitation, and trade, many Vietnamese investors also turn to real estate, industrial production, telecommunications services, and finance and banking. goods, information technology, tourism, construction.
Top priority: control your income
Dr. Duong Kim The Nguyen, vice dean in charge of the Faculty of Law, Ho Chi Minh City University of Economics, said that it is possible that the objective of the Ministry of Planning and Investment in promulgating this regulation is to prevent illegal capital transfers to the country. in addition to recent cases that have caught the public’s attention.
In a broader perspective, the highest goal is to save resources for the country’s development while Vietnam is still in the development stage and desperately in need of capital.
However, according to Mr. Nguyen, the important question is whether you can actually manage the transfer of capital abroad, because today, although the authorities do not grant licenses, many people continue to transfer money to buy houses. Exterior.
In fact, with the current internationalization trend, it is normal for an individual or their children to move from one country to another to work, live, get married and buy a house. So the central issue here is not prohibiting but how to control your income, so the source of entry must be legal.
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