Provisions on the Acquisition of Residential Houses by Foreign Citizens Clarified

As a follow-up to Regulation of the Minister of Agrarian Affairs and Spatial Planning/Head of the National Land Agency (“Minister”) No. 18 of 2021 on Procedures for the Determination of the Right to Manage and Rights over Land,[1] the Minister has issued Decree No. 1241/SK-HK.02/IX/2022 on the Acquisition and Prices of Residential Houses for Foreign Citizens (“Decree 1241/2022”).[2] In order to ensure that the provisions contained under the new framework of Decree 1241/2022 are adequately implemented, the Director-General of Land Rights Determination and Registrations (“Director-General”) has also issued Letter No. HR.01/1963/XI/2022 on Guidelines for the Implementation of Decree 1241/2022 (“Letter 1963/2022”).[3]