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Foreigners Can Buy House in China

2017-11-19 Palesmir ExpatLife

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Generally speaking, foreigners who have worked or studied in China for at least a year are permitted to buy their own property. Specific requirements, however, vary from region to region. 


For example, in Shanghai, foreigners have to be married and be able to provide the local authorities with tax receipts for 12 of the past 24 months in order to purchase a house. 


The Beijing government requires foreigners to have paid social security and taxes for at least 5 years before they are allowed to buy a house. Despite the municipal differences, foreigners can only own one property across China, and the property has to be residential.


image source: homedeas.com


 Foreigners are also required to use their purchased property for dwelling purposes only and are banned from renting it out. If you want to purchase a commercial or industrial property, you have to incorporate a company in China first. Nonetheless, just like many other regulations in China, there are ways you can get around these tight restrictions. 


For example, the central government’s curbing regulations may not be strictly followed by local enforcement. By consulting a local attorney, you might be able to purchase a second home without any problems. 


For the purpose of property registration, you have to use a Chinese name, which can be translated phonetically from your native language. Therefore if you somehow manage to buy a second house in a different place than your first, you can just use a different Chinese name to register.

Process


Now in case if you have only lived in China for half a year, you need to wait for at least another half year for you to qualify for property purchasing. Six months later, after residing in China for a year, you are finally qualified to buy a house.

 

 Despite a few additional steps required to be taken by foreign house buyers, the process is actually very similar to that of Chinese buyers:


image source: segurohealthandsafety.co.uk


Step 1: You should go to the local Municipal Bureau of Public Security to obtain proof of your one-year residence in China. Meanwhile, you can begin your search for your ideal residence or alternatively, hire an agent to make the process go more smoothly.


Step 2: After you or your agent find a suitable property, you will need to submit a preliminary agreement in which you set out the terms and conditions of purchasing the targeted house. If the seller agrees with your proposal, a deposit of 1% of the agreed selling price should be paid to the seller.


Step 3: You and the seller draft and sign the ‘official sale contract,’ which has to be notarized if the buyer is foreign.


Step 4: Go to your local Foreign Office to have the purchase approved by the government. This step is unique for foreign buyers.


Step 5: Your last step towards becoming a homeowner in China is to make a trip to the Deed and Title Transferring Office to transfer the title of the house under your name. After a few weeks, the Ownership Certificate will be issued to you and you will now become an official homeowner in China.


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