Vietnamese people compete to buy American houses: "American Dream"

Recently, in Vietnam, many social networking sites, forums, websites, etc. have appeared openly advertising to buy houses and land in the US at attractive prices, high profits, and safe foreign currency transfers.

Big advertising

In the role of an international student who needs to buy a house to facilitate travel and study in the US, I was enthusiastically introduced to a series of product packages and accompanying utilities by Ms. T., a real estate broker and consultant of a company with its main office located in District 1, Ho Chi Minh City.

A website for consulting and brokerage of real estate purchases in the US

According to Ms. T., it is no longer rare for Vietnamese people to spend money to buy houses in the US, especially when the host country is implementing an open-door mechanism, encouraging investment and business.

“Buying a house in the US is very easy. Anyone can buy one if they meet the economic and legal requirements. Many families who send their children to study abroad also choose to buy a house to save money on rent, and then after graduation, if they are capable of finding a job in the US, they will have a house. If your family has valuable assets such as a company, factory, etc., the application will be even better, and the success rate will be higher,” said Ms. T.

With my family's and my needs, Ms. T. introduced the EB-5 US immigration investment program with many favorable incentives to be able to get a green card in the shortest time.

“When customers apply for EB-5, we will guide them on how to buy a house in the US. The program is for all citizens with the ability to invest from 1 million USD or more, from which they will take out 500,000 USD to invest in the project, with a return after 5 years. We will have to review the application, specifically the current asset records of the family in real estate or having a company or business is also an advantage. In particular, it must be proven that this is a clean source of money.

After the family completes the application, after about 15 days, we will respond whether it is successful or not. If successful, a lawyer will help to complete the legal procedures," Ms. T. clearly stated.

According to this consultant, in recent years, the EB-5 investment type has increased rapidly compared to other types such as EB-1, EB-2. Many people from the real estate business, families wanting to settle in the US, people sending their children to study abroad are all trying to find ways to own a house in the US.

“Compared to the family reunification program, the biggest advantage of the EB-5 program is the fast processing time, taking only 18-24 months to receive a permanent resident card for the whole family. It also does not require English proficiency, business experience, or education.

In particular, investors and their families can freely live or do business anywhere in the US. In addition, children can study for free in the public school system up to high school level, along with many other benefits... Many Vietnamese people have come to my company and then bought houses, settled in the US and got green cards," Ms. T emphasized.

Vietnamese people must be careful

Talking to Dat Viet about this issue, Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association, said that the trend of a part of Vietnamese people liking to buy houses in the US has appeared in the past few years with many different purposes.

“This is part of the appeal of the US and in the US they have a whole program called “American Dream”. That is a program that encourages countries to study in the US, encourages foreigners to settle in the US. However, the conditions for settling here are people who are in demand in the US such as: highly skilled people, people who invest in the US, and thirdly, people who settle in the US through marriage and family reunification”, Mr. Chau affirmed.

According to the Chairman of the Ho Chi Minh City Real Estate Association, there are two basic ways to invest in the US. The first is to set up a business with a minimum investment of 500,000 USD with the condition of creating at least 10 jobs for American workers. Another solution is to buy a house in the US, which is being chosen by many people.

“From buying a house in the US, people will travel here regularly. That way, people will gradually be eligible to receive a green card, which is what many people want and is also a trend. However, that is not the choice of many, only those who have the conditions,” Mr. Chau emphasized.

According to Dat Viet