Through the years, we have seen extensive use of nominee to represent landlords. Those individuals, having received all the powers from the landlord, are basically holding your rents and may do whatever they want with it and includes not returning the cash. Although nominees are not a bad thing because it facilitates a lot the whole renting experience. One should be defining clearly the rights and obligations of the nominee party before getting into any absurd transfer of responsibilities. It is risky and unnecessary.
The tax law is clear and it is like that in any country: if you receive any sorts of income, you have to be taxed on that income unless you can prove that that income has been elsewhere taxed, either domestically via a tax receipt or internationally via a tax receipt/notice + a valid double taxation agreement (DTA) in force. If via some “weird schemes”, you find yourself unable to prove that you have paid your tax, there will be a liability. That is undeniable. In Vietnam, Foreigners are welcome to pay tax on their income and that is the way.
When you are investing or doing business abroad, it is all about risk management. Would you choose an established company with a background in real estate investment experience or an individual that has no liability and, de facto, a very experience in dealing with tax matters? We are talking here about the legitimacy of the income flow of your investment and about potential substantial liability/penalty for tax fraud. What is the point of investing if you end up paying fine for having chosen the wrong “way” to work out your tax?
→ Elaborate the investment plan and horizon
→ Organize the technical delivery of the asset via PCA Architects (if necessary)
→ Elaborate the design via PCA Architects (if necessary)
→ Organize and follow up the fitting-out (if necessary)
→ Assistance for the bank account opening to receive the rents (check requirements)
→ Register the landlord’s tax number
→ Redact the Power of Attorney to represent the landlord
→ Manage the relationship with the notary
→ Registration of the asset at the land department
→ Personal Income Tax declaration and filing
→ Tax Payment at the local tax office
→ Tax reporting to the landlord
→ Responsible for finding tenants
→ Contracting real estate brokers
→ Redact/amend lease agreement in the landlord’s best interest
→ Arrange all matters to ensure the success of the deal
→ Local presence for the tenant (with assistance within 24 hours)
→ Maintain a good relationship with the tenant
→ Negotiate and deal with the tenant when necessary
→ Periodically contact/visit the tenant to ensure maximum satisfaction
→ Take care of “temporary residence” book with the Government
→ Crisis management if necessary
→ Periodical maintenance according to the specifications of the construction company/constructor
→ Repair and fix all little issues
→ Periodical report if any incident
→ Estimation of works
→ Contractors relationship
→ Works follow-up & reporting
→ Checking & Paying fee for building management
→ Checking & Paying fee for internet provider
→ Checking & Paying fee for garbage management
→ Checking & Paying fee for electricity company
→ Checking & Paying fee for water company
→ Checking & Paying fee for TV provider
→ Checking & Paying fee for building management
→ Checking & Paying fee for handymen and suppliers
→ Checking & Paying fee for cleaning staffs
…
→ We do all of the above with extreme care and diligence
→ We act on your behalf and in your best interest
→ All expenses go through your approval before being spent
→ Reporting on the spot via email and/or instant messaging (Whatsapp, Viber, etc.)
→ All expenses come with a proper receipt for cash collection
→ We prepay most expenses for you and collect back the money from you
With our Asset Management package you invest freely and happily without ever worrying again!
We write about saving money and building a feasible business, invite real entrepreneurs to share experience — and sometimes retell really cool business books.
22 Street 16, Tan Hung Ward, District 7
Ho Chi Minh City, Vietnam
+84 (0) 90909 1140, +84(0) 90909 1141
+84 (0) 90909 1140, +84(0) 90909 0415
+84 (0) 90909 1140, +84(0) 90909 0415