Many localities have already exceeded their targets in foreign investment capital for the whole year, thanks to large projects being registered and administrative improvements being made.
Despite market swings, foreign investment capital continued to flood heavily into several categories of Vietnamese real estate in 2022. Mergers and acquisitions (M&As) in the real estate industry have been particularly attractive due to the existence of a number of loaded giants.
EJC HOTELS, LLC, a recently formed N.Y.-based hotel/resort property ownership and management group, today announced its first joint acquisition, the former Newark Garden Finger Lakes Hotel - Newark NY. Upon completion of the transaction, the hotel ceased operations to begin an approximately $10 million redevelopment of the site to completely reconceive the interior, exterior and identity of the project. The company is in discussions with major brands to reflag the property. One of the brands being considered is Trademark Collection by Wyndham. In addition, approximately 40 new upscale apartments will be added to the property which will have their own entrance with private elevator access. EJC HOTELS is partnering alongside David Eckert who heads up a group of EB-5 capital investors.
The transition from the old emigration regime to the current regime - ceasing of tax residency, came with some relief. However, there were some silent changes that went unnoticed. The most notable change has been the requirement of a SARS Tax Compliance Status (TCS PIN) for every capital transfer a Non-Resident/Non-Tax Resident makes to offshore. The Financial Surveillance Department (FinSurv) released an Exchange Control Circular (No. 8/2021) last year which shed more light on this change: