Related Laws
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Real estate acquired by foreigners in Korea is governed by the Act on Report of Real Estate Transactions, Etc., the Foreign Investment Promotion Act, the Foreign Exchange Transactions Act, etc. With the exception of certain land requiring government permission, a foreigner may acquire real estate in Korea only by reporting and foreigners are not discriminated against in terms of procedure or regulations regarding acquisition. In principle, the acquisition procedure includes a contract, payment, report and registration. In cases of foreign-invested companies acquiring real estate in Korea, the procedure differs from that of other types of foreigners in that the notification of foreign investment and registration of a foreign-invested company precedes the contract. The payable amount for the acquisition of real estate after due process can be freely remitted overseas. Taxes on the acquisition of real estate include the acquisition tax, property tax, and the comprehensive real estate tax.
Related Laws
| Act on Real Estate Transactions, Etc. | Foreign Investment Promotion Act | Foreign Exchange Transactions Act | |
|---|---|---|---|
| Applicable parties | Foreign individuals, foreign corporations, domestic corporations with foreign shareholding of 50% or more, foreign governments, international economic cooperation organizations, etc. |
- Foreign individuals - Foreign corporations - Foreign permanent residents - International economic cooperation organizations etc. |
Non-residents |
| Key regulations | Real estate acquisition notification : In the case of acquisition of domestic real estate by a foreigner | Foreign investment notification : In the case of a foreign investor’s acquisition of domestic real estate through a foreign-invested company | Real estate acquisition notification : In the case of non-residents’ acquisition of rights related to domestic real estate (right to lease on a deposit basis, mortgage, etc.) |
| Where to report | Si/gun/gu office with jurisdiction over the land concerned | Foreign exchange bank, KOTRA | Foreign exchange bank |
| Reporting period | Within 60 days of concluding a contract | Prior to bringing in investment funds | When withdrawing the funds for real estate acquisition |
| Governing authority | The Ministry of Land, Infrastructure and Transport | The Ministry of Trade, Industry and Energy | The Ministry of Economy and Finance |