In principle, foreigners are free to acquire land in Korea, apart from areas where approvals are required, such as those protected as military facilities, cultural assets, ecological preservation, and some lands on islands required for military purposes.

After a contract for land acquisition is concluded, notification on the acquisition shall be made. However, under the principle of reciprocity, the people and/or corporations of nations that forbid the people and/or corporations of the Republic of Korea to acquire land might be forbidden or restricted from acquiring land in Korea.

There are three key legal regulations that apply to foreigner's acquisition of land in Korea

• the Foreigner Land Act
• Foreign Investment Promotion Act, and
• the Foreign Currency Trade Act.

The Foreigner Land Act provides for general matters regarding acquisition of land in Korea by foreigners. The Foreign Investment Promotion Act specifies investment notification procedures, tax benefits, and benefits in selling national property for cases of foreign-invested corporations purchasing land in Korea.

The Foreign Currency Trade Act covers the inflow and outflow of foreign currency by non-resident foreigners in relation to the purchase of real property in Korea. However, it shall be noted that a 'foreigner' as defined in the Foreigner Land Act is different from that defined in the Foreign Investment Promotion Act. Furthermore, the Foreign Currency Trade Act applies to real estate acquisition by non-residents.

Thus, not all of the above listed laws apply to every case of land acquisition by a foreign national. For example, if a foreigner residing in Korea purchases a residental house in Korea for residence purposes, only the land acquisition notification required by the Foreigner Land Act is necessary.

In the case that a foreigner not residing in Korea buys real estate in Korea, not only is a land acquisition notification required under the Foreigner Land Act, but also a real estate acquisition notification is required by the Foreign Currency Trade Act for inflow of foreign currency.

For a case of land acquisition after establishing a profit-making corporation in Korea, a foreign
investment notification and foreign investment corporation registration are required as dictated in the Foreign Investment Promotion Act, after which a land acquisition notification is required by the Foreigner Land Act.

In charge of consulting about real estate matters
Need assistances office rent, housing relocation? real estate property purchase? Send PM(Private Msssage) to initiate to me. E-mail address shall be notified through PM. Translations into English, or others, further investment consultings can be followed. Airport pickup may be available for your convenience. real time chatting is availave through forumchat, please send PM for appointment.
realsaga
fdikorea.com