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realestateinkorea - Foreign-Invested Companies, Resident/Non-Resident Foreigners, Permanent Residency Holders - Applicable laws and procedures for Land acquisition

For foreigners acquiring land in Korea, applicable laws and procedures differ by acquisition purpose, domestic residence, and whether the buyer is an individual or a corporation.

The Foreigner Land Act only specifies procedures (land acquisition report, etc.) required when foreigners acquire domestic land. However, when acquiring real estate for profit (rental, etc.), the foreign investment notification procedure shall be adhered to in addition to the land acquisition notification.

For nonresidents under the Foreign Exchange Trade Act, the real estate acquisition notification shall also be completed.

Further details follows in reply threads.

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