Different statutes and procedures apply to land acquisition by foreigners depending on the purpose of acquisition,
whether that person is resident or not in Korea, and whether the acquisition involves an individual or corporation.
Foreigners who acquire land in Korea may be categorized into four types as follows :
Foreigner invested businesses
Types :
when a foreigner acquires real properties in the name of a domestic corporation he founds pursuant
to the Act on the Promotion of Foreign Direct Investment (a foreign invested business) in order to
conduct business activities in Korea. (ex: Purchase or acquisition of office buildings or factory site)
A local branch of a foreign corporation may purchase real properties after declaring its founding to a
foreign exchange bank in Korea and registering it with the local corporate register.
(Not regulated by the Act on the Promotion of Foreign Direct Investment)
Applicable laws :
The Foreigner Land Act, the Act on Promotion of Foreigner Direct Investment, the Act on Registration of Real Properties
Procedure for acquiring real properties
Foreigner residing in Korea
Types :
This refers to cases where a foreigner residing in Korea purchases a real property, including
an apartment unit purchased by a foreigner residing in Korea or real properties acquired by
a local branch of a foreign corporation. Foreigners residing in Korea may register the ownership
title in their name after declaring with the city, county or gu office within 60 days of signing
the purchase contract without declaring under the Foreign Exchange Transaction Act.
Applicable laws :
The Foreigner Land Act, the Act on Registration of Real Properties
Procedure for acquiring real properties
Non-resident foreigners
Types :
As a rule, a non-resident foreigner under the Foreign Exchange Transaction Act, including a foreign corporation,
who brings funds for the purchase of real properties in Korea, should declare the ¢®¢çacquisition of real properties¢®
? to the president of a foreign exchange bank as provided under the Act, and also to the city, county or gu office
under the Foreigner Land Act if land is purchased, before registering the ownership title transfer.
Applicable laws :
The Foreigner Land Act, the Foreign Exchange Transaction Act, the Act on Registration of Real Properties
Procedure for acquiring real properties
Non-resident foreigners
Types :
Korean nationals holding a permanent residence permit overseas are not required to declare their purchase of real
properties in Korea as they still retain Korean nationality. Further, they are not required to declare their purchase
of real properties in Korea as provided under the Foreign Exchange Transaction Act, irrespective of whether they reside
in Korea or not. Overseas Korean nationals may register an ownership title transfer just like resident Korean nationals
if they retain their resident registration in Korea. If their resident registration has been deleted, they should obtain
a code number for real property registration.
Overseas Koreans who are citizens of a foreign country should declare their purchase of real properties in Korea
under the Foreigner Land Act as they are foreign nationals, unlike Korean nationals who hold a permanent residence
permit in a foreign country. Non-resident foreign citizens may acquire real properties in Korea by declaring as
provided under the Foreign Exchange Transaction Act.
Applicable laws :
The Real Properties Registration Act
Procedure for acquiring real properties
Request for a code number for registering real properties (when Korean resident registration has been deleted)
#211, Itaewon-ro, Yongsan-gu, Seoul, Korea
Tel. +82.2.793.8878 /
web@seoulapartment.net
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