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Foreigner Land Acquisition

When a foreigner plans to acquire land in Korea, he/she must follow certain procedures and report his/her purchases to the appropriate authorities.

Laws related to foreigners’ land acquisition

Land acquisition by foreigners in Korea is governed by the Foreign Investment Promotion Act, the Foreigners’ Land Acquisition Act, and the Foreign Exchange Transactions Act. Regulations and restrictions on the acquisition, usage and development of land are applied uniformly to Koreans and foreigners alike.

Foreigners’ land acquisition procedures

Foreign-invested companies
  • Foreign investment notification &
    registration (a foreign exchange bank, KOTRA)
  • Real estate acquisition contract
    and payment
  • Real estate registration
    (Competent registry office)
  • Notification of land acquisition (Land 
    registration department at the Si/Gun/Gu office 
    having jurisdiction over the land concerned)
Resident foreigners
  • Real estate acquisition
    contract and payment
  • Notification of land acquisition
    (Land registration department
    at the Si/Gun/Gu office
    having jurisdiction over 
    the land concerned )
  • Real estate registration
    (Competent registry office)
Non-resident foreigners
  • Real estate acquisition
    contract
  • Notification of real estate
    acquisition
    (a foreign exchange bank)
  • Payment
  • Notification of land acquisition
    (Land registration department
    at the Si/Gun/Gu office having
    jurisdiction over the land
    concerned)
  • Application for registration
    number for real estate
    registration(Individuals:
    Korea Immigration Service,
    Seoul branch /
    Corporations: Land registration
    department at the Si/Gun/
    Gu office having jurisdiction
    over the land concerned)
  • Real estate registration
    (Registration office having
    jurisdiction over the land
    concerned)
Permanent residents
  • Real estate acquisition
    contract and payment
  • Application for registration
    number for real estate
    registration (when the
    certificate of resident
    registration is cancelled)
    (Registry office of the Seoul
    Central District Court)
  • Real estate registration
    (Registration office having
    jurisdiction over the land
    concerned)

Transfer of real estate transaction funds

Under the Foreign Exchange Transactions Act, funds for real estate transactions are largely divided into funds carried in or remitted from abroad, and funds generated domestically. When making a real estate transaction with funds carried in or remitted from abroad, both the carrying in of funds for real estate purchase and the carrying out of funds from real estate sales by either residents or nonresidents are guaranteed. However, when carrying out funds from the sales of real estate purchased using funds generated domestically, the Governor of the Bank of Korea should be notified.

Real estate-related taxes

Purchasing stage tax
  • Acquisition tax
  • Value added tax
Holding stage tax
  • Property tax
  • Local education tax
Sales stage tax
  • Transfer income tax (individuals)
  • Corporate income tax and local income
    tax(corporations)
Online
consultant
Ministry of Land, Infrastructure and Transport
CHO Hyun-ik Senior Officer