• go facebook
  • go twitter
  • go blog
  • go youtube
  • go linkedin
  • go rss
상단검색

Date   :

~

Sort   :

Real Estate Acquisition

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

Laws related to foreigners’ real estate acquisition

Real estate acquisition by foreigners in Korea is governed by the Act on Report on Real Estate Transactions, Etc., the Foreign Investment Promotion Act, and the Foreign Exchange Transactions Act. Regulations and restrictions on the acquisition, usage and development of real estate are applied uniformly to Koreans and foreigners alike.

Foreigners’ real estate acquisition procedures

Foreign-invested companies
  • Foreign investment notification &
    registration (a foreign exchange bank or KOTRA)
  • Real estate acquisition contract
    and payment
  • Real estate registration
    (Competent registry office)
  • Notification of real estate acquisition (Land 
    registration department at the Si/Gun/Gu office 
    having jurisdiction over the real estate)
Resident foreigners
  • Real estate acquisition
    contract and payment
  • Notification of real estate acquisition
    (Land registration department
    at the Si/Gun/Gu office
    having jurisdiction over 
    the real estate)
  • 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 real estate acquisition
    (Land registration department
    at the Si/Gun/Gu office having
    jurisdiction over the real estate)
  • Application for real estate
    registration number (Individuals:
    Korea Immigration Service,
    Seoul branch /
    Corporations: Land registration
    department at the Si/Gun/
    Gu office having jurisdiction
    over the real estate)
  • Real estate registration
    (Competent registry office)
Permanent residents
  • Real estate acquisition contract and payment
  • Notification of real estate acquisition (the Si/Gun/Gu office having jurisdiction over the real estate)
  • Real estate registration
    (Competent registry office)
  • Application for real estate registration number (Seoul District Court for those with invalid resident registration numbers)

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 and local income tax (individuals)
  • Corporate income tax and local income
    tax(corporations)
Online
consultant
Ministry of Land, Infrastructure and Transport
CHO Hyun-ik Senior Officer