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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.

Act on Report on Real Estate Transactions, Etc. Foreign Exchange Transactions Act Foreign Investment Promotion Act

Foreigners’ land acquisition procedures

Foreign-invested companies

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Resident foreigners

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Non-resident foreigners

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Permanent residents

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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)

 

Ministry of Land, Infrastructure and TransportKIM Jong PilSenior Officer
02-3497-1736
jpkim@kotra.or.kr

Please visit the PC website to download PDF with more information.

Go to PC website