According to Yonhap News,

(SEJONG=Yonhap News) The Ministry of Land, Infrastructure and Transport (MOLIT) announced April 21 that the revised enforcement regulation of the Management and Support of Real Estate Development Business Act went into effect on April 20.

If a foreigner is running a business with an approval certification that is in accordance with the Tourism Promotion Act and the Real Estate Investment Company Act and wishes to apply for the real estate development registration, he will only have to submit the related approval certification and a tax payment certificate within a year.

Previously, it was mandatory for a foreigner to submit a government-issued document to prove that he is not a minor, one who is incompetent or quasi-incompetent, an insolvent person who has not been reinstated or a prisoner whose sentence has not been completed.

However, issues were raised regarding the fact that submitting the government-issued document would be redundant for foreigners who have already submitted similar documents in accordance with other laws and received approval certifications.

According to the revised enforcement regulation, if the reasons for disqualification regulated under a different law do not coincide with those of the Management and Support of Real Estate Development Business Act, a foreigner should submit copies of a passport or alien registration card to prove his permanent residency (F-5 visa).

"Even though the revised regulation is not for the majority of foreigners, it will contribute to establishing a foreigner-oriented investment environment for the real estate development business," said a MOLIT official.

jylee24@yna.co.kr

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Source Text

Source: Yonhap News (April 20, 2015)

** This article was translated from the Korean.