Land Purchase
A Guide to Foreigner's Land Acquisition
Land Bureau, Ministry of Construction and Transportation July, 1998
Procedure and Requirements for Land Acquisition
Resident Alien
Land Acquisition Contract
Land Acquisition Filing
- Filing Period: 60 days after the conclusion (payment in full) of a contract
- Government Office for Filing : City/County/Ward Offices (Autonomies) at the land site
- Requirements : A land acquisition contract, a transcript of the Land Register (under the name of a transferor)
- Processing Period : Immediately
Registration for the Passage of Title
- Filing Period : 60 days after the conclusion (payment in full) of a contract
- Government Office for Filing : Registry office concerned at the land site
- Requirements :
- A certificate of the Alien Registration (individual) or a transcript of the Corporation Register (Corporation)
- * For a resident alien, Alien Registration number and address in a certificate of the Alien Registration or a transcript of the Corporation Register may be replaced by a registration number of the Real Estate Register and a certification of one's address necessary for the registration of real estate.
- A Registration Form, a certificate of registration cause (contract, etc.), a Registration Certificate, a transcript of the Land Register
- A letter of attorney signed by the mandator is necessary to empower an attorney in fact
Processing Period : Immediately
Non-resident Alien
Requirements Before Entry
- Individual : A copy of citizenship, a certificate of residence issued by government and public offices of one's home land (country of one's nationality acquisition) or a certificate of one's address notarized by a notary's office of one's home land
- Corporation : Documents to certify a corporation (issued by one's home land, address is attached) or a certificate of one's address notarized by a notary's office of one's home land
Land Acquisition Contract
Land Acquisition Filing
- Filing Period : 60 days after the conclusion (payment in full) of a contract
- Government Office for Filing : Cadastral Division, City;County; Ward Offices (Autonomies) at the land site
- Requirements : A land acquisition contract, a transcript of the Land Register (under the name of a transferor)
- Processing Period : Immediately
Land Acquisition FilingIssue of Registration Number of the Real Estate Register
- Requirements :
- Individual - Passport or a copy of citizenship, a certificate of land acquisition filing
- Corporation - Contact the Ministry of Government Administration and Home Affairs for the inquiry of requirements
- For mandate : Attach a letter of attorney issued by a notary's office of one's home land (for a foreigner) or issued by a consulate in the country of residence (for a Korean resident abroad)
- Place for Application :
- lndividual - Busan Immigration Office : 4ga, 20, Jungang-dong, Jung-gu, 463-7161~65
- Corporation - City;County;Ward Offices at the land site
- Processing Period : Immediately
Registration for the Transfer of Title
- Filing Period: 60 days after the conclusion (payment in full) of a contract
- Government Office for Filing: Registry office concerned at the land site
- Requirements :
- A registration number of the Land Register, a certificate of address
- A Registration Form, a certificate of registration cause (contract, etc.), a Registration Certificate, a transcript of the Land Register
- A letter of attorney signed by the mandator is necessary to empower an attorney in fact
Processing Period : Immediately
| Registration for the Transfer of Title |
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| Foreigners must present the following documents for the disposition of real estate in addition to the requirements for the registration of real estate.
Japan : A certificate of seal-impression Other Countries : A certificate of signature and seal substituting for a certificate of seal-impression * A certificate of signature and seal must be notarized by government and public offices or notary's offices of one's home land, or it must be verified by diplomatic and consular offices of one's home land in Korea |
| For Korean residents abroad, a town-block ( tong ) office at one's final address or one's place of register issues a certificate of seal-impression
The principal can immediately obtain a certificate of seal-impression issued by a town-block office. The agent must present a letter of attorney issued by the consulate of one's residence * The Korean resident abroad holding a valid Resident Registration can take a certificate of seal-impression like Koreans |
Restrictions on Land Acquisition
| Land Acquisition by Permission: The Foreigner's Land Acquisition Act |
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| Non-Permitted Lands
Military Installation Reservations, Naval Bases, Air Bases, Cultural Property Reservations, Cultural Structure Reservations, Ecological Reservations |
| Government Office for the Application of Permission: Cadastral Division, City;County;Ward Offices of the land site |
| Application Period for Permission : Before the conclusion of a contract |
| Processing Period : Notify acceptance and rejection of permission within 15 days after the application |
| Land Acquisition by Permission: The Foreigner's Land Acquisition Act |
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| Since the farm land acquisition is possible only for real farming, a foreigner's farm land acquisition of non-residence in Korea is not available |
| Inherited farmland encompassing less than 10,000 square meters may be acquired; however, farmland encompassing more than 10,000 square meters must be disposed of within one year after inheritance. |
| More Information: Farmland Policy Division, the Ministry of Agricultural and Forestry
Phone: 02-503-7264 |
Carrying Out of Capital Funds for Foreigner's Land Acquisition and Disposition
| Remittance and Payment of Capital Fund for Real Estate Invested by Resident Alien |
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| Since the Foreign Exchange Control Law does not apply to resident alien, he/she may remit and pay capital fund for his/her land acquisition and disposition like Koreans |
| Remittance and Payment of Capital Funds for Real Estate Invested by Nonresident Alien |
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| Nonresident aliens must report to the president of any foreign exchange bank in advance to remit and pay capital funds for the land acquisition and disposition |
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| The Foreign Exchange Control Law does not apply to the nonresident alien who acquires the land in Korea belonging to another nonresident alien |
| More Information : Foreign Capital Management Division, the Ministry of Finance and Economy Phone: 02-500-5377 |
