Guide for Foreigners on Real Estate Acquisition in Korea

Real Estate Acquisition and Holding Report for Foreigners

Acquisition through Contract

  • Report target: All real estate acquired by contract
  • Reporting period: Within 60 days of the contract date
  • Reporting agency: City/County/District office where the property is located

Acquisition due to Non-Contractual Reasons

  • Report target: Real estate acquisition through inheritance, auction, redemption rights, etc.
  • Reporting period: Within 6 months of acquisition date (date of cause)
  • Reporting agency: City/County/District office where the property is located

Ongoing Property Holding after Nationality Change to Foreigner

  • Report target: When nationality changes to foreigner after holding a property in South Korea
  • Reporting period: Within 6 months of nationality change
  • Reporting agency: City/County/District office where the property is located

Land Acquisition through Prior Approval

Areas requiring prior approval for land acquisition include military bases, cultural heritage protection zones, and ecological conservation areas. Apply for approval at the City/County/District office where the land is located before contract.

    Penalty Regulations

    • Imprisonment or Fine: If land is acquired without permission where it’s required, the penalty can be up to 2 years of imprisonment or a fine of up to 20 million KRW.
    • Penalty Charge: For non-compliance with real estate acquisition reporting, a penalty charge can be imposed.

    Foreigners looking to acquire land should be cautious, especially in areas requiring prior approval. Acquiring property without the necessary permits can lead to legal repercussions. For detailed consultation or assistance with real estate registration and other real estate acquisition concerns, please contact our law firm.

    Contact

    If you are seeking legal services in Korea or have any inquiries related to Korean laws, please contact Start Law Firm at any time.

    Why Choose Start Law Firm?

    Start Law Firm has years of experience in assisting foreigners navigate the legal landscape of Korea. Our team is dedicated, professional, and always prioritizes the best interests of our clients.

    Why Trust Your Legal Journey with Start Law Firm?

    At Start Law Firm, we understand the intricacies of Korean laws, especially when it comes to representing foreign clients. With our seasoned professionals by your side, you won’t just get legal assistance; you’ll experience a partnership that values transparency, commitment, and excellence.

    Other Posts for Foreigners

    Contact Us

    For the purpose of answering your questions, we keep your name and email address until you have finished answering your questions. If you agree, please check the square above (you may not agree, but if you do not agree, you cannot proceed with the inquiry procedure.)

    Public Transportation
    3-minute walk from Sinsa Station Exit 4, or 3-minute walk from Nonhyeon Station Exit 8

    Map

    If you have any question, feel free to contact us at anytime.

    e-mail: hi@startlawfirm.com   Phone : 02-6486-0033  FAX : 0505-377-0011

    START LAW FIRM, 4th Floor, 581 Gangnam-daero, Seocho-gu, Seoul, Republic of Korea