Korean Houses, Apartments, Officetels For Sale or Rent
FOREIGN Investment
(Procedure of Acquisition)
Procedure of Buying Properties in South Korea
(1) Foreign-Invested Companies
The Act on Report on Real Estate Transactions, Etc., the Foreign Investment Promotion Act, the Registration of Real Estate Act, etc. shall be applied when foreign-invested companies acquire real estate to engage in for-profit activities in Korea.
▶Send notification of and register the foreign investment at the head or branch office of a
foreign exchange bank or KOTRA.
▶Make a payment after concluding a real estate acquisition contract
▶Send notification of the acquisition to the si/gun/gu office with jurisdiction over the real
estate concerned.
▶Register a transfer of ownership at the competent registry office within sixty days of
concluding a contract or paying the balance.
(2) Resident Foreigners
(Foreigners, Domestic Branches of a Foreign Corporation)
The Act on Report of Real Estate Transactions, Etc., and the Registration of Real Estate Act shall be applied when a resident foreigner acquires real estate in Korea.
▶Make a payment after concluding a real estate acquisition contract.
▶Send notification of the acquisition to the si/gun/gu office with jurisdiction over the real
estate concerned.
▶Register a transfer of ownership at a competent registry office within sixty days of
concluding a contract or paying the balance.
(3) Non-Resident Foreigners
The Foreign Exchange Transaction Act, the Act on Report of Real Estate Transactions, Etc., and the Registration of Real Estate Act shall be applied when a non-resident foreigner acquires real estate in Korea.
▶Conclude a real estate acquisition contract.
▶Make a payment for real estate.
▶Send notification of the acquisition to the head or branch office of a foreign exchange bank
in accordance with the Foreign Exchange Transactions Act when withdrawing real estate acquisition funds.
▶The acquisition of rights to real estate (real rights, right to lease, etc.) must also be filed.
▶Send notification of the acquisition to the si/gun/gu office with jurisdiction over the real
estate concerned.
▶A real estate registration number will be assigned by the head of the local immigration office
with jurisdiction over the place of residence (if the individual has no place of residence in
Korea, the seat of the Supreme Court will be deemed as the place of residence).
▶ A registration of transfer of ownership will be accepted at a competent registry office
within sixty days of concluding a contract or paying the balance.
(4) Permanent Residents
Permanent residents hold the nationality of the Republic of Korea and are thereby treated equally with other Korean nationals regardless of whether they reside in Korea.
The Act on Report of Real Estate Transactions, Etc., the Registration of Real Estate Act, etc. are applied when a permanent resident acquires real estate in Korea.
▶Make a payment after concluding a real estate acquisition contract.
▶Send notification of the acquisition to the si/gun/gu office with jurisdiction over the real
estate concerned.
▶When a resident registration number has been canceled, it is possible to apply for a real estate registration number through the Seoul District Court.
▶Register a transfer of ownership at a competent registry office within sixty days of concluding a contract or paying the balance.