Buying real estate in Korea is entirely possible for foreign nationals, but the process involves detailed legal and administrative steps. Whether you’re a resident or non-resident, individual or corporation, it’s important to understand what laws apply and what documents are required.
Key Laws Applicable to Buying Real Estate in Korea
Foreigners buying property in Korea are subject to:
- The Foreigner’s Land Acquisition Act
- The Foreign Exchange Transactions Act
- The Foreign Investment Promotion Act
These laws ensure that regulations related to land use, acquisition, and reporting apply equally to Korean nationals and foreigners.
Resident Foreign Nationals
Real Estate Acquisition Report
- Deadline: Within 60 days of contract signing (payment of balance)
- Submit to: Cadastral Department, local Si/Gun/Gu
- Documents: Real estate contract, copy of real estate register
- Processing time: Immediate
Title Registration
- Deadline: Within 60 days of contract signing
- Submit to: Local Registration Office
- Documents:
- Foreign national registration certificate (or corporate registration for companies)
- Registration application & supporting docs
- Copy of land register
- Power of attorney (if applicable)
Non-Resident Foreign Nationals
Before Entering Korea
- Individual: Passport, certificate of citizenship, proof of residence from home country
- Corporation: Corporate certificate with address or equivalent government-issued document
Acquisition Report
- Deadline: Within 60 days of contract signing
- Submit to: Cadastral Department, Si/Gun/Gu
- Documents: Contract, seller’s property register
Registration Number for Title Registration
- Documents:
- Passport or citizenship certificate
- Land acquisition report certificate
- Notarized power of attorney (if applicable)
- Submit to: Seoul Immigration Office (individual) or Cadastral Dept. (corporation)
Title Registration
- Same process and documents as resident foreigners
Additional Considerations
- Military or restricted zones may require additional government approval.
- Funds transferred into Korea must be reported to a foreign exchange bank.
- Taxes such as acquisition tax and property tax apply.
Related Resources
- Ministry of Land, Infrastructure and Transport
- Foreign Exchange Rules
- Pureum Law Office: Real Estate Services
Let us help. For professional legal support when buying real estate in Korea, contact us at ask@pureumlawoffice.com.
