Foreigners often buy real estate while living in Korea. In this case, we have summarized the required documents and the requirements to be reported to each family.

If you take ownership of real estate for this or that reason, a separate report or procedure is required in Korea.

First of all, it can be divided into the case where the foreigner has a long-term visa and the status of residence, and a case where he/she visits for a short time and is not officially registered.

Of course, whether it is a corporation or not is also important, but in this article, it is limited to individuals among foreign real estate purchase documents.

First of all, I am a foreigner visiting for a short time.

In the case of short-term visits, foreigners are not registered, so foreigners must first apply for a registration number for real estate registration to acquire real estate.

Foreigners can apply for registration numbers for real estate registration at institutions such as immigration offices. One thing to note is that as you are a short-term visitor to Korea and you are not registered as an alien, you will need an additional passport and a certificate from your home country.

Also, when a short-term visitor acquires real estate, it is necessary to consult about such regulations because the real estate laws in Korea are complicated.

The following is a case where a foreigner is normally registered as a foreigner after obtaining a long-term status.

Foreigners with long-term status of residence have an alien registration number, so they may not apply for a new registration number in the foreign real estate purchase document. However, in order to acquire real estate, you must obtain a registration certificate for the registration number. In this case, like a short-term visitor, a passport and proof of nationality of the home country are attached, and an alien registration card is also required.

Articles related to this are detailed here.

Notification of foreign property purchase

Foreigners are free to acquire real estate in Korea, so you can freely purchase real estate.

However, under the Real Estate Law of Korea, when acquiring Korean land, a separate acquisition report must be filed after acquisition.

In Korea, there are three laws and regulations related to foreign real estate investment.

First of all, there are 1) Foreign Land Act, 2) Foreign Investment Promotion Act, and 3) Foreign Exchange Transaction Act.

When obtaining the land described above, the obligation to report is based on the Foreign Land Law.

1) Foreign land law targets foreign nationals, foreign corporations, and domestic corporations owning more than 50% of the foreign ownership (excluding ※ permanent residents). Target) and the foreign exchange transaction law 3) is slightly different. No. 2) is for non-residents in Korea. In this case, permanent residents are non-residents who are citizens, and are excluded from the report of real estate acquisition.

Each law has different objects and requirements, so it is omitted here.

If you go over just one thing, you must report the purchase of foreign land if you purchase land in Korea under the Foreign Land Law, and you must also report when the purchase of dry land includes a stake in the land according to the building.

In the case of a building transaction such as an apartment, a report must be made if the land share is traded together