When a foreigner (or a foreign corporate body) has acquired new land in the territory of the Republic of Korea or when a Korean (or a Korean corporate body) has become a foreigner (or a foreigner corporate body) because of change in nationality, it is necessary to report the land acquisition in accordance with Foreigner‘s Land Acquisition Act to the government organization that covers the area where the land is located.
Reporting Land Acquisition
- Who: Foreigners who have concluded a contract to acquire land in the Republic of Korea
- Reporting period: within 60 days after conclusion of the contract; within six months if the land was acquired by non-contractual means such as inheritance or auction.
- Documentation: Foreigner's land acquisition report form, identification (issued by the immigration office), one copy of the contract.
Document showing other means except contract completion (Ex: Family Relation Certificate of inheritor or Family Census Register)
- Negligence fine: if reporting of land is not madeor delayed a negligence fine will be imposed. (In accordance with Foreigner's Land Acquisition Act, a negligence fineless than KRW 3 million will be imposed)
Reporting Continuous Land Holding
- Who: When a native (or domestic corporate body) has become a foreigner (or foreign corporate body) and want to continue to retain the land.
- Reporting Period: Within 6 months from the day of nationality change to a foreigner (or foreign corporate body)
- Required Documents: Document showing change of nationality (Individual: Copy of citizenship, Corporate body: Document showing change to corporate body nationality)
- ※ Negligence Fine: If acquisition of land is not reported or made under false pretenses, a KRW 3 million negligence fine will be imposed.
- Inquiries: Land Registration Division, Yongsan-gu Office (Tel. 2199-6954)