Acquisition and possession of landundefinedundefined            image 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 changing 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.
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 fine less than KRW 3 million will be imposed)
※ Inquiries: Land Registration Division, Yongsan-gu Office (Telephone 710-3496)