When a foreigner (or foreign corporation) acquires land in the domain of South Korea, or a South Korean national (or a South Korean corporation) becomes a foreign national (or foreign corporation) due to a change of nationality, he/she must report the land acquisition to the government agency with territorial jurisdiction over the land acquired in accordance with the Foreigner’s Land Acquisition Act.
Registration of Land Acquisition
- Eligibility: Foreigners who have signed a land acquisition contract in South Korea
- Registration Period: Within 60 days of the contract signing date. If the land has been acquired through a method other than inheritance or auction, the transaction must be registered within 6 months of the contract signing date.
- Required Documents: Foreigner Land Acquisition Registration form, ID card (issued by the immigration office), one copy of the contract.
- A document proving non-contract acquisition (e.g. in the case of land inheritance, the Family Relations Certificate of the inheritor or the Deleted Family Census Register of the decedent, etc.)
- Fine: The landholder shall be subject to fines if the land acquisition has not been registered by the appropriate deadline, as stated above. (A fine of up to KRW 3 million shall be imposed in accordance with the Act on the Acquisiton of Lands by Foreginers and Their Management.)
Reporting of Continuous Land Holding
- Eligibility: Any South Korean national (South Korean corporation) who wishes to continue to hold land after becoming a foreign national (foreign corporation)
- Registration Period: Within six months of becoming a foreign national (foreign corporation)
- Required Documents: A document proving the change of nationality (individual: copy of a document proving citizenship; corporation: document proving the change to a foreign corporation, etc.)
※ Fine: A fine of up to KRW 3 million shall be imposed for land acquisitions that have not been registered or have been falsely registered.
- Inquiries: Real Estate Information Division at the Yongsan-gu Office (Tel 02-2199-6954).