Busan Metropolitan City

Search
About
Busan
City
Government
Culture
& Tourism
Transportation
Business
Residents
Help

Residents

Land Purchase

Residents > General Information > Land Purchase

A Guide to Foreigner's Land Acquisition

Land Bureau, Ministry of Construction and Transportation July, 1998

Procedure and Requirements for Land Acquisition

Resident Alien

Land Acquisition Contract

arrow image

Land Acquisition Filing

Registration for the Passage of Title

Non-resident Alien

Requirements Before Entry

arrow image

Land Acquisition Contract

arrow image

Land Acquisition Filing

arrow image

Land Acquisition FilingIssue of Registration Number of the Real Estate Register

arrow image

Registration for the Transfer of Title

Registration for the Transfer of Title
Registration for the Transfer of Title
Foreigners must present the following documents for the disposition of real estate in addition to the requirements for the registration of real estate.
Japan : A certificate of seal-impression Other Countries : A certificate of signature and seal substituting for a certificate of seal-impression
* A certificate of signature and seal must be notarized by government and public offices or notary's offices of one's home land, or it must be verified by diplomatic and consular offices of one's home land in Korea
For Korean residents abroad, a town-block ( tong ) office at one's final address or one's place of register issues a certificate of seal-impression
The principal can immediately obtain a certificate of seal-impression issued by a town-block office. The agent must present a letter of attorney issued by the consulate of one's residence
* The Korean resident abroad holding a valid Resident Registration can take a certificate of seal-impression like Koreans

Restrictions on Land Acquisition

Land Acquisition by Permission: The Foreigner's Land Acquisition Act
Land Acquisition by Permission: The Foreigner's Land Acquisition Act
Non-Permitted Lands
Military Installation Reservations, Naval Bases, Air Bases, Cultural Property Reservations, Cultural Structure Reservations, Ecological Reservations
Government Office for the Application of Permission: Cadastral Division, City;County;Ward Offices of the land site
Application Period for Permission : Before the conclusion of a contract
Processing Period : Notify acceptance and rejection of permission within 15 days after the application
Land Acquisition by Permission: The Foreigner's Land Acquisition Act
Land Acquisition by Permission: The Foreigner's Land Acquisition Act
Since the farm land acquisition is possible only for real farming, a foreigner's farm land acquisition of non-residence in Korea is not available
Inherited farmland encompassing less than 10,000 square meters may be acquired; however, farmland encompassing more than 10,000 square meters must be disposed of within one year after inheritance.
More Information: Farmland Policy Division, the Ministry of Agricultural and Forestry
Phone: 02-503-7264

Carrying Out of Capital Funds for Foreigner's Land Acquisition and Disposition

Remittance and Payment of Capital Fund for Real Estate Invested by Resident Alien
Remittance and Payment of Capital Fund for Real Estate Invested by Resident Alien
Since the Foreign Exchange Control Law does not apply to resident alien, he/she may remit and pay capital fund for his/her land acquisition and disposition like Koreans
Remittance and Payment of Capital Funds for Real Estate Invested by Nonresident Alien
Remittance and Payment of Capital Funds for Real Estate Invested by Nonresident Alien
Nonresident aliens must report to the president of any foreign exchange bank in advance to remit and pay capital funds for the land acquisition and disposition
  • Attached Papers
    • For the Payment of Capital Funds :
      A land acquisition contract, a filing note of foreigner's land acquisition, an appraisal note of real estate, a transcript of the real estate register
    • For the Remittance of Capital Fund :
      A land disposal contract, an original filing note of foreigner's land acquisition, a conformation note of tax paid, a transcript of the real estate register
The Foreign Exchange Control Law does not apply to the nonresident alien who acquires the land in Korea belonging to another nonresident alien
More Information : Foreign Capital Management Division, the Ministry of Finance and Economy Phone: 02-500-5377