Buying Real Estate - Commercial
As of 1998, foreign nationals and companies have been allowed to purchase property in Korea.The laws and procedures that apply are different depending on the objective of the purchase, and whether the purchaser is an individual or a corporation.
A foreign national establishes a local corporation (i.e. foreign invested company) in accordance with the Foreign Investment Promotion Act to engage in business activities that generate profit in Korea, and purchases real estate such as buildings or factory lots under the company name.
When establishing a branch in Korea, real estate can be purchased under the branch name after notifying a foreign exchange bank and registering the branch.
To purchase property, the investor/company will have to
- provide notification of foreign investment through a Korean (foreign exchange) bank
- complete the incorporation process (if creating a foreign invested company)
- register the business at the appropriate Korean tax office (in the jurisdiction of the company)
- obtain a foreign invested company registration
- sign the purchase contract and make the payment
- notify the appropriate departments of the city(si), county(gun), or district(gu) office that has jurisdiction over the land of the land purchase
- register the purchase in the registry office that has jurisdiction over the purchased property (within 60 days).
Note that the above is a general overview. For more specific details and help in going through the process, you'll want to contact one of the central or local government foreign investment assistance offices (i.e. Invest Korea).
K4E Note: Korea4Expats.com tries to ensure that the information we provide is accurate and complete, so should you notice any errors or omissions above please contact us at firstname.lastname@example.org.
Last Updated on 2014-03-19
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