ENGLISH

- When an ethnic Korean of foreign nationality settles an agreement on the acquisition of real estate, etc. in Korea, a Declaration of Acquisition of Real Estate, Etc. by a Foreign National must be submitted to the appropriate government office (Paragraph 1 of Article 8 of the Act on Report of Real Estate Transactions, Etc., Paragraph 1 of Article 5 of the Enforcement Decree of the Act on Report of Real Estate Transactions, Etc., and Paragraph 1 of Article 7 and Attached Template 6 of the Enforcement Regulations of the Act on Report of Real Estate Transactions, Etc.).

- An ethnic Korean of foreign nationality who acquires land in Korea from the exercise of a right of repurchase in accordance with the laws on inheritance and auction or as the result of a court settlement, a corporate merger, or the establishment, expansion, reconstruction, or rebuilding of buildings must submit the following x-documents to the appropriate government office within 6 months after acquiring the land (Article 8(2) of the Act on Report of Real Estate Transactions, Etc., Article 5(1) and (2) of the Enforcement Decree of the Act on Report of Real Estate Transactions, Etc, and subparagraph 1 of Article 7(1) and Attached Form 6 of the Enforcement Rule of the Act on Report of Real Estate Transactions, Etc).

- If a Korean national who owns real estate, etc. in Korea who becomes a foreign national after acquiring a foreign nationality intends to continue to own said real estate, the following documents must be submitted to the appropriate government office within 6 months after the date on which he or she became a foreign national (Paragraph 3 of Article 8 of the Act on Report of Real Estate Transactions, Etc., Paragraph 1 of Article 5 of the Enforcement Decree on the Act on Report of Real Estate Transactions, Etc., and Subparagraph 2 of Paragraph 1 of Article 7 and Attached Template 6 of the Enforcement Regulations of the Act on Report of Real Estate Transactions, Etc.).

- If the land an ethnic Korean of foreign nationality seeks to acquire is located in any of the following areas or regions, ① an application for permit for land acquisition by a foreign national and ② an agreement on transaction of land between the transaction parties must be submitted to the appropriate government office before settling the agreement (main sentence of Paragraph 1 of Article 9 of the Act on Report of Real Estate Transactions, Etc., Paragraphs 1 and 2 of Article 6 of the Enforcement Decree on the Act on Report of Real Estate Transactions, Etc., and Subparagraph 3 of Paragraph 1 of Article 7 and Attached Template 6 of the Enforcement Regulations on the Act on Report of Real Estate Transactions, Etc.).

- However, a permit for land acquisition is not required if a permit for a land transaction agreement is acquired in accordance with Article 11 of the Act on Report of Real Estate Transactions, Etc. (proviso of Paragraph 1 of Article 9 of the Act on Report of Real Estate Transactions, Etc.).

- Ethnic Koreans of foreign nationality who make a declaration of domestic residence have the same rights as Korean nationals in the acquisition, holding, use, and disposition of real estate in Korea except in military bases, military facility protection zones, regions in which restriction of land acquisition by foreign nationals is required for national defense purposes, and islands required for national defense, as specified by the Minister of Land, Infrastructure and Transport in agreement with the head of a central administrative body such as the Minister of National Defense (Paragraph 1 of Article 11 of the Act on the Departure/Entry and Legal Status of Overseas Koreans, Paragraph 1 of Article 3, Article 8, and Subparagraph 1 of Paragraph 1 of Article 9 of the Act on Report of Real Estate Transactions, Etc., and Paragraph 2 of Article 6 of the Enforcement Decree of the Act on Report of Real Estate Transactions, Etc.).

- When applying for a registration following a real estate transaction, the following information must be provided to the registry office (Article 24 of the Real Estate Registration Act and Paragraph 1 of Article 46 of the Real Estate Registration Regulations).

- In case of applying for a registration following a real estate transaction in the Republic of Korea, the registration office may require a letter of attorney for real estate disposition, a certificate of seal impression, proof of address, a reference number for real estate registration, a permit for land acquisition, or other required documents [see Articles 5, 12, 13, 14, and 15 of the「Established Rules on Real Estate Registration Procedures for Overseas Koreans and Foreigners」].