If a foreigner living in Korea individually acquires real estate or through a local branch office of a foreign corporation or purchase a residential apartment, the process can be done by registering the Register Land Aquisition at administrative office within 60 days after purchase of the real estate according to the Foreign Exchange Control Act and register the transfer of the ownership.
Real Estate Acquired Certification & payment → Register Land Acquisition → Register the Real Estate
REGISTER LAND ACQUISITION
- Complaints & Inquiries
- City Office for Information on Real Estate Locations
- Seou-gu City Office OK Civil Service Center
- Registry period ： Within 60 days from the date contract was made.
- Documents to Submit
- Copy of Contract
- Certificate of Alien Registration or Copy of Registration Certificate
- 국적변경일(시민권 취득일) 기재 서류 - 계속보유 신고시 제출
- Registration Process
REAL ESTATE REGISTRATION
- Governmental Agency ： (Registry office of Seocho-gu jurisdiction) Registration Division at Seoul Central District Court (02)530-1892,1872
※ Registry Office of jurisdiction for the location of land
- Register Period： Within 60 days from the contract date (Last payment date)
- Required Documents ： A copy of Alien Certificate of Registration (If it is a branch, prepare a duplicate of register), an application, contract, a registration certificate and real estate register.
※ A letter of proxy with signature is necessary if applying for proxy.
A non-resident who is subjected to the following condition in acquiring local real estate or acquire the right of real estate will need to prepare a document that prove mortgage acquisition or a document that could confirm a real estate transaction and declare it to a foreign currency bank.
- If real estate is acquired using the fund that had been wired (including external account) or brought from other country.
- If acquiring the local real estate according to collateral rights based on authorized residents.
If the real estate is a land, he/she can register the right of ownership and declare "Land Acquisition" according to the Foreign Land Act at administrative offices of jurisdiction.
Contract for real estate aquisition → Declare real estate acquisition → Payment → Land register declaration
→ Apply a registration numbeer for registering real estate → real estate registration
DECLARE REAL ESTATE ACQUISITION
- DECLARE REAL ESTATE ACQUISITION.
- Declaring Period ： At the time when withdrawing fund for the real estate acquisition
- Required Documents ： Real estate contract, a real estate appraiser or a confirmation of public announcement price and a copy of real estate registry.
※ Things to be cautious
- Not only real estate but one must, if acquiring, declare the real right and the leasehold as well.
- When wire transferring payment obtained by selling real estate to oversea, one must submit a declaration in order to transfer the fund.
APPLYING FOR A REGISTRATION NUMBER TO REGISTER REAL ESTATE
- Non-residents, individual
- Declaring Agency: Seoul Immigration Bureau (82-2-2650-6399)
- Required Documents: Register certification for application for land acquisition, a copy of passport.
- Non-residents, corporations
- Non-residents, corporations
※ Division of Land Register at administrative district offices
- Required Documents Register certification for application for land acquisition & a corporate registration-representative-certification of proof on location of the representative issued by the concern country (including Embassy of the U.S. in Korea).
- If declaring by proxy: an identification to confirm the delegate's nationality and a letter of proxy that is notarized by a notary agency in the country.
REQUESTING A REGISTRATION NUMBER TO REAL ESTATE(IF THE RESIDENT REGISTRATION NUMBER IS CANCELED)
Establish a real estate contract and make payment
→ request a registration number to register the real estate(if the resident registration canceled)
→ register the real estate
Registration Process from Contract to Land Acquisition
- Conclude Real Estate Contract
- Declaration of real estate acquisition (Housing: within 15 days from the date of contract. real estate: within 60 days of contract). Declaration of real estate acquisition by a foreigner (within 60 days of contract)
- Payment of acquisition tax / registration tax (within 30 days of final payment)
- Real Estate Registration (within 60 days of final payment)