THE FOREIGNERS LIVING IN KOREA

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
REAL ESTATE REGISTRATION

NON-RESIDENTS

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
APPLYING FOR A REGISTRATION NUMBER TO REGISTER REAL ESTATE
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