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Land Acquisition

The Land Acquisition of Foreigners

Definition of Foreigners
  • Independent Foreigner : Those who do not have South Korean nationality.
    ※ permanent residents are not subject to permission and the application.
  • Foreign corporations
    • Corporations or organizations that have been established by decree of other nations
    • Corporations or organizations founded by decree of South Korea will be the subject of permission and the application if the corporation or organization has more than half of employees, members and executives who are from foreign corporations and if the voting rights and capital are based on foreign corporations.
Land acquisition is limited to: Land acquisition limited to permit (Foreigner's Land Acquisition Act)
  • The land requiring permission : Protection Zone of Military Installations, Protection Zone of Naval Bases, Protection Zone of Military Bases, Protection Zone of Cultural Properties, Ecological Landscape Protected Area, Wildlife Sanctuaries
  • Government office in charge of application for permission : Land Registry offices in cities, counties, and districts (autonomous district) of the land site
  • Period for applying for the permission : Before conclusion of the contract (before drafting the contract)
  • Required documents : A certified copy of the land site register, an agreement between the parties, and ID cards
    ※ If it is applied by an agent, ID card of the agent and copies of the contracting parties' ID cards are required
  • Licensing conditions : If it does not interfere with the purpose of achieving relevant permits in designated areas
  • Processing period : Within 15 days after the application for permission
    ※ If those who acquired the land from inheritance or auction and those who acquired the land when possessing South Korean nationality wish to continue the ownership, ownership of the land can be retained by applying for permission.
Land Acquisition according to report
  • Designated land : Designated land except for the land requiring the permission
  • Period of time of a report : Within 60 days after the date of conclusion of a contract(the date of preparation of a contract)
  • Required documents : A certified copy of the land site register, a contract of the land acquisition, (Identification cards)
    ※ If it is applied by an agent, identification card of the agent and copies of the contracting parties' ID cards are required.
  • Processing period: Immediately(within 3 hours) → receive certificate of completion of report
Reporting the retention of land ownership
  • Designated land : In the case that individuals who changed their nationalities or corporations which become foreign corporations wish to retain their ownership of the land
  • Period of time of a report : Within 6 months after their land acquisition caused by other reasons (not a contract)
  • Required documents : A certified copy of the land site register, an evidentiary document to prove the change of their nationality
    An evidentiary document to prove that a corporation founded by the decree of South Korea moves its basis to other nations (corporation), identification cards
    ※ If it is applied by an agent, identification card of the agent and copies of the contracting parties' ID cards are required.
  • Processing period : Immediately(within 3 hours) → receive certificate of completion of report
The Land acquired by other reasons (not in a contract) is the subject of reporting (a permitted area can be reported)
  • Other reasons except for a contract : Inheritance, auction, exercise of repurchasing right, confirmation and judgment by courts, bestowal
    • Inheritance : The date of death of a predecessor
    • Auction : The date of full payment for price of successful bid
    • Exercise of repurchasing right : Contract date of repurchase or the date of deposit for repurchase
    • Final decision : The date of a final and conclusive decision
    • When merging corporations : An evidentiary document to prove the merger of corporation
  • Due date of declaration : Within 6 months after the date of other reasons
  • Required documents : A certified copy of the land site register, evidentiary document, Identification cards
  • Processing period : Immediately(within 3 hours)

Declaration form for Land Acquisition