Foreigners' Real Estate Acquisition PermissionㆍReport

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Report of Land Acquisition by Foreigner in Gwangjin-gu Office
  • Counter: Real Estate Information Office, Gwangjin-gu Office (1F, Civil Welfare Building)
  • Description
    • Report of land acquisition by foreigner and retention
  • Business hours : Weekdays 09:00 ~ 18:00
  • Contact : ☎+82-2-450-7757
  • Eligibility
    • Any person who is not a national of the Republic of Korea
    • A corporation or group founded in accordance with foreign laws
    • A corporation or group founded in accordance with Korean laws and and have over 50% of foreign employees or executives
    • A corporation or group founded in accordance with Korean laws and over 50% of its capital or voting rights are held by foreigners or based on foreign laws, or its corporation or group
  • Regulations by Acquisition Type and Reasons
    • Target of permission : Military base and military installations on reservation, cultural heritage protection areas, ecological·landscape preservation areas, special wild animalsㆍplants reserves
    • Target of report : Areas other than permitted territory
    • Report of land acquisition by foreigner is not required if report is made by the actual land transaction due to a contract after June 28, 2009
    • Obtain seal of approval and report for land acquisition by foreigner if acquiring land by a contract (bestowal, sales of small-scale lot ownership, etc.) or other other reasons than contract (bestowal, auction, final ruling by court, etc.)
  • Application Period
    • Territory of permission : Before signing the contract
    • ◦Territory of report : Within 60 days from the date the contract (bestowal, sales)
    • (However, ㉠ For reasons other than contract such as bestowal, auction, resale, etc. : Within 6 days from acquiring the land
    • ㉡ Report of retention : Within 6 months from the date of change to a a foreigner or a foreign corporation
  • Documents to be submitted
    • Proof document of land acquisition, a copy of ID card
  • Fine for Violation of Report
    • If a land acquisition contract is signed without permission : Up to 2 years in prison or 20 million won of fine; loss of contract validity
    • If acquisition of the land by a contract is not reported or falsely reported : Up to 3 million won of fine
    • If acquisition or retention of the land by other reasons than a contract is not reported or falsely reported : Up to 1 million won of fine
  • Method of PermissionㆍReport
    • Visit : Si·gun·gu offices of the land
    • Internet : Real Estate Transaction Management System → Select local Government → Access Foreigner Land Acquisition
      ※ Submit copies of attached documents within 14 days from the date or report or application via mail or FAX