Report of foreigners’ land acquisition

• In case a foreigner purchases a land in Korea, the acquisition should be reported according to the procedure provided in the Foreigner's Land Acquisition Act.
• Period of report
  • Within 60 days from acquisition by purchase contract
  • Within 6 months from non-contract acquisition such as tender, inheritance and the report of continuous ownership
• Required documents
  • For land acquisition by contact: Transcript of land register, contract, ID
  • For non-contract land acquisition: Transcript of land register, documentary evidence other than contract, ID
  • For the report of continuous ownership: Transcript of land register, documents proving the change of nationality In case of report by a proxy, the copies of the proxy’s ID and the foreigner’s ID are required.
• Processing time: Immediately (within 3 hours)
• Penalties
  • If land acquisition by contract has not been reported: Penalty fee of 3,000,000 won or less
  • If non-contract land acquisition or continuous ownership has not been reported: Penalty fee of 1,000,000 won or less
  • If a land acquisition contract has been made without permission: Imprisonment of two years or shorter, or fine of 20,000,000 won or less, invalidation of the contract
• Fee: None
• Inquiry: Department of Land Register ☎ 82-53-662-2985