Definition of an Alien

• An individual who does not possess the nationality of the Republic of Korea
• The following corporations or organizations
  • Corporations or organizations established under the laws of a foreign country
  • Corporations or organizations in which more than half of the members or constituents are foreign nationals
  • Corporations or organizations in which more than half of the executive officers, such as managing partners or directors, are foreign nationals
  • Corporations or organizations established under the laws of the Republic of Korea, but in which foreigners or corporations/organizations established under foreign laws hold at least half of the capital or at least half of the voting rights

Land Acquisition Report by Notification

• Subject: When a foreigner acquires land in the Republic of Korea
  ※ If a real estate transaction report has been filed, it is considered as having filed a land acquisition report for foreigners.
• Reporting Deadline: Within 60 days from the date of signing the land acquisition contract (including gifts) (date of contract execution)
• Required Documents
  • Land acquisition contract (sales or gift contract), identification card, Certificate of Registration for Real Estate Registration for Foreigners (issued by the Immigration Office)
• Penalty: Up to 3 million KRW

Acquisition of Land Due to Causes Other Than Contract

• Applicable Cases: Acquisition of land through inheritance, auction, exercise of right of redemption, final court judgment, or corporate merger
• Required Documents by Type
  • Inheritance : Documents proving inheritance (basic certificate of the decedent, family relationship certificate)
  • Auction : Certificate of successful bid
  • Court's Final Judgment : Final Judgment
  • Redemption : Documents proving redemption (redemption contract, etc.)
  • Corporate Merger
• Reporting Deadline: Within 6 months from the date of land acquisition
• Processing Period: Immediate
• Penalty: Up to 1 million KRW

Report of Continued Land Ownership by Foreigners

• Applicable Cases : Individuals and corporations who own land in the Republic of Korea and have changed their status to foreigner, and wish to continue holding the land
• Reporting Deadline : Within 6 months from the date of change to foreign individual or foreign corporation
• Required Documents : Documents proving change of nationality (copy of naturalization certificate)
  • Individuals: Identification (copy of passport)
    ※ If reported by a proxy, both the proxy’s ID and a copy of the foreign individual’s ID are required
  • Corporations: Documents proving the change to a foreign corporation or organization
• Processing Time: Immediate (within 3 hours)
• Penalty: Up to 1 million KRW