2024-05-23BY Immikorea
There are a few things that make it difficult for foreigners to acquire real estate.
Open an account
Non-resident aliens face difficulties in real estate contracts because it is difficult to open a domestic account.
Most banks require a purchase and sale agreement before they will open an account, and it’s often difficult to get a purchase and sale agreement because you don’t have an account to send the down payment to.
Proof of property registration
Accurate foreigner information is required to record a real estate title transfer.
Generally, you’ll need documents that prove your nationality, name, address, registration number, and signature. For non-resident aliens, these documents must be submitted by an apostille in their home country or notarized by the Korean consulate, which is often difficult because they don’t have the correct documents.
Proof of real estate funding sources
If you purchase real estate with some domestic funds rather than purely foreign funds, you must notify the Bank of Korea of your real estate acquisition and provide proof of the source of funds.
Miscommunication
Being a foreigner, communication issues arise when showing properties and reviewing contracts.
- The distinction between resident and non-resident varies depending on foreign exchange laws and tax laws. In this context, a non-resident foreigner is a foreigner who does not have a residence in Korea and is not registered as an alien.
- Documentation for foreign nationals
- Passport
- Proof of your international address (apostille)
Acquisition Order | Related organizations | Content |
Real estate contracts |
Real estate brokers City, County, District |
-Sign a real estate contract -Real estate contract filing (within 30 days) |
Repairing real estate acquisition declarations Open a bank account |
Foreign Exchange Banks |
-Documents: real estate contract, real estate appraisal or market value confirmation, real estate deed, etc. |
International transfers | Balance payments | |
Report Real Estate Acquisition | Jurisdiction City, County, District Office | -Reporting period: within 60 days from the date of contract signing |
Issuance of Real Estate Registration Number | From Seoul / To Sejong | -Required documents: Original passport or passport copy (apostille) |
Transferring Real Estate Ownership Recording |
Court registry |
-Registration period: 60 days from the date of contract signing (balance payment date) -Required documents: address notarization / signature notarization / real estate registration certificate / real estate registration certificate / real estate registration copy / certificate of the registrar (probate contract, etc.) *Apostille, notarized power of attorney required for delegation |
- A resident alien is a person who has a long-term resident visa, an alien registration card, or a residence card.
- The acquisition of real estate by a resident foreigner, such as the purchase of a residential apartment by a resident foreigner or the acquisition of real estate by a domestic branch of a foreign corporation, does not require notification under the Foreign Exchange Transactions Act, but only requires notification to the city, county, or district office within 60 days of the purchase contract and registration of the transfer of ownership.
Procedures | Authorities | 内容 |
Real Estate Contracts | Real Estate Broker | Sign a real estate purchase and sale contract
– Report a real estate contract (within 30 days) |
Real Estate Acquisition Report | Jurisdiction City, County, District Office |
-Reporting period: 60 days from the date of contract signing -Documentation: Real estate purchase and sale agreement |
Registering Real Estate Title Transfers | Court registry |
-Registration period: within 60 days from the date of contract signing (funding date) -Required documents: copy of alien registration card (or branch registration card in case of branch), registration application form, registrar’s certification document, registration right certificate, real estate registration certificate |
- Acquisition of business premises, factory land, etc. by way of capital increase if registered as a foreign-invested company
- Before registering as a foreign-invested company, you must complete the real estate acquisition process and report the investment.
- In the case of domestic branches, since they are foreign corporations, they purchase real estate in the name of the branch through branch registration and remittance of operating funds.
Procedure | Related organizations | 内容 |
Foreign Investment Declaration and Registration | Foreign Exchange Banks | Foreign Investment Corporation – Capital Increase
Domestic Branch of a Foreign Corporation – Operating Funds |
Opening an Account and Transferring Funds | Foreign Exchange Banks | |
Real Estate Purchase and Sale Agreements | Real estate agents | |
Report Real Estate Acquisition | Jurisdictional city, county, or district office |
– Reporting period: Within 60 days from the date of contract signing – Required documents: Real estate contract |
Registering Real Estate | Jurisdictional registry offices |
– Registration period: within 60 days from the date of contract signing (funding date) – Required documents: corporate registration certificate, application for registration, certificate of registered person, certificate of registration, real estate registration certificate, real estate registration certificate |
Land purchases are restricted by the “Alien Land Law”.
Land purchases must be reported to the cadastral department of the competent city, county, or district office within 60 days from the date of signing the contract, and a fine of not more than KRW 3 million will be imposed for failure to report. (If a licensed real estate agent reports the actual transaction, no separate report is required.)
- Register of Deeds
- Land contracts
- Identification
IMMIKOREA Relocation Services
- We have extensive experience in dealing with foreigners/foreign companies, and we handle our work quickly and accurately.
- We’ll help you open a bank account to transfer funds.
- Sample apostille documents for real estate registrations and how to prepare them.
- English, Chinese, Japanese, Spanish, Vietnamese, and Mongolian guides are available.
- We handle everything from real estate contracts, bank account opening, acquisition declaration, and registration non-stop.
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