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Expatriate real estate transactions require accurate documentation
The first priority in overseas real estate transactions is to prepare accurate documents to prove your name, nationality, address, registration number, and signaturewhen registering the property and reporting the acquisition of the property.
In the case of overseas Koreans, there are many cases where their nationality or name has changed due to citizenship abroad, and they have not corrected their real estate registrations or made any real estate-related declarations during their stay abroad. In addition, when selling a property, it is important to ensure that the real estate registry accurately reflects the owner’s status in order to transfer ownership.
Preparing your paperwork depends a lot on whether you’re a resident or non-resident.
Nationality considerations in expatriate real estate transactions
- If you acquired real estate when you were a Korean citizen but later changed to a foreign nationality
- If you registered real estate as a Korean after acquiring overseas citizenship and did not report the loss of citizenship.
- If you acquired domestic real estate as a foreign national but have since reinstated your citizenship
- If you are an overseas citizen and have not reported loss of Korean citizenship
- If you are an overseas Korean and your Korean residency has been canceled
- If you have a domestic residence permit
- If you’re a domestic non-resident
Documentation for expatriate real estate transactions
| Substantiating Items | Non-residents | Resident card holder |
| When changing your name | Passport / Certificate of Identity (for the person) | Passport / residency card |
| Changing Nationality | Certificate of Citizenship | Certificate of citizenship |
| Addresses | Proof of residency or apostille of address | gigantism |
| Registration Number | Real estate registration number | Macrocephaly |
| Signatures | Notarize or apostille a signature | Seal certificate |
| Power of Attorney | Power of Attorney Apostille | power of attorney |
Procedure for obtaining supporting documentation
Expatriate real estate acquisition process
| Order | Related organizations | 内容 | Agency qualifications |
| Report real estate purchase and sale contracts and actual transactions |
Visit your city, county, or town hall or online |
– Sign a purchase and sale agreement – Real estate contract reporting (within 30 days) |
Real estate agents |
| Real Estate Acquisition Report | Foreign Exchange Bank or Bank of Korea |
– Required documents: Real estate purchase and sale contract, real estate appraisal or real estate market value confirmation (issued by an administrative agency), real estate registration certificate – Issue a Real Estate Acquisition Declaration |
Administrator |
| Balance Payments | Foreign Exchange Banks | Administrators | |
| Real Estate Acquisition Report | Jurisdiction City, County, Ward |
-If you don’t need to report real estate acquisitions When a permanent resident acquires real estate or rights to real estate in the country You rent real estate for yourself, your relatives, or your employees. Acquire real property, other than land, or rights to it, from a nonresident in the country from a non-resident in the country |
Administrator |
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Issue a residency certificate or Get a real estate registration number (non-residents) |
Immigration offices Immigration offices |
– After approving the residence number, you can issue a seal certificate at the residence center as a proof of residence declaration. – Non-residents can obtain a registration number for real estate registration with original or apostilled copy of passport |
Administrator |
| Registering Real Estate | Registry of Deeds |
– Within 60 days of contract signing (disbursement date) – Provide proof of name / nationality / address / registration number / signature – Capital gains tax return and payment statement (required to confirm payment of capital gains tax) – Power of attorney required for delegation |
Lawyers |
Process for selling expatriate real estate
When selling a property to an expatriate, it is important to note that the owner’s information on the property’s deed needs to be corrected to reflect the current situation.
| Order | Related organizations | Content | Agency eligibility |
| Correcting Real Estate Records (If Needed) | Jurisdictional registry offices | – Correction of name, nationality, address, and registration number | Lawyer |
| Real estate purchase and sale contracts | – Executing a Purchase and Sale Agreement | Real estate agents | |
| Paying real estate taxes | Department of Revenue (Property Tax Division) |
– Pay your transfer tax return – Issue a Transfer Declaration Certificate |
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Receive the balance and deliver ownership transfer documents |
Concurrent fulfillment |
Purchase and sale agreement, registered title deed, transfer declaration, seal of sale, resident registration card (original) |
Transfer Declaration Confirmation
From July 1, 2020, if an expatriate or foreigner transfers taxable assets such as real estate, a real estate transfer notification confirmation form must be issued by the tax office to register the transfer of ownership of such assets.
Documents Required to Issue a Transfer Declaration Certificate
- Confirmation of transfer of real estate for expatriates and foreigners
- Capital gains tax return and payment statement
- A copy of the contract of sale
- Documentation of capital expenditures, relocation expenses, and other necessary expenses.
- Other documents needed to calculate capital gains tax
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