Real Estate Acquisition Report by Foreigners

At a glance

• For a sale contract, file a transaction report within 30 days of the contract date with the mayor, county head or district head where the property is located.
• Acquisition contracts other than sales (e.g. gifts) must be reported within 60 days of the contract date.
• Acquisition by inheritance, auction, exercise of repurchase rights, final judgment, corporate merger, new construction, etc. must be reported within 6 months of acquisition.
• Land in certain areas, such as military base and military facility protection zones, requires a land acquisition permit before the contract.

Who must report

• Foreigners as defined by law, including individuals without Korean nationality, corporations or groups established under foreign law, and foreign governments
• A Korean national or domestic corporation that becomes a foreigner under the Act and wants to keep the property: continued holding report within 6 months of the change
• For sales where a licensed real estate agent prepared and delivered the contract, the agent files the transaction report.

Where to report

• Report to the mayor, county head or district head (reporting authority) with jurisdiction over the property location.
• Reports and permit applications can also be filed as electronic documents.

What to prepare

• Foreigner acquisition or continued holding report: the report form for acquisition or continued holding of real estate by foreigners, plus documents by cause (gift contract, proof of being an heir, auction award decision, final judgment, proof of merger, etc.).
• Sale transaction report: the real estate transaction contract report form. If the buyer has completed foreigner registration or domestic residence reporting, also submit the certificate of foreigner registration or of domestic residence report.
• The person filing must show ID; when a delegate files, submit a letter of authorization and a copy of the delegating foreigner's ID.

Cost

• There is no provision on a reporting fee.
• The issuance fee for the attached certificate of foreigner registration is 2,000 KRW per copy.

Procedure

• First, check the cause of acquisition: a sale needs a transaction report (30 days), other contracts 60 days, and non-contract causes 6 months.
• If the land requires a permit, apply to the reporting authority for a land acquisition permit before the contract. The processing period is 30 days for military-related zones and 15 days for other zones.
• Submit the report and attachments to the reporting authority and receive a report certificate or confirmation.

Common sticking points

• A contract for permit-required land concluded without a permit has no effect and is punishable by imprisonment of up to 2 years or a fine of up to 20,000,000 KRW.
• Failing to file a sale transaction report carries an administrative fine of up to 5,000,000 KRW.
• Failing to file or falsely filing a foreigner acquisition report (contract) carries a fine of up to 3,000,000 KRW, and for non-contract acquisition or continued holding reports up to 1,000,000 KRW.
• Land transaction permit zones may be designated with foreigners specified as permit subjects.

This guide is general information and does not assess any individual case. Laws and fees can change, so check the original text via the official links and with the competent office.