Can Foreigners Buy Property in Korea?   

Absolutely!

Korea distinguishes itself as one of the few Asian nations where foreign individuals can freely acquire both residential and commercial properties without encountering substantial restrictions. 

What's noteworthy is that foreigners enjoy a status akin to Korean nationals, setting Korea apart from many other countries in Asia.

Not only are foreigners able to purchase property in Korea, but they also hold full ownership rights to these properties.

Nevertheless, there are a few distinctions that apply exclusively to foreigners in comparison to Korean nationals.

Firstly, certain areas necessitate government approval for acquisition. For instance, if the property of interest is situated in a defense zone or an area requiring protection due to natural reasons, governmental approval is a prerequisite. Apart from these instances, foreigners can proceed with real estate acquisition in Korea through a straightforward reporting process.

Moreover, specific Acts and Regulations are in place for foreigners engaging in property transactions. These include:

Act on Real Estate Transactions (부동산 거래신고 등에 관한 법률): 

Upon entering into a contract to acquire real estate in Korea, foreigners must report to the relevant Si/gun/gu office within 60 days of concluding the contract.

The Foreign Exchange Transactions Act (외국환 거래법): 

This act exclusively applies to non-resident foreigners. When non-residents acquire rights related to Korean real estate, such as leasing on a deposit basis or a mortgage, they must report to the Foreign Exchange Bank when withdrawing funds for real estate acquisition.

Foreigner's Land Acquisition Act (외국인토지법): 

When a foreigner purchases property, it is mandatory to notify the head of the government within 60 days from the contract's issue date. Approval must be sought for land purchases in protected areas, such as those under military operation, cultural properties with heritage significance, and conservation areas safeguarding nature and ecosystems.

Foreign Investment Promotion Act (외국인 투자 촉진법): 

If a foreign investor acquires property through a foreign-invested company, it is imperative to report to the Foreign Exchange Bank before bringing in investment funds into Korea.

The laws concerning foreigners' property acquisition in Korea are undergoing frequent changes. It is strongly recommended to seek consultation from local experts before proceeding.

Jade Hyun Seung Lee. Esq 

Certified Realtor (Korea), Attorney at Law (NY) 

International Marketing Director, KGR

CEO, Lucy Estates, Seoul 

Email: jade.h.lee@gmail.com

Mobile: +82 10 5130 8525

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