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Foreigners’ real estate acquisition in Korea is subject to the Foreigners’ Land Acquisition Act, the Foreign Exchange Transactions Act and the Foreigner Investment Promotion Act.
Regulations on the acquisition, use and development of land apply to both Koreans and foreigners equally.
A foreigner can be engaged in the business of building lease, sale and supply, land lease, development and supply of land, and real estate brokerage. As for the business of the development and supply of housing sites, a foreigner can take part in the form of a corporation jointly invested by the government, a local administrative unit, the Korea Land Corporation and the Korea Housing Corporation (A foreigner is not allowed to occupy more than half of the equity share.)

Overview
General matters concerning foreigners’ land acquisition are stipulated in the Foreigners’ Land Acquisition Act.
Benefits offered concerning tax or the purchase of State-owned assets for those registered as FDI businesses are stipulated in the Foreigner Investment Promotion Act.
Matters concerning foreign exchange in foreigners’ purchase of real estate are stipulated in the Foreign Exchange Transactions Act.

	Foreigners’ Land Acquisition Act	Foreigner Investment Promotion Act	Foreign Exchange Transactions Act (concerning real estate)
Applicable to	A foreigner, a foreign-based corporation or a domestic corporation more than half of which equity share is owned by a foreigner(s) ※ Those with the permanent residence permit are excluded.	A foreigner or a foreign-based corporation ※ Those with a permanent residence permit included.	Non-resident aliens ※ Those with a permanent residence permit are classified as non-resident aliens, but this Act does not apply to them.
Core contents	A foreigner who has acquired land in Korea should follow the procedure for report. (Land acquisition report)	A case of FDI covered the Act should follow the procedure for report. (FDI report)	A non-resident alien who has acquired real estate or relevant rights in Korea should follow the procedure for report. (Real estate acquisition report)
Report should be made to:	Land Register Department of the municipal office having jurisdiction over the land Within 60 days of the signing of the contract	Foreign exchange bank (either Headquarter or a branch) or Invest KOREA Prior to remittance of investment fund into Korea	Foreign exchange bank (either Headquarter or a branch) At the time of withdrawal of fund for real estate acquisition

A foreigner may acquire land in Korea only by submitting a report to the relevant authorities in accordance with the given procedures, except in the case of the land that requires pre-approval.
There are two types of reports: the land acquisition report and the report on the continued holding of land. Submittal documents for the former differ, depending on how the land is acquired (i.e. acquisition through contract, or acquisition through inheritance, auction, the exercise of redemption rights, and the court’s ruling).
In a case that requires pre-approval, the procedure should be followed prior to the transaction contract.
Land acquisition for profit requires an FDI report, in addition to the land acquisition report. A non-resident alien purchasing land should also submit the real estate acquisition report under the Foreign Exchange Transactions Act.

For real estate acquisition for profit (i.e. for office building, factory or housing site for lease), you should submit the land acquisition report under the Foreigners’ Land Acquisition Act after registration as an FDI business under the Foreigner Investment Promotion Act.
A business in which a foreigner’s equity share comes to less than 50% is treated equally with its Korean counterpart and thus may go ahead with land acquisition without following the land acquisition report procedure.

A real estate transaction involving foreign exchange is subject to the Foreign Exchange Transactions Act.

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