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Lease of nationally/municipally-owned property and reduction of rent
Lease of nationally/municipally-owned property and reduction of rent (The Foreign Investment Promotion Act, Article 13, and Then Enforcement ordinance of the same act, Article 19)
Lease period and rents
- Lease period: Up to 50 years (changed from "up to 20 years")
- Rent: An amount equal to 1 percent or higher of the land price
Reduction of rent
- Applicable to: Land in a foreign investment zone, foreign business complex, national/municipal industrial complex or urban hi-tech industrial complex or agricultural/industrial complex under the Law Pertaining to Industrial Location and Development
- Criteria for reduction of rent
- Up to 100%: For a foreigner-invested business in a foreign investment zone; a business in a foreign business complex engaged in a hi-tech business investing $1 million or more
- Up to 75%: For a manufacturer in a foreign business complex investing $5 million or more; a business that contributes to SOC supplementation, industrial restructuring and financial operation of a local administrative unit
- Up to 50%: Land in a national/municipal industrial complex, urban hi-tech industrial rial complex or agricultural/industrial complex
Municipally-owned property and reduction of rent (The Foreign Investment Promotion Act, Article 13, and The Enforcement Ordinance of the same act, Article 19)
Lease period: Up to 50 years
Those eligible for reduction of rent/margin of discount
- To be fixed by the relevant local administrative unit's municipal ordinance
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