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Investment Support System

We introduce materials which give help to investment related to tourism investment.
Main Investment Support System Investment Support By Project Tourist Destination / Complex
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Tourist Destination / Complex

Definition

A tourist complex is an area developed as a base for tourism where tourist facilities are established comprehensively for various purposes of tourism and relaxation.

Tourist Complex and Tourist Destination
Tourist Complex and Tourist Destination
Tourist Destination
  • The term "tourist destination" means a place designated under the Tourist Promotion Act where natural or cultural resources for tourism are available and basic conveniences for tourists have also been made available in accordance with Article 2 (6) of the Act.
  • There shall be no area requirements for a tourist destination, and it shall be developed by a public institution.
Tourist Complex
  • The term "tourist complex" means an area designated as a base for tourism pursuant to the Tourist Promotion Act, in which diverse tourist facilities are or shall be developed comprehensively for various types of tourism and relaxation of tourists in accordance with Article 2 (7) of the Act.
  • The area requirements of a tourist complex shall be at least 500,000㎡, and it shall be developed by a private developer.

Source : Article 2 of the Tourism Promotion Act. http://elaw.klri.re.kr

Designation Requirements

A tourist destination should be equipped with one of facilities for accommodation, sports/amusement, recreation, culture, or entertainment and support facilities, as well as public facilities.

A tourist complex should be equipped with one of facilities for accommodation, sports/amusement, relaxation/culture, or entertainment and support facilities, as well as public facilities and accommodations.

Introduction of Facilities in Tourist Complex
Introduction of Facilities in Tourist Complex
Subcategories Notes
Public Facilities Public restroom, parking lot, electric facilities, communication facilities, water supply facilities, sewage facilities, and tourist information center Compulsory
Accommodations Tourist hotel, floating tourist hotel, traditional Korean hotel, or family hotel At least one is compulsory.
Sports & Recreation Facilities Golf course, ski resort, marina for yacht, boat or canoe, ice rink, motor racecourse, horse-riding track, multi-purpose sports complex, racetrack or motorboat racetrack At least one is compulsory.
Relaxation & Culture Facilities Folk village, beach, game reserve, zoo, botanical garden, hot spring resort, cave, swimming pool, agricultural or fishing village resort facilities, forest resort facilities, museum, art gallery, gliding club, car campsite, tourist excursion ship, or general amusement complex
Entertainment Facilities Tourist theater, tourist entertainment restaurant, tourist theatre entertainment, entertainment restaurant, or tourist restaurant Optional
Support Facilities Employee accommodations, training facilities, or distribution facilities Optional

Source : Attached Table 18 of the Enforcement Decree of the Tourism Promotion Act.

Investment Incentives

If a development zone is designated as a tourist complex, an investor shall be exempt form acquisition and registration taxes and any charges and shall obtain the right to expropriate land and administrative support such as the simplified permission procedure.

Investment Incentives for Tourist Complex
Investment Incentives for Tourist Complex
Incentives Related Laws
Tax Incentives
  • Acquisition tax and registration tax on real estate acquired to implement a tourist complex development project shall be reduced by 25/100.
  • Article 54 of the Restriction of Special Local Taxation Act
Charges Reductions or Exemptions
  • Each project executor may require users of a support facility to bear all or some of expenses incurred in constructing the support facility.
  • Development charges, farmland preservation charges, costs of development of substitute grassland, expenses for creation of alternative forest resources, etc.
  • Article 64 of the Tourism Promotion Act
  • Article 5 of the Restitution of Development Gains Act
  • Article 38 of the Farmland Act
  • Article 19 of the Management of Mountainous Districts Act
Expropriation of Land
  • If a tourist complex is developed by a private developer, he/she shall be given the right to expropriate or use private land remaining after acquiring at least 2/3 of private land within the area to be developed.
  • A tourist complex developer shall entrust the head of the competent local government with services relating to the purchase of a site for the development project.
  • Articles 54 and 61 of the Tourism Promotion Act
  • Article 49 of the Enforcement Decree of the Tourism Promotion Act
Approval and Permission
  • When having obtained approval of a development plan, the relevant authorization, permission, etc. shall be deemed granted.
  • Article 58 of the Tourism Promotion Act