Moving to Korea > Housing

Buying Real Estate - Commercial


Buying Real Estate - Comme...

As of 1998, foreign nationals and companies have been allowed to purchase property in Korea.The laws and procedures that apply are different depending on the objective of the purchase, and whether the purchaser is an individual or a corporation.

A foreign national establishes a local corporation (i.e. foreign invested company) in accordance with the Foreign Investment Promotion Act to engage in business activities that generate profit in Korea, and purchases real estate such as buildings or factory lots under the company name.

When establishing a branch in Korea, real estate can be purchased under the branch name after notifying a foreign exchange bank and registering the branch.

To purchase property, the investor/company will have to
- provide notification of foreign investment through a Korean (foreign exchange) bank
- complete the incorporation process (if creating a foreign invested company)
- register the business at the appropriate Korean tax office (in the jurisdiction of the company)
-  obtain a foreign invested company registration
- sign the purchase contract and make the payment
- notify the appropriate departments of the city(si), county(gun), or district(gu) office that has jurisdiction over the land of the land purchase
- register the purchase in the registry office that has jurisdiction over the purchased property (within 60 days).

Note that the above is a general overview. For more specific details and help in going through the process, you'll want to contact one of the central or local government foreign investment assistance offices (i.e. Invest Korea).

K4E Note: Korea4Expats.com tries to ensure that the information we provide is accurate and complete, so should you notice any errors or omissions above please contact us at info@korea4expats.com.

 

Image

Last Updated on 2014-03-19


In the same header
After You Move In Before Choosing Your New Home
Before Signing Rental Lease or Moving In Bill Payment Options
Buying Real Estate - Commercial Buying Real Estate - Residential
Change of Address Reporting Requirement Condominium Purchases - Foreign Nationals
General Information About Housing Housing Locations In Seoul
Housing Options, Korea Moving Within Korea
Real Estate Agents - Budongsan Real-Estate Terms - Translation
Renting in Korea, Lease Options Utilities - Electricity, Gas, Water
KF Virtual Concert Series - Stay Joyful, Thursdays 13 Aug-15 Oct 2020Virtual concerts with International and Korean artists
Online-Central Asian Cinema Week, 10-19 Sept 2020, Online screeningOnline screening of movies from Central Asian countries - English subtitles on some
At the Movies This Week - SeoulEnglish language/subtitled movies and venues in Seoul, Daejeon, Daegu, Busan. Discount tx from 1 Jun...
Advertisement
Seoul Foreign School, K-12 English School, Seodaemun, Seoul
Korea International School-KIS, PK-12 English, Pangyo, Gyeonggi-do
Dwight School Seoul, English Pre-School-High School, Seoul
JZ Associate
A Plus Apgugeong - 27 May 2020
TCIS Taejon Christian International School,1 Nov 2017
I want to convert
Helpul telephone numbers seoul korea
Cocoonfice, Business Center, Gangnam-gu, Seoul
Directory