In a recent ruling, the Korean Supreme Court clarified the legal boundaries surrounding foreign diplomatic missions occupying private land in Korea. While it confirmed that the removal of such missions or the return of occupied land cannot be demanded, it stated that compensation for land use may be claimed through litigation. In the case at hand, a Korean company sued Mongolia for the removal of buildings located on land next to the Mongolian Embassy in Yongsan-gu, Seoul. The plaintiff had purchased land in 2015, but discovered that
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Korea May Amend its Inheritance Tax System in 2025
Korea has one of the highest effective inheritance tax rates in the world and one of the most complicated inheritance processes in the world. The present Korean Administration, realizing this reality, is attempting to amend Korean law to place the Korean Inheritance System more in line with international norms and to lower the effective tax burden on inheritors. IPG Legal is looking forward to a comprehensive amendment, also, to the laws related to the Korean legal reserve of inheritance based on recent Korean court precedent. One peculiar
Continue readingTop 100 Korean Lawyers & Legal Consultants in Korea
Sean Hayes, an attorney for the Top Korean Dispute Resolution Law Firm of the Year was rated by LawAsia, one of the leading peer-reviewed publications in Asia, as a Top 100 Lawyer in Korea. Sean Hayes is one of the only non-Korean attorneys on this Korean Lawyer “A-list” and the only non-Korean that was on the list each year the list was published. Sean Hayes is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first
Continue readingRenewal Rights/Terms for Commercial Leases in Korea Under Amended Commercial Building Lease Protection Act of Korea
The Korean Commercial Building Lease Protection Act (“CBLP”) came into force on August 13, 2013. The Korean CBLP amendments, mentioned below, will solely come into force for leases entered into after August 13, 2013. The changes will assist those with large deposits from being evicted by a landlord in Korea based on no apparent reasons. Please note a new law has come into effect and we shall be writing on this new law within the next couple of weeks. Please check back. The following post is a
Continue readingTop Law Firms in Korea for English-Speaking Clients According to 10 Magazine
We are proud to note that 10 Magazine listed us in an article titled 10 Lawyers in Seoul for English-Speaking Expats in Korea. IPG is listed under the title Large/International Law Firms. Thanks for the mention 10 Magazine. We love your work. IPG Legal and many of our lawyers were listed as top attorneys by numerous legal rating services and magazines. Sean Hayes was, also, rated a top 100 Attorney. To learn more about IPG Legal please check out our website at: IPG Legal. The article by 10
Continue readingCan Foreigners Buy Real Property in Korea? Korean Real Estate Law for Non-Korean Residents and Non-Residents
Unlike some Asian countries that do not allow or strictly limit foreign ownership of real properties, South Korea has a buoyant market that permits foreigners to purchase real estate and even land in Korea. The major restrictions on ownership of real estate for non-Koreans were lifted during the 1997 Asian Financial Crisis based on the advice of the IMF. The lifting of these restrictions, led, in part, to a commercial and residential real estate boom. The major benefit to Korea was in the high-end commercial and high-end
Continue readingTax Breaks for Korean Landlords: Real Estate Taxation Basics
Proposed by the Chairman of the Strategy and Finance Committee of the Republic of Korea on September 20, 2018, the Amendment to the Korean Restriction of Special Taxation Act came into force on January 1, 2019. The amendment has decreased the taxation burden of some landlords. The Act was amended in favor of Korean landlords who renew long-term rentals with tenants by charging a lower increase of rent by a percentage lower than a percentage set by Presidential Decree. This Act shall reduce, in general, the tax
Continue readingAmendment to Korea’s Occupational Safety and Health Act in 2019
The amended Occupational Safety and Health Act of Korea (“OSHA”) entered into force on January 15, 2019. One major aspect of the revision is that it has raised the risk of liability of representatives of institutions and companies for workplace injuries in Korea. The amended Korean OSHA law is expected to increase the risk to company management, increase the liability of companies, and increase options for employees who are perceived to have been harmed because of the actions or inactions of employers. For other articles on Korean
Continue readingWills, Trusts, Pre-Nuptial Agreements, Living Wills, and Power of Attorneys in Korea
We receive numerous requests for the notarization of wills, living wills, general and specific power of attorneys, prenuptial agreements, and other like agreements and documents in Korea. These documents are, often, just pulled from the internet. Pulling these documents from the internet is not adequate – in most cases. Please save your family trouble and get these documents drafted by someone with substantial experience with handling international matters for expats residing in Korea or Korean nationals with family abroad. We, sometimes, organize the notarization of these agreements
Continue readingKorean Real Estate Acquisition Taxes for Purchase of Real Estate in Korea
The following are the Korean real estate acquisition taxes for the purchase of real estate in Korea. These acquisition taxes are applicable to the purchase of an apartment, land, or commercial property. Taxes in Korea change, often, when new administrations come into office. Thus, these taxes may change, thus, please consult with your real estate agent and/or accountant. Foreigners may purchase property in Korea, certain restrictions do apply to the purchase of property by foreigners. Basic Taxes Related to the Acquisition of Property in Korea. Acquisition Tax
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