REAL ESTATE INVESTMENT COMPANY ACT (old)

REAL ESTATE INVESTMENT COMPANY ACT (Amended as of January 14, 2005)(New Law in effect on Oct, 2007)CHAPTER I GENERAL PROVISIONS Article 1 (Purpose) The purpose of this Act is to contribute to the development of national economy by prescribing the matters concerning the establishment of a real estate investment company, the management methods of assets thereof and the protection of investors therein to provide citizens at large with more opportunities to invest in the real estate as well as to vitalize the sound investment therein. Article 2 (Definitions) The definitions of terms used in this Act shall be as follows: 1.The term “real estate investment company” means any company that is incorporated pursuant to Article 5 mainly for the purpose of investing its assets in real estate and managing invested assets, which falls under each of the following items: (a) The self-managed real estate investment company: The company that has

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Korean Foreigner’s land Aquisition Act (Enforcement Decree)

ENFORCEMENT DECREE OF THE FOREIGNER’S LAND ACQUISITION ACT INTRODUCTION Details of Enactment and Amendment – Enactment: This Decree was enacted to prescribe matters delegated by the Act on the Acquisition of Lands by Foreigners and their Management (Act No. 4726, Jan. 7, 1994) such as the detailed standards for land for actual use that may be acquired by foreigners and the procedures for such acquisition as well as those necessary for the enforcement thereof following the enactment of the said Act. The formerly executed Enforcement Decree of the Foreigner’s Land Acquisition Act (Cabinet Decree No. 645, Apr. 10, 1962) is repealed by the enactment of this Decree. – Amendment: This Decree has arrived at its present form as a result of being wholly amended on June 24, 1998 and being partly amended on December 30, 2002 and March 17, 2004. Accordingly, its title was changed to the Enforcement Decree of

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Korean Foreigner’s land Aquisition Act

FOREIGNER’S LAND ACQUISITION ACT INTRODUCTION Details of Enactment and Amendment – Enactment: This Act was enacted on January 7, 1994 as the Act on the Acquisition of Lands by Foreigners and their Management, in order to generally improve and supplement the previous system of land acquisition by foreigners, for example, by allowing foreigners and foreign enterprises easier acquisition of land needed for their business affairs. With the enactment of this Act, the Foreigner’s Land Acquisition Act previously in enforcement (September 18, 1961, Act No. 718) was repealed. – Amendment: This Act has arrived at its present form as a result of being wholly amended on May 25, 1998 and being amended in part on January 21, 1999, February 9, 2004 and December 31, 2004. Consequently, the title of the Act has been changed to the Foreigner’s Land Acquisition Act, and activation of investment by foreigners is aimed for by overall

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Korean Foreign Investment Promotion Act (Enforcement Decree)

ENFORCEMENT DECREE OF THE FOREIGN INVESTMENT PROMOTION ACT INTRODUCTION Details of Enactment and Amendment – Enactment: This Decree was enacted on November 14, 1998, following the enactment of the Foreign Investment Promotion Act, as the Presidential Decree No. 15931, in order to prescribe the matters mandated by the same Act and the matters necessary for the enforcement thereof. – Amendment: This Decree has taken its present form after going through thirteen amendments, including the latest amendment made on March 8, 2005, since its enactment. Main Contents – When a foreign capital invested company purchases a State-owned property, the purchase price may be paid in installments for up to twenty years or the time period for its payment may be extended for up to one year, and for the purchase of a publicly owned property, an installment purchase or an extension of payment period may be allowed pursuant to the municipal

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Leery of lousy leases, landlords? Get a lien

Leery of lousy leases, landlords? Get a lien The Korean Herald , July 4, 2003By Sean Hayes Dear Sean, I am considering renting an apartment, but the landlord wants a large deposit. Is there any way for me to protect myself against bad landlords that don’t return deposits?- sUneasy in Taejon. Dear Uneasy, there are two main types of residential rental agreements. The most common is Chonse. The Chonse rental system requires a tenant to put approximately 50 percent of the market value of the apartment down as a deposit (key money) and then the deposit is returned at the end of the lease term. The second most popular rental agreement is the Wolse system. The Wolse system is gaining strength in Korea because of low bank interest rates. The Wolse system also usually requires a sizeable deposit and requires the tenant to pay monthly rent.The problem with both systems

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Restrictions on Foreigners Purchasing Property in Korea

Foreigner Purchasing Property in Korea is not longer restricted for most acquisitions.  An article on Korean Real Estate can be found at: Korean Real Estate Acquisition Taxes. Dear Sean Hayes: I was informed that there are limitations on foreigners purchasing property in Korea. I would like to purchase an apartment and was wondering what restrictions are on foreigners in purchasing property in Korea. What does a foreigner need to do to purchase property in Korea and is it true that foreigners need advance permission from the government to purchase property? Renter in Itaewon. Dear Renter: In 1998 Korea liberalized many of its laws concerning foreigners, including the Foreigners’ Land Acquisition Act. Many further liberalizations also occurred under the present administration. The changes in the treatment of foreigners were a direct reaction to the financial crisis that hit Korea and most of the rest of Asia. Many of the changes were

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76 Percent of Apartment Owners to Pay More Tax

Chosun Ilbo A Lesson in Survival From the Finance Minister The real estate tax burden this year will rise for 7.38 million households or 76 percent of the 9.7 million apartments, condominiums and villa complexes across the country. The 9.7 million will pay W85,000 (US$1=W945) in combined property tax per household on average this year, up about 12 percent (W9,000) from last year, the Ministry of Government Administration and Home Affairs said Thursday. The increase is small, the government explained, because property taxes for households worth less than W600 million in government-set value, which are not subject to combined real estate tax, are limited to a rise of no more than 10 percent. But as the government plans to raise real estate tax from the current 50 percent of publicly assessed value to 100 percent by 2017, the burden is also expected to rise for householders not subject to combined

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