Renewal 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

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Can 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

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Tax 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

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Korean 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

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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

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