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 a 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. Foreigner 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 (with surtax):     4.6% of Purchase Price Recording Tax:                        Zero. Presently, incorporated into Acquisition Tax under recent                                                        amendments to Real Estate Tax Law. Stamp Duty:  

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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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