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 was 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 residential real estate space.   While the majority of the restrictions were lifted by the Korean government, foreign buyers of real property are required to follow specific legal requirements provided under the Korean law that are not, in most cases, required of Koreans.  For an explanation of some of the remaining restrictions of the purchase of real property by non-Korean please see: Restrictions on

Continue reading

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:  

Continue reading