Foreigner’s Real Estate Acquisition

A foreign national who acquires real estate property such as an apartment unit purchased by a foreign national residing in Korea for residential purpose or property acquirement by a Korean branch of overseas corporation must report such acquirement at the competent Si, Gun, or Gu office within 60 days after signing a purchase agreement without undergoing a reporting process under the Foreign Exchange Transactions Act and register the transfer of ownership In this case, the “Act on Report on Real Estate Transactions, Etc.” and the “Registration of Real Estate Act” will apply.