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HAEUNDAE-gu
HAEUNDAE-guAssistance for Foreigners
- Assistance for Foreigners
- Land Acquisition
Land Acquisition
When a foreigner (or a foreign corporate body) has acquired new land in the territory of the Republic of Korea or when a Korean (or a Korean corporate body) has become a foreigner (or a foreigner corporate body) because of changing in nationality, it is necessary to report the land acquisition to the government organization that covers the area where the land is located according to the Foreigner’s Land Acquisition Act.
Reporting land acquisition
- Qualification: Foreigners who have concluded a contract to acquire land in the Republic of Korea
- Registration Period: Within 60 days after conclusion of the contract. Registration must be made within six months if the land was acquired by non-contractual means, such as inheritance or auction.
- Required Documentation: Foreigner’s land acquisition report form, identification (issued by the immigration office), and one copy of the contract Documents attesting to the non-contractual acquisition of land (ex: in inheritance, proof of family relations, etc.)
- Fine: Anyone who fails to make the report within the aforementioned period shall be subject to a fine. (According to the Foreigner’s Land Acquisition Act, a negligence fine of less than KRW 3 million can be imposed.)
Report of Continuous Possession of Land
- Qualification: A national of the Republic of Korea (or an organization established therein under the relevant regulations) that intends to possess the relevant land continuously after having been changed to a foreigner (or foreign organization)
- Registration Period: Within 6 months after the change of status to foreigner (foreign organization)
- Required Documentation: Documents attesting to the change in nationality (Individual: Copy of Proof of Citizenship, Organization: Documents attesting to the change in status, etc.)
※ Fine: Unreported or improper acquisition of land shall be subject to a fine of less than KRW 3 million.
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