2016년 5월 13일 금요일

When a foreigner sells acquired real estate, can the proceeds be freely remitted to overseas?







① If the real estate was purchased with fund that came from overseas through normal bank transaction, the proceeds from its sales is subject to overseas remittance without any restriction. 
 
1. Import and export of proceeds from real estate purchase & sales for non-residing foreigners 
 
1) When brining in fund from overseas to purchase real estate, it must be reported to the president of foreign exchange bank. When the real estate is purchased with reported fund, its proceeds from sales can be taken out of the country, as long as such act is reported. ( validating documents must be provided ) 
 
2. Import and export of real estate purchasing fund for residing foreigners 
 
1) One can freely bring in fund to purchase real estate. Proceeds from its sales, as well as income generated from leasing the real estate must be reported to governor of the Bank of Korea.