Land acquisition by foreigners in Korea is governed by the Foreign Investment Promotion Act, the Foreigner's Land Acquisition Act, and the Foreign Exchange Transactions Act. There are two types of land which foreigners can acquire: areas subject to permission and those subject to reporting. Regulations and limitations on the acquisition, usage, and development of land are applied uniformly to Koreans and foreign nationals alike.
Laws and procedures relevant to the acquisition of land by foreigners differ according to the purpose of acquisition, whether the acquirer lives in Korea, and whether the acquirer is an individual or a corporation. Foreigners with permanent residency are subject to the same policies that govern Korean nationals with regard to land acquisition, and hence not governed by Foreigner's Land Acquisition Act.
Individuals and corporations are subject to different procedures with regard to real estate sales and the remittance of sales proceeds. Whether individuals live in Korea and the features of the proceeds also determine which procedure is applied to real estate sales and the remittance of proceeds.
Tax rates levied on properties are different at the purchasing, holding, and sales stages. The standards of assessment and tax rates may change due to revisions of laws. One can confirm applicable details with the National Tax Service, and related laws such as laws on local and value added taxes.
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