If you want to buy a house or apartment in South Korea as a foreigner, you need to comply with specific legislation. The Foreigner’s Land Acquisition Act is one of the most relevant in this sense.
Below, our lawyers in South Korea explain the procedures you need to go through if you want to buy a property in Seoul or any other part of the country. We are at your disposal with legal solutions that will help you become a homeowner in this country.
Here is a brief overview of the laws regulating real estate purchase in South Korea for foreigners:
If you wonder whether you can buy land in Korea or not, the answer is yes. You can acquire land as a foreigner. In this sense, there are two applicable procedures. In most cases, land plots are acquired by companies seeking to build various facilities. In such cases, we also offer company formation services in Korea.
Let’s say you want to buy an apartment in Seoul, South Korea’s capital. The main steps through which you need to go through are:
With respect to the ways through which you can buy an apartment in Korea or a house for that matter, here are your options:
The second procedure comes with the option of obtaining residency in Korea, so it is a great option if you decide to settle here. However, there is also a pre-established amount of money you need to invest to get the visa.
You can consult with our Korean company registration agents who are accustomed to advising foreign investors.
With respect to the procedure of buying land in Korea, there are two procedures you can follow:
So, if you want to buy property in Seoul in the form of land, you need to file a notification with the local government.
You can also address our local consultants if you need support in buying an apartment in Seoul.
When buying an apartment in Korea or any other type of property, the required paperwork includes:
Here is our video on this subject:
Here are the main fees and taxes associated with real estate acquisition in South Korea:
You can rely on the advice of our Korean accountants for details about real estate-related taxes.
If you want to buy a property in South Korea, please contact us.