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Foreigner's Land Acquisition Act.

Country/Territory
Korea, Republic of
Document type
Legislation
Date
1998 (2013)
Source
FAO, FAOLEX
Subject
Land & soil
Keyword
Land tenure Foreign land tenure Ownership Transfer Cultural heritage
Geographical area
Asia, Asia and the Pacific, East Asian Seas, Eastern Asia, North Pacific, North-West Pacific
Entry into force notes
This Act shall enter into force on the date of its promulgation.
Abstract

The purpose of this Act is to prescribe matters necessary for land acquisition, etc. of foreigners within the territory of the Republic of Korea. “Foreigner” is defined in article 2. As far as corporations are concerned, substantially at least of the corporation shall be foreign so as to qualify as foreigner. Article 3 outline the principle of reciprocity, i.e. foreign entities that place limits on acquiring or transferring land within its own territory, may be prohibited or limited from acquiring or transferring land within the territory of the Republic of Korea by the Minister of Construction and Transportation in accordance with the relevant provision of the Presidential Decree. Conclusion of land acquisition contracts shall be reported to the specified public body (arts. 4 and 5). Also continuing possession of land by persons changing nationality shall be reported. Offences are prescribed.

Full text
English
Website
www.klri.re.kr

References - Legislation

Implemented by

Enforcement Decree of the Foreigner’s Land Acquisition Act.

Legislation | Korea, Republic of | 1998 (2013)

Keyword: Land tenure, Foreign land tenure, Ownership, Transfer, Data collection/reporting, Enforcement/compliance

Source: FAO, FAOLEX