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