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Foreigner's Land Acquisition Act.

Pays/Territoire
Corée, République de
Type du document
Législation
Date
1998 (2004)
Source
FAO, FAOLEX
Sujet
Terre et sols
Mot clé
Régime foncier Propriété étrangère Propriété Transfert
Aire géographique
Asie, Asie et Pacifique, East Asian Seas, Asie Orientale, Pacifique Nord, Pacifique Nord Occidental
Résumé

The purpose of this Act is to prescribe rules for land acquisition by 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.

Texte intégral
Anglais