|
| HOME INTRODUCTION RESIDENCE COMMERCIAL REQUEST CONTACT US USEFUL KOREAN |
|
|
| Copyright 1999-2010 Zeroboard / skin by onnuri |
|
Procedure for foreigner's purchasing real estate A. Foreign-invested company Buying real estate 1. Foreign investment notification Carry in or remit capital from foreign country 2. Make real estate transaction contract 3. Pay about 10% of total real estate price 4. Pay balance by several steps or at one time when you take documents needed to register real estate under the company's name. 5. Land acquisition report 6. Real estate registration Selling real estate 1. Make transaction contract 2. Get about 10% of total real estate price 3. Get balance by several steps or at one time when you give documents needed to register real estate under the new owner's name. 4. Remit money to foreign country as reduction in capital or dividends for foreign invested company B. Domestic branches of foreign company Buying real estate 1. Make domestic branch of foreign company 2. Bring in funds as a form of operating funds of branch of foreign company 3. Make real estate transaction contract 4. Pay about 10% of total real estate price 5. Pay balance by several steps or at one time when you take documents needed to register real estate under the company's name. 6. Land acquisition report 7. Real estate registration Selling real estate 1. Make transaction contract 2. Get about 10% of total real estate price 3. Get balance by several steps or at one time when you give documents needed to register real estate under the new owner's name. 4. Remit money to foreign country as operating profit for domestic branch C. Resident foreigner(Person who has foreinger registration card in Korea) Buying real estate 1. Bring in funds without separate reporting (only funds for residence or non-profit purpose) 2. Get foreigner registration certificate from Korea Immigration Service 3. Make real estate transaction contract 4. Pay about 10% of total real estate price 5. Pay balance by several steps or at one time when you take documents needed to register real estate under buyer's name. 6. Land acquisition report 7. Real estate registration Selling real estate 1. Make transaction contract 2. Get about 10% of total real estate price 3. Get balance by several steps or at one time when you give documents needed to register real estate under the new owner's name. 4. Pay capital gain tax 5. Remit money to foreign country after reporting to foreign exchange bank For the properties purchased by domestically created funds, report to the governor of Bank of Korea D. Non-resident foreigner Buying real estate 1. Make bank account at foreign exchange bank 2. Get registration number for real estate registration (from Korean immigration service) Buyer's address should be tested by a notary public 3. Make real estate transaction contract 4. Withdraw money and exchange foreign currency to KRW after reporting to foreign exchange bank. 5. Pay about 10% of total real estate price 6. Pay balance by several steps or at one time when you take documents needed to register real estate under buyer's name. 7. Land acquisition report 8. Real estate registration Selling real estate 1. Make transaction contract 2. Get about 10% of total real estate price 3. Get balance by several steps or at one time when you give documents needed to register real estate under the new owner's name. 4. Pay capital gain tax 5. Remit money to foreign country after reporting to foreign exchange bank E. Denizenship holders Buying real estate 1. Make real estate transaction contract 2. Get Foreigner registraion certificate 3. Pay about 10% of total real estate price 4. Pay balance by several steps or at one time when you take documents needed to register real estate under the company's name. 5. Real estate registration Selling real estate 1. Make transaction contract 2. Get about 10% of total real estate price 3. Get balance by several steps or at one time when you give documents needed to register real estate under the new owner's name. 4. Pay capital gain tax |
|
|
|
|
|
|