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.
Implemented by: Enforcement Decree of the Foreigner’s Land Acquisition Act. (2013-03-23)
Authors and Publishers
An independent kingdom for much of its long history, Korea was occupied by Japan beginning in 1905 following the Russo-Japanese War. In 1910, Tokyo formally annexed the entire Peninsula. Korea regained its independence following Japan's surrender to the US in 1945. After World War II, a democratic-based government (Republic of Korea, ROK) was set up in the southern half of the Korean Peninsula while a communist-style government was installed in the north (Democratic People's Republic of Korea, DPRK).