Buying property in Korea as a foreigner: the procedure

1. Can foreigners buy?

• In general, yes. Ownership is registered the same way as for Koreans.

• Certain protected zones (for example, areas near military installations) require permission before acquisition. Your contract should be conditioned on that permission when it applies.

2. Reports you must file

• Real estate purchase contracts are reported under the transaction reporting system, normally within a short statutory window after signing. When a licensed agent brokers the deal, the agent files this report.

• Acquisitions by means other than a purchase contract (for example inheritance) have a separate foreigner reporting track with a longer window.

3. Bringing money into Korea

• If the purchase funds come from abroad, route them through a foreign exchange bank and keep every remittance record. Those records are what allow you to take sale proceeds back out of Korea later.

4. Registration and taxes

• Title registration is normally handled by a licensed conveyancer (beomusa) after closing.

• Expect three tax categories: acquisition tax at purchase, annual holding taxes, and capital gains tax at sale. Rates depend on price, ownership count, and residency status. Non-resident sellers can face withholding at sale. Get numbers from a tax professional; we intentionally do not publish rates.

5. Practical order of operations

• Confirm zone restrictions for the specific address.

• Line up the fund transfer path and paperwork before the contract date.

• Sign, report, register, and file taxes on time. Keep every receipt.