The purpose of this Act is to establish a system for sound and transparent real estate transaction and to contribute to the national economy by prescribing matters concerning reporting on and permission for real estate transactions, etc.

The terms used in this Act are defined as follows: <Amended on Aug. 18, 2020>

1. The term "real estate" means land or building;

2. The term "real estate, etc." means real estate or a right to acquire real estate;

3. The term "party to transaction" means a buyer and seller of real estate, etc., including a foreigner, etc. defined in subparagraph 4;

3-2. The term "party to a lease contract" means the lessor and lessee of real estate, etc., including the foreigners, etc. defined in subparagraph 4;

4. The term "foreigner, etc." means any of the following individuals, corporations or organizations:

(a) An individual who is not a national of the Republic of Korea;

(b) A corporation or organization incorporated under the statutes or regulations of a foreign State;

(c) A corporation or organization at least a half of whose employees or members fall under item (a);

(d) A corporation or organization at least a half of whose executive officers, such as managing general partners or directors, fall under item (a);

(e) A corporation or organization in which persons falling under item (a) or corporations or organizations falling under item (b), hold at least a half of its capital or a half of the voting rights;

(f) A foreign State;

(g) An international organization prescribed by Presidential Decree.

(1) When a foreigner, etc. enters into a contract on acquisition of any real estate, etc. in the territory of the Republic of Korea (excluding contracts set forth in subparagraphs of Article 3 (1)), he or she shall file a report thereon with the report-receiving authority within 60 days from the conclusion date of the contract, as prescribed by Presidential Decree.

(2) When a foreigner, etc. acquires any real estate, etc. within the territory of the Republic of Korea by means of inheritance, auction, or any cause other than contracts prescribed by Presidential Decree, he or she shall file a report thereon with the report-receiving authority within six months from the date of acquisition of the real estate, etc., as prescribed by Presidential Decree.

(3) Where a national of the Republic of Korea who possesses any real estate, etc. within the territory of the Republic of Korea or a corporation or organization incorporated under the statutes and regulations of the Republic of Korea becomes a foreigner, etc., and if the relevant foreigner, etc. intends to possess the relevant real estate, etc. continuously, the foreigner, etc. shall file a report thereon with the report-receiving authority within six months from the date of change to foreigner, etc., as prescribed by Presidential Decree.

(1) Notwithstanding Articles 3 and 8, where any land that a foreigner, etc. intends to acquire is located in any of the following zones, areas, etc., he or she shall obtain permission from the report-receiving authority for the acquisition of the land before entering into a contract for the land acquisition (hereinafter referred to as "land acquisition contract"), as prescribed by Presidential Decree: Provided, That the same shall not apply where a permission for the land transaction contract is obtained under Article 11: <Amended on Nov. 26, 2019; Mar. 21, 2023>

1. Military bases and installation protection zones defined in subparagraph 6 of Article 2 of the Protection of Military Bases and Installations Act, and such other areas as may be necessary to limit land especially acquisition by a foreigner, etc. for the purposes of national defense as prescribed by Presidential Decree;

2. Designated cultural heritage defined in Article 2 (3) of the Cultural Heritage Protection Act, and protective facilities or protection zones therefor;

2-2. Natural monuments, scenic spots, and City/Do natural heritage designated under the Act on the Act on Preservation and Utilization of Natural Heritage and protective facilities or protection zones therefor;

3. Ecological and scenery conservation areas defined in subparagraph 12 of Article 2 of the Natural Environment Conservation Act;

4. Special districts for protection of wildlife under Article 27 of the Wildlife Protection and Management Act.

(2) Following consultation with the heads of related administrative agencies, a report-receiving authority shall grant permission under paragraph (1), if the acquisition of land by a foreigner, etc. in a zone, area, etc. that falls under any subparagraph of paragraph (1) does not disrupt the attainment of the purpose of designation of the relevant zone, area, etc.

(3) A land acquisition contract concluded in violation of paragraph (1) shall be null and void.