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Stricter Reporting Requirements for Foreigners’ Real Estate Transactions Mandatory Submission of Funding Plans Details of Overseas Financing Must Be Disclosed The government has decided to expand the obligation to report visa status and to mandate the submission of a funding plan, including details of overseas financing, in order to prevent real estate speculation by foreigners. The Ministry of Land, Infrastructure and Transport announced that it has revised the Enforcement Decree and Enforcement Rules of the Real Estate Transaction Reporting Act, which focus on strengthening real estate transaction reporting, and that the amendments will take effect from the 10th. Foreigners Must Submit Funding Plan When Buying Homes in Land Transaction Permission Zones From now on, foreigners who enter into a purchase contract after the 10th and buy real estate in Korea will be required to report their visa status and address, or whether they have stayed in Korea for 183 days or more. Whether a person has stayed for 183 days or more refers to the residency requirement under the Income Tax Act for being recognized as having an income tax liability. In cases where a housing transaction contract is concluded after obtaining a land transaction permit, the buyer will be required to submit a funding plan and supporting documents. Newly added to the funding plan report are details of overseas financing, including overseas deposits, overseas loans, and the names of overseas financial institutions. The category of other funding sources will include not only proceeds from the sale of stocks and bonds, but also proceeds from the sale of virtual assets. The Ministry of Land, Infrastructure and Transport plans to actively respond to illegal real estate activities through targeted investigations into suspicious transactions. Previously, last year it conducted a special investigation aimed at eradicating illegal real estate activities by foreigners, detected a total of 416 suspected violations, and reported them to relevant agencies such as the Korea Customs Service, the Ministry of Justice, and the National Police Agency. First Vice Minister of Land, Infrastructure and Transport Kim Itak stated, “With the implementation of this amended Real Estate Transaction Reporting Act, we have established a foundation to closely scrutinize illegal capital inflows and illicit transactions,” adding, “We will continue to respond strictly to various forms of illegal real estate activities and, where necessary, pursue institutional improvements in parallel so that genuine end-users are protected and a sound order in the real estate market is established.” submitted by /u/Substantial-Owl8342 |
Foreigners Must Submit Funding Plan When Buying Homes in Land Transaction Permission Zones
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