Promulgation and enforcement of amendments to the Enforcement Decree and Enforcement Rules of the ‘Act on Reporting Real Estate Transactions’
In order to ensure the effectiveness of foreign housing speculation investigations, the government makes it mandatory for foreigners residing in Korea to report their address.
The Ministry of Land, Infrastructure and Transport announced on the 22nd that the amendment to the Enforcement Decree and Enforcement Rule of the ‘Act on Reporting Real Estate Transactions’ containing these contents will be promulgated and enforced.
This was promoted as a part of system improvement to secure the effectiveness of the investigation of transaction report contents in accordance with Article 6 of the Transaction Reporting Act.
At the time of the planning investigation of foreign housing speculation in October last year, the residence of some foreigners was unclear, so registration was returned, and the request for explanatory materials was delayed.
Accordingly, in order to ensure the effectiveness of the investigation, it is obligatory to designate and report a consignment manager if the buyer does not have an address or residence in Korea.
In addition, if the buyer is a foreigner residing in Korea for a long time, he is required to submit a certificate of foreigner registration (or domestic residence report), so that foreigners residing in Korea can cross-verify their address just like Koreans.
In addition, grounds have been established for requesting immigration records to confirm whether a foreigner resides in Korea and health insurance information to confirm household composition information from related administrative agencies.
Nam Young-woo, land policy officer at the Ministry of Land, Infrastructure and Transport, said, “It is expected that effective investigation and response to real estate market disturbances will be possible through this revision.”
[출처] 대한민국 정책브리핑 – 국토교통부 (www.korea.kr)