한국에서의 외국인 부동산(토지)투자에 관한 법제 연구

Abstract

The range of aliens appear differently in 「Foreign Investment Promotion Act」and「Aliens Landownership Law」. 'Foreigners' in the Foreign Investment Promotion Act means the individuals who possess foreign nationality, corporate bodies established by foreign legislations and organizations for economic cooperation by a presidential decree. But in the Aliens Landownership Law, it means the individuals who possess foreign nationality, corporate bodies and organizations, and internal corporate bodies that can be confirmed as foreign ones when meeting certain requirements. Moreover, Foreign Exchange Transactions Act classifies them as residents and non-residents. Korea's land system has its structure made with the land ownership, use rights, profits and sails in priority. Civil law defines 'real-estate' as the land and its fixtures, and each one is an independent entity. Therefore, there is a dualistic system form of the 'land ownership' and the 'building ownership'. Aliens Landownership Law and Foreign Exchange Transaction Act is applied when it comes to legislation of foreigners' real-estate investment. Aliens Landownership Law regulates common cases of foreigners' internal land acquisitions, and Foreign Exchange Transaction Act regulates that a person who acquires building-related rights has to file for real estate acquisition. It also deals with the foreign cash flow related to foreigners' internal purchase of real-estate. Foreign Investment Promotion Act regulates granted benefits in declaration procedure, tax exemption and disposal of national property when foreign investment enterprises purchases internal real-estate. Aliens Landownership Law classifies real-estate acquisition procedures by declaration, prior permission, and continued possession report when foreigners acquire real-estate. When foreign investors acquire internal real-estate, the tax is equal to the local ones. There is financial aids offered to foreign enterprises for setting up position of investment such as land rent and assist to pay differences of parcel price. There are a few point to be considered when foreigners intent to invest in other country's real-estate. First of all, there must be clear understanding of the country's land system and legislations. Second, they should be cautious about the exact concept of 'foreigner' in certain country's aliens landownership law. Third, they must confirm the accurate means of land acquisition. Next, be aware of administrative procedure for contract for the establishment of a land-owners rights. Last, note that Korea and China has different procedures of resolutions for land dispute.