The file photo shows an aerial view of a large apartment complex in Seoul’s southeastern Songpa district. (Yonhap)
SEOUL, Aug. 23 (Korea Bizwire) — Foreign nationals without a registered address or residence in South Korea must now appoint a trustee and provide their personal information when purchasing a house, the land ministry said Tuesday.
The Ministry of Land, Transport and Maritime Affairs announced that it will enact and enforce the updated enforcement ordinance and regulations for the Act on Real Estate Transaction Reporting.
In October last year, it carried out a planned investigation into property speculation by foreign individuals.
During this process, instances arose where registered mail was returned due to unclear residential addresses among certain foreigners.
The ministry also encountered difficulties when investigating suspicious and potentially unlawful transactions, such as swift gift transfers, due to inadequate information regarding the length of stay for certain individuals.
Consequently, to enhance the efficacy of these investigations, the ministry now mandates that foreigners lacking a residence or address appoint a trustee who can receive the necessary documents.
In the case of buyers holding residence visas, the submission of a certificate of foreign registration (or a domestic residence declaration) is also obligatory as evidence.
This revision establishes a legal foundation for requesting health insurance information of foreign property buyers from the relevant administrative authorities.
This measure aims to verify their domestic residence by confirming details regarding entry and exit records as well as household composition.
Lina Jang (linajang@koreabizwire.com)
