If a foreigner desires to acquire land, the administrative matter pertains to the following.
Documents required
Land recording, building recording, purchase contract for acquisition of land, and real estate buy-sell agreement
In cases where acquisition is made by other means than purchase, it must be reported within 6 months of acquisition.
If the acquisition is made by gift, then the owner shall submit an agreement to that effect.
If the acquisition is made by inheritance, then the owner shall submit documents attesting to inheritance.
If the acquisition is made by auction, then the owner shall submit a document showing the winning bid.
If the acquisition is made by exchange, then the owner shall submit a document showing the exchange.
If the acquisition is made by court order, submit a copy of the order.
※ If a representative is reporting the purchase on behalf of the owner in an agency capacity, then the representative’s ID, copy of the owner’s ID must be submitted.
If the applicant continues to hold real estate even after he acquires foreign citizenship, then he shall report the ownership within 6 months of the change in nationality.
Document substantiating the change in nationality
How to handle the filing:
If the application is made in person, the application is process immediately.
The property owner should be aware of the following.
If the reporting is not made within 60 days of land acquisition, a penalty will be assessed.
This assessement is based on the following laws.
Foreigner’s acquisition of land Law Articles 4, 5, and 6
