Foreigner's Land Acquisition Act.

The purpose of this Act is to prescribe rules for land acquisition by foreigners within the territory of the Republic of Korea. Foreigner is defined in article 2. As far as corporations are concerned, substantially at least of the corporation shall be foreign so as to qualify as foreigner. Article 3 outline the principle of reciprocity, i.e. foreign entities that place limits on acquiring or transferring land within its own territory, may be prohibited or limited from acquiring or transferring land within the territory of the Republic of Korea by the Minister of Construction and Transportation in accordance with the relevant provision of the Presidential Decree. Conclusion of land acquisition contracts shall be reported to the specified public body (arts. 4 and 5). Also continuing possession of land by persons changing nationality shall be reported. Offences are prescribed.