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Government will remove red tape to ease foreigners' land purchase.

The Ministry of Land, Transport and Maritime Affairs announced on July 29 that the cabinet meeting had agreed on the revision of regulations requiring foreigners to submit a separate foreigner land acquisition form. So far, foreigners who purchase land property in Korea should submit a separate form of foreigner land acquisition as well as the regular transaction report to relevant local governments.

The amendment is part of the government's efforts to remove unnecessary administrative red tape to establish a favorable environment where foreigners are willing to invest. The amendment will be sent to the National Assembly for approval early next month. If it is passed by lawmakers, new regulations will come into force in six months. This change is in line with applying Most-Favored Nation (MFN) treatment to all foreign nationals who buy land if they are from World Trade Organization member (WTO) states.

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Title Annotation:Economic News Briefing
Publication:Economic Bulletin (Korea)
Date:Aug 1, 2008
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