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Oct 5, 2007

Korean Foreigner's land Aquisition Act (Enforcement Decree)

ENFORCEMENT DECREE OF THE FOREIGNER'S LAND ACQUISITION ACT


INTRODUCTION

Details of Enactment and Amendment

- Enactment: This Decree was enacted to prescribe matters delegated by the Act on the Acquisition of Lands by Foreigners and their Management (Act No. 4726, Jan. 7, 1994) such as the detailed standards for land for actual use that may be acquired by foreigners and the procedures for such acquisition as well as those necessary for the enforcement thereof following the enactment of the said Act. The formerly executed Enforcement Decree of the Foreigner's Land Acquisition Act (Cabinet Decree No. 645, Apr. 10, 1962) is repealed by the enactment of this Decree.
- Amendment: This Decree has arrived at its present form as a result of being wholly amended on June 24, 1998 and being partly amended on December 30, 2002 and March 17, 2004. Accordingly, its title was changed to the Enforcement Decree of the Foreigner's Land Acquisition Act, and the matters delegated by the Act and those necessary for the enforcement thereof have been prescribed for the promotion of foreign investment.


Main Contents

- This Decree prescribes that the area which requires exceptional permission for defense purpose before concluding land acquisition contract by foreigner should be the island area necessary for military purpose, which is announced publicly after consultation between the Minister of Construction and Transportation and the head of central administrative agency such as the Minister of Defense, etc.
- This Decree prescribes that the exercise of the repurchase right and the acquisition according to the final and conclusive judgement by a court should, in addition to the inheritance and auction, be added to matters subject to a report of land acquisition for any reason other than a contract.
- This Decree prescribes necessary procedures, etc. for filing a report, etc. of land acquisition by foreigners.




ENFORCEMENT DECREE OF THE FOREIGNER’S LAND ACQUISITION ACT

Wholly Amended by Presidential Decree No. 15819, Jun. 24, 1998
Amended by Presidential Decree No. 17854, Dec. 30, 2002
Presidential Decree No. 18312, Mar. 17, 2004



Article 1 (Purpose)
The purpose of this Decree is to provide for the matters delegated by the Foreigner’s Land Acquisition Act and matters necessary for the enforcement thereof.

Article 2 (International Organization Subject to Report on Land Acquisition Contract)
For the purpose of Article 4 (1) of the Foreigner’s Land Acquisition Act (hereinafter referred to as the “Act”), the term “international organization prescribed by the Presidential Decree” shall be as shown in the attached Table.

Article 3 (Report on Land Acquisition)
(1)Where a foreigner, a foreign government, or an international organization referred to in Article 2 (hereinafter referred to as a “foreigner”) intends to report on the acquisition or continuous holding of land under Article 4 (1), 5, or 6 of the Act, he shall submit to the head of Si/Gun/Gu (referring to an autonomous Gu; hereinafter the same shall apply) a report accompanied by the documents prescribed by the Ordinance of the Ministry of Construction and Transportation.
(2)Where a foreigner intends to obtain permission for the acquisition of land under Article 4 (2) of the Act, he shall submit to the head of Si/Gun/Gu an application accompanied by the documents prescribed by the Ordinance of the Ministry of Construction and Transportation.
(3)The head of Si/Gun/Gu shall, upon the receipt of application for permission on the acquisition of land under paragraph (2), make a disposition of permission or no permission within 15 days from the day of the receipt of the application.

Article 4 (Management of Report on Acquisition of Land)
(1)Where the head of Si/Gun/Gu delivers a certificate of complete report under Article 3 (1) or a permit under paragraph (3) of the same Article, he shall record and manage such facts in a management register.
(2)The head of Si/Gun/Gu shall notify the Special Metropolitan City Mayor, Metropolitan City Mayor, or Do governor of the contents of the management register under paragraph (1) within one month of the closing day of every quarter.
(3)The Special Metropolitan City Mayor, Metropolitan City Mayor, or Do governor who has been notified of the contents of the management register under paragraph (2), shall notify the Minister of Construction and Transportation of such contents within one month of the receipt day of such notification.

Article 5 (Other Permission Areas of Acquisition of Land)
For the purpose of Article 4 (2) 1 of the Act, the term “areas prescribed by the Presidential Decree” means island areas necessary from the military point of view which are announced by the Minister of Construction and Transportation after consultation with the head of a central administrative agency concerned, such as the Minister of National Defense.

Article 6 (Acquisition of Land Caused by Reasons Other Than Contract)
For the purpose of Article 5 of the Act, the term “cause other than contracts prescribed by the Presidential Decree” means the excercise of a redemptive right pursuant to the Act on the Acquisition of Land, etc. for Public Works and the Compensation Therefor or other relevant Acts, or a final and conclusive judgment by a court.

Article 7 (Procedure for Imposition and Collection of Fine for Negligence)
(1)Where the head of Si/Gun/Gu intends to impose a fine for negligence under Article 9 (1) and (2) of the Act, he shall, after investigation and confirmation of the offense, notify the party subject to the fine for negligence with documents specifying the offense and the amount of the fine for negligence.
(2)Where the head of Si/Gun/Gu intends to impose a fine for negligence under paragraph (1), he shall give the party subject to the fine for negligence an opportunity to state his opinions orally or in writing (including electronic documents), with a fixed period of not less than 10 days. In this case, if he fails to state his opinions within the specified period, he shall be considered to have no opinion.
(3)The head of Si/Gun/Gu shall determine the amount of a fine for negligence taking into consideration the motives and consequences of the offense.
(4)The procedures for the collection of a fine for negligence shall be determined by the Ordinance of the Ministry of Construction and Transportation.



ADDENDA


Article 1 (Enforcement Date)
This Decree shall enter into force on June 26, 1998.

Article 2 Omitted.













ADDENDA


Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2003.

Articles 2 through 8 Omitted.











ADDENDUM


This Decree shall enter into force on the date of its promulgation.


[Table]

International Organizations (Related to Article 2)

Classification
International Organizations's Name

United Nations and its subsidiary organs or specialised agencies
- United Nations (UN)
- United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP)
- United Nations Development Programme (UNDP)
- The United Nations Population Fund (UNFPA)
- United Nations Industrial Development Organisation (UNIDO)
- United Nations University (UNU)
- United Nations Volunteers (UNV)
- World Food Council (WFC)
- World Food Programme (WFP)
- Food and Agriculture Organization of the United Nations (FAO)
- FAO/WHO Codex Alimentarius Commission (CAC)
- International Civil Aviation Organization (ICAO)
- International Fund for Agricultural Development (IFAD)
- International Labour Organization (ILO)
- International Maritime Organization (IMO)
- International Telecommunication Union (ITU)
- United Nations Educational, Scientific and Cultural Organization (UNESCO)
- Universal Postal Union (UPU)
- World Health Organization (WHO)
- World Intellectual Property Organization (WIPO)
- World Meteorological Organization (WMO)
- International Atomic Energy Agency (IAEA)

Intergovernmental organizations
- Asian-African Legal Consultative Committee (AALCC)
- Afro-Asian Rural Reconstruction Organisation (AARRO)
- Asian Pacific Development Center (APDC)
- Asian Productivity Organization (APO)
- Asia and Pacific Plant Protection Commission (APPPC)
- Asian Pacific Postal Training Centre (APPTC)
- Asian Pacific Postal Union (APPU)
- Asia-Pacific Telecommunity (APT)
- Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR)
- Centre on Integrated Rural Development for Asia and the Pacific (CIRDAP)
- Eastern Regional Organization for Public Administration (EROPA)
- International Bureau of Education (IBE)
- International Bureau of Weights and Measures (IBWM)
- International Centre for the Study of the Preservation and Restoration of Cultural Property (ICCROM)
- International Civil Defence Organisation (ICDO)
- International Hydrographic Organization (IHO)
- International Mobile Satellite Organization (INMARSAT)
- International Telecommunications Satellite Organization (ITSO)
- The Intergovernmental Oceanographic Commission (IOC)
- Office International des Epizooties (OIE)
- International Organization of Legal Metrology (IOLM)
- International Organization For Migration (IOM)
- International Poplar Commission (IPO)
- Indo-Pacific Fisheries Commission
- International Whaling Commission (IWC)
- Southeast Asian Ministers of Education Organization (SEAMEO)
- International Institute for the Unification of Private Law (UNIDROIT)
- World Trade Organization (WTO)
- World Customs Organization (WCO)
- Organisation for Economic Co-operation and Development (OECD)

Quasi-intergovernmental organizations
- Asian Organisation of Supreme Audit Institutions (ASOSAI)
- International Military Sports Council (CISM)v
- International Association of Ports and Harbors (IAPH)
- International Council on Archives (ICA)
- International Committee on the Military Medicine (ICMM)
- International Criminal Police Organization (ICPO-INTERPOL)
- International Electrotechnical Commission (IEC)
- International Organisation of Supreme Audit Institutions (INTOSAI)
- International Organization for Standardization (ISO)
- World Conservation Union (IUCN)
- International Union of Local Authorities (IULA)
- The International Navigation Association (PIANC)


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SeanHayes@ipglegal.com