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The Ministry of Land, Infrastructure and Transport decided to intensively crack down on speculative and illegal transactions in the process of foreigners' land transactions from February 10th.
This planning investigation will focus on 14,938 foreign “land” transactions nationwide from 2017 to the end of 2022, and will conduct 920 suspected speculative transactions such as up-down contracts, title trusts, and expedient gifting.
The Ministry of Land, Infrastructure and Transport plans to cooperate with the Ministry of Justice, which holds information such as residence status and address, and the Korea Customs Service, which cracks down on illegal foreign exchange transactions, considering the special characteristics of foreigners.
In particular, out of 920 suspicious land speculation transactions, 490 were farmland transactions, which accounted for the highest proportion, we plan to cooperate with the Ministry of Agriculture, Food and Rural Affairs, which has information on farmland acquisition.
Foreigners who buy farmland are said to checked whether they are farming directly.
We plan to notify related organizations such as the National Tax Service, Financial Services Commission, and local governments of suspected illegal acts to analyze tax evasion and loans and impose fines.
It is said that violations of the Foreign Exchange Transactions Act, such as bringing in illegal funds from overseas, will be notified to the Korea Customs Service, and farmland will be disposed of for violations of the Farmland Act.
In the future, the government plans to expand the subject of investigation to non-housing transactions such as officetels by foreigners, while conducting additional investigations when detecting abnormal trends in foreign speculation.
Meanwhile, the Ministry of Land, Infrastructure and Transport designates and reports a domestic consignment manager when reporting a transaction in order to prevent a vacuum in the investigation of foreigners departing overseas after purchasing real estate.
In addition, we plan to make it possible to request immigration records to confirm whether the foreigner under investigation resides in Korea, and prepare a basis for requesting data related to the composition of foreign households held by the Ministry of Health and Welfare (Health Insurance Corporation).
There are not many foreigners who acquire real estate in Korea illegally, but the government continues to crack down and investigate, so Foreiners need to be careful.
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