Foreginer's Land Acquisition Act

The Foreigner's Land Acquisition Act stipulates that acquisition of domestic land by a foreign national be reported or permitted. The Foreigner's Land Acquisition Act only covers land ownership, hence acquisition of real estate other than land (buildings) and real estate related rights (right to lease on a deposit basis, mortgage) is not required to be reported under the Foreigner's Land Acquisition Act. However, one must beware that under the Foreign Exchange Transactions Act, the land acquisition report should include the acquisition of real estate other than land (buildings) and real estate related rights (right to lease on a deposit basis, mortgage).  (sited from investkorea.org)