Settling in Korea with Confidence
Moving to Korea involves more than finding the right property. Understanding visa requirements, foreign exchange regulations, and tax obligations is essential for a smooth transition.
Visa Types for Property Buyers
| Visa Type | Category | Description |
|---|---|---|
| D-8 | Investment | For foreigners investing 100M+ KRW in a Korean business. |
| F-2 | Resident | Long-term residency for investors, professionals, and points-based criteria. |
| F-5 | Permanent | Available after meeting investment, income, or duration requirements. |
| F-4 | Overseas Korean | For ethnic Koreans with foreign citizenship. Property purchase and inheritance processing. |
| Tourist (B-1/B-2) | Short Stay | Property can be purchased on a tourist visa, but does not grant residency. |
Note: Buying property in Korea does not automatically grant a visa or residency.
Tourism & Recreation Facility Investment Immigration
Designated areas (Jeju, Incheon Songdo/Yeongjong/Cheongna, Pyeongchang Alpensia, Yeosu, Busan Haeundae) offer residency for investments of 1 billion KRW or more in designated tourism facilities. F-2 visa granted initially; F-5 permanent residency after 5 years.
Important: Investment threshold was raised from 500M to 1B KRW in May 2023. Current program authorized until April 30, 2026. Always verify latest regulations.
Foreign Exchange & Remittance
- Funds must be remitted through a Korean bank with source documentation.
- Bank issues a Foreign Exchange Transaction Certificate for registration.
- Reporting required for transactions above certain thresholds.
- We assist with all documentation and bank coordination.
Tax Overview
- Acquisition Tax: 1–3% residential (bracket-based). Multi-property up to 12%. Non-residential 4%.
- Property Tax: 0.1–0.4% annually.
- Comprehensive Real Estate Tax: Additional tax for high-value properties (over ~900M KRW single owner).
- Capital Gains Tax: Varies by holding period and residency.
- Rental Income Tax: Subject to Korean income tax.
Tax rates change frequently. Consult a qualified professional for your specific situation.
Relocation Checklist
- Alien Registration Card (ARC) — within 90 days of arrival
- Korean Bank Account — passport + ARC required
- Phone Number — essential for daily life
- Utility Setup — electricity, gas, water, internet
- Health Insurance — National Health Insurance registration
- Address Registration — local Gu office