How to buy real estate in Korea?

How to buy real estate in Korea?

 

Welcome,

 

One of my customer is planning to buy an apartment in Korea.

 

I don't know how he got the information but He already checked about the market around the apt.

 

Anyway, he gave me an email asking what he need to do after property sale contract.

 

I tried to make it as a flow chart to understand more easily.

 

Apartment, in Seoul, over

 

When purchasing	1. Acquisition tax	depend on place, price, extent
	2. Stamp Duty
When possessing	1. General property tax	- Date for taxation is 1st of June - You will pay it 1/2 at July, and 1/2 at August
	2. Comprehensive real estate holding tax	- Date for taxation is 1st of June - You have to pay it till 15 of December
When transferring	1. Capital gain tax	- You need to pay for the gain that you've got. - You can save your tax, depends on what you have paid for.

 

So you can simply think that there are duty on purchase, possess and transfer.

 

Actually, there will be not much issue on Purchase and Posses level, cause tax base is "standard price" which government has announced.

 

But when it comes to transfer level, you need to consider some more to save your pocket.

 

Like how long you have possessed, how much real estates that you have things like that,

 

Remember there can be some change in your transfer. :)

Kakao ID: taxmate

 

Email: jayjang@gmail.com