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| Living in Korea
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| T card (Taking subway or bus)
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| You can buy prepaid card. You can buy it at the subway station or bus stop and
when you used it up. You can pay more money and then they will charge T money again into the T card there.
There are some kinds of credit cards that have T card function. And then you can pay later. You can touch
T card on the machine when you get the bus or subway (almost every one in Seoul Korea uses it, so you can know
how to do it just by seeing other guys acting),and you should touch the card on the machine at the exit gate.
Transferring is free, it cost only by distance you travel. You can transfer bus to bus, bus to subway, subway
to bus. When you transfer, you should touch the card on the machine. Not to mention, you don't have to touch
the card when you transfer subway to subway.
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| Climate
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March~May : Spring. It's warm. In early season it's cold in the morning and evening.
From time to time it's cold till April.
You may catch cold so take care. Several times Yellow dust comes from China. It looks like smog, but yellow.
In northern China, there is desert region. When strong wind blows up sand and dust, the wind moves sand and
dust to north-east China, Korea and Japan. When it's strong, eyes and throat hurt. So stay home or wear mask
when you go out. Except it, spring is great.
June: Summer starts, several weeks, Monsoon season, it rain a lot.
July~August: Summer, hot, high humidity, sometimes like sauna. So it's vacation season. People go to coast or mountain.
Several Typhoons pass near Korea.
September~November: From mid-September, we can call it as autumn, cool wind starts to blow, personally I like this season.
Cool wind. Sky is beautiful and colorful leaves. In early season, sometimes Typhoon passes.
December~February: Winter, cold and snow. When it snows it's bad to drive. Some people go skiing.
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| Climate data
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Monthly average temperature(1971~2000)
Quoted from Korea Meteorological Administration
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Jan
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Feb
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Mar
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Apr
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May
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Jun
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Jul
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Aug
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Sep
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Oct
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Nov
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Dec
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Average Temp
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-2.5
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-0.3
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5.2
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12.1
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17.4
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21.9
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24.9
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25.4
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20.8
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14.4
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6.9
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0.2
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Max Temperature
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1.6
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4.1
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10.2
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17.6
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22.8
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26.9
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28.8
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29.5
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25.6
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19.7
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11.5
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4.2
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Min Temperature
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-6.1
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-4.1
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1.1
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7.3
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12.6
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17.8
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21.8
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22.1
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16.7
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9.8
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2.9
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-3.4
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| Serviced residence
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Serviced residence is similiar to hotel. Serviced residence is cheaper than hotel. It has room, bathroom, furniture, appliances
and kitchen. TV and internet access is supplied. They supply room cleaning service everyday. There is front desk. They help you
check in and check out.
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| Fully furnished apartment
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Fully furnished apartment is cheaper than hotel or serviced residence. It has room, bathroom, furniture, appliances and kitchen.
It is good for the businessman who should stay in Korea for several months. TV and internet access are supplied. 1 bedroom costs
700,000KRW~1,800,000KRW/a month, 2 bedroom costs 1,300,000KRW~3,000,000KRW/a month in Yeoksam-dong area. Price depends on size,
quality and location etc. It is common in Kangnam area especially in Yeoksam-dong, Nonhyun-dong, Daechi-dong.
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| Law related to real estate
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Can foreingers buy real estate in Korea?
In brief, Yes, but there are some obligations.
Foreigner who acquired the land in Korea, he or she shall report the fact to the Si office(it means City hall except big city like Seoul etc.)/Goon office (it means small town in province like county)/Gu office (such as Kangnam-gu office etc.)
within 60 days after the conclusion of contract.
And he or she shall obtain the permission from the head of Si/Goon/Gu office if the land is located in some special district or area
such as military installation protection area and so on.
And if the land was acquired by other reasons than contract such as inheritance, auction and so on, he or she shall report the fact to Si/Goon/Gu office
within 6 months.
And certified realtor can report the fact as a proxy of the person who acquired the land if he or she requests and can report it by using internet like Real Estate Transaction Management System.
Procedure for foreigner's purchasing real estate
A. Foreign-invested company
Buying real estate
1. Foreign investment notification
Carry in or remit capital from foreign country
2. Make real estate transaction contract
3. Pay about 10% of total real estate price
4. Pay balance by several steps or at one time when you take documents needed to register real estate under the company's name.
5. Land acquisition report
6. Real estate registration
Selling real estate
1. Make transaction contract
2. Get about 10% of total real estate price
3. Get balance by several steps or at one time when you give documents needed to register real estate under the new owner's name.
4. Remit money to foreign country as reduction in capital or dividends for foreign invested company
B. Domestic branches of foreign company
Buying real estate
1. Make domestic branch of foreign company
2. Bring in funds as a form of operating funds of branch of foreign company
3. Make real estate transaction contract
4. Pay about 10% of total real estate price
5. Pay balance by several steps or at one time when you take documents needed to register real estate under the company's name.
6. Land acquisition report
7. Real estate registration
Selling real estate
1. Make transaction contract
2. Get about 10% of total real estate price
3. Get balance by several steps or at one time when you give documents needed to register real estate under the new owner's name.
4. Remit money to foreign country as operating profit for domestic branch
C. Resident foreigner(Person who has foreinger registration card in Korea)
Buying real estate
1. Bring in funds without separate reporting (only funds for residence or non-profit purpose)
2. Get foreigner registration certificate from Korea Immigration Service
3. Make real estate transaction contract
4. Pay about 10% of total real estate price
5. Pay balance by several steps or at one time when you take documents needed to register real estate under buyer's name.
6. Land acquisition report
7. Real estate registration
Selling real estate
1. Make transaction contract
2. Get about 10% of total real estate price
3. Get balance by several steps or at one time when you give documents needed to register real estate under the new owner's name.
4. Pay capital gain tax
5. Remit money to foreign country after reporting to foreign exchange bank
For the properties purchased by domestically created funds, report to the governor of Bank of Korea
D. Non-resident foreigner
Buying real estate
1. Make bank account at foreign exchange bank
2. Get registration number for real estate registration from Korean immigration service
Buyer's address should be tested by a notary public
3. Make real estate transaction contract
4. Withdraw money and exchange foreign currency to KRW after reporting to foreign exchange bank.
5. Pay about 10% of total real estate price
6. Pay balance by several steps or at one time when you take documents needed to register real estate under buyer's name.
7. Land acquisition report
8. Real estate registration
Selling real estate
1. Make transaction contract
2. Get about 10% of total real estate price
3. Get balance by several steps or at one time when you give documents needed to register real estate under the new owner's name.
4. Pay capital gain tax
5. Remit money to foreign country after reporting to foreign exchange bank
E. Denizenship holders
Buying real estate
1. Make real estate transaction contract
2. Get Foreigner registraion certificate(Gook-Nae Gu-So Sin-Go Sa-Sil Jeong-Myung)
3. Pay about 10% of total real estate price
4. Pay balance by several steps or at one time when you take documents needed to register real estate under the company's name.
5. Real estate registration
Selling real estate
1. Make transaction contract
2. Get about 10% of total real estate price
3. Get balance by several steps or at one time when you give documents needed to register real estate under the new owner's name.
4. Pay capital gain tax
If you need more detail information, Call us 82-2-558-0601 email us(webmaster@realtorseoul.com)
Tax
when you buy apartment
acquistion tax: about 2%
when private buy residential properties: about 1%
some luxruious properties: about 10%
some commericial properties: about 6%
registration tax: about 2%
when private buy residential properties: about 1%
some commercial properties: about 6%
and
During you possess the apartment
propety tax(annual):
Basis of assessment: 50% of property price by public notice system
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basis of assessment
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tax rate
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below 40,000,000krw
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0.15%
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40,000,000~100,000,000krw
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60,000krw+ 0.3% of amount over 40,000,0000krw
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over 100,000,000krw
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240,000krw +0.5% of amount over 100,000,000krw
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*property price by public notice system: government surveys and appraises properties and notice every year, and if the owner or the interested parties my raise challenge.
Aggregated real estate tax(annual)
if one person have residential property, total sum of declared value is more than 600,000,000KRW
they should pay aggregated real estate tax (annual) special case to property tax
*basis of assesment for aggregated real estate tax: property price by public notice system minus 600,000,000krw
if owner has only on house, (property price by public notice system - 900,000,000KRW)
basis of assement tax rate
below 600,000,000KRW 0.5%
600,000,000KRW ~ 1.200,000,000KRW 3,000,000KRW + 0.75% of the amount over 600,000,000KRw
1,200,000,00KRW~5,000,000,000KRW 7,500,000KRW + 1% of the amount over 1,200,000,000KRW
5,000,000,000KRW~9,400,000,000KRW 45,500,000KRW + 1.5% of the amount over 5,000,000,000KRW
Over 9,400,000,000KRW 111,500,000KRW + 2% of the amount over 9,400,000,000KRW
and
when you sell the apartment
Capital gain tax
basis of assesment for capital gain tax** tax rate
below 12,000,000krw 6%
12,000,000krw~46,000,000krw 16%
46,000,000krw~88,000,000krw 25%
over 88,000,000krw 35%
if you satify some conditions, you don't have to pay capital gain tax
* Conditions: You have only 1 house, possesed the house for 3 years and lived in the house for 2 years, house price is below 600,000,000KRW.
**basis of assesment for capital gain tax =(selling price) - (buying price)-(basic deduction)-(special deduction )
And if you need more detail, please read followings, or you may e-mail us.
e-mail:webmaster@realtorseoul.com
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| Quoted from Ministry of Government Legislation
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| Foreigner's Land Acquisition act: Click here
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| Foreign investment promotion act: Click here
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| Foreign exchange transactions act: Click here
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| Somewhere to visit in Korea
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| Namdaemun market
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| It's old and big market. They sell almost everything. Goods are cheap and have good quality.
There are lots of restaurants. Many foreigners visit there. Subway station Hoehyoen, line number 4, blue line
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| Dongdaemun market
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| There are big shopping mall. There is good place to buy clothes. There are Doota, Migliore, APM etc.
There is crowded all day long, especially from night to dawn, lots of people do shopping. Usually, there is where young people
like to visit. In front of big shopping mall ( it's high rise building), there is stage, they do public performance. Sometimes
they give free gift as promotion. Subway station Dongdaemun stadium line number 4, blue line.There are almost high rise apartment.
there live US 8th army, civilian and Japanesse. It is convenient to live because there are a lot of restaurant and shop.
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| Kyungbokgung
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| It's the palace of Chosun Dynasty. You can see the Korean traditional type of palace.
Subway station Gwanghwamun, line number 5
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| Cheonggaecheon
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| It is newly development small stream. For it is in the downtown, lots of people visit there.
There are quite good places to see, because they pour a lot of money there. Water is clean. It starts just beside to City hall.
Subway station City hall line number 1 or line number 2 (intersect each other)
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| Changdukgung
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| It's the palace of Chosun dynasty. Inside the palace, there is Secret Garden.
Subway station Anguk line number 3, orange line.
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| Namsan Tower
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| It's tower on top of Namsan(small hill) of downtown. There is restaurant that has slowly turning
table 360degree, As eating dinner, you can see whole scenery of Seoul city. There is cable car that goes to top of the hill.
You can use circulation bus (number 02, yellow color ),
At exit number 1, subway station Chungmuro, line number 3 or 4 (intersect each other),
Or exit number 6, subway station Dongguk Univ, line number 3,
When you use cable car,
Exit number 3, subway station Myeongdong, line number 4, blue line,
And walk, it takes almost 10 minutes,
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| Yongsan e market
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| Korea is the one of the best maker of electronics like appliances, cell phone etc.
In there, you can see and/or buy almost all items of electronics. Price is quite cheap.
Subway station Sinyounsan line number 4, Yongsan line number 1.
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| to go in summer
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If you don't have enough time to go far far away
there are some places you can go on subway
Swimming pool
Ddooksum swimming pool (Ddooksum amusement park station line # 7)
Mangwon swimming pool (Hapjung subway station line #2 and line #6)
Yeouido swimming pool (Yeouinaroo subway station line #5)
Jamwon swimming pool (Shinsa subway station line #3)
Jamsil swimming pool (Shinchun subway station(not shinchon) line #2)
Gwangnaroo swimming pool (Amsa subway station line #5)
Other places except swimming pool
Gwanaksan-mountain (Seoul national university subway station line #2)
Dobongsan-mountain (Donbongsan subway station line #1)
Jebudo-island (Oido subway staion line # 4)
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