Authorisation is required for foreign persons to acquire land in specified areas: military bases and installation protection zones, and such other areas as may be necessary for national defense purposes; designated cultural heritage and protective facilities or protection zones therefor; ecological and scenery conservation areas; special districts for protection of wildlife.
"Article 2 (Definition) The meanings of terms used in this Act are as follows. <Amended 2020. 8. 18.> [...]
4. “Foreigner, etc.” means an individual, corporation, or organization that falls under any of the following items.
(a) Individuals who do not possess Korean nationality
(b). A corporation or organization established under foreign laws and regulations
(c). A corporation or organization in which more than one-half of the members or members fall under item (a)
(d). A corporation or organization in which more than one-half of the executives, such as employees or directors, who carry out business fall under item (a).
(f). A corporation or organization in which a person falling under item a or a corporation or organization falling under item b holds more than 1/2 of the capital or more than 1/2 of the voting rights.
(g). foreign government
(h). International organization prescribed by Presidential Decree
[...]
Chapter 3 Special provisions regarding acquisition of real estate by foreigners, etc.
Article 7 (Reciprocity) The Minister of Land, Infrastructure and Transport shall protect citizens of the Republic of Korea, corporations or organizations established under the laws of the Republic of Korea, or individuals or corporations of countries that prohibit or restrict the acquisition or transfer of land within their country to the Government of the Republic of Korea.The acquisition or transfer of land in the Republic of Korea may be prohibited or restricted byorganizations or the government, as prescribed by Presidential Decree . However,this does not apply if it is necessary for the implementation of a treaty concluded in accordance with the Constitution and laws.
Article 8 (Report on acquisition and possession of real estate by foreigners, etc.) 
(1) When a foreigner, etc. enters into a contract to acquire real estate, etc. in the Republic of Korea ( excluding contracts under each subparagraph of Article 3, Paragraph 1 ), 60 days from the date of conclusion of the contract.It must be reported to the reporting officewithin pursuant to the Presidential Decree.
(2) When a foreigner, etc. acquires real estate, etc. in the Republic of Korea for reasons other than inheritance, auction, or other contracts prescribed by Presidential Decree , he/she shall report to the reporting office within six months from the date of acquisition of the real estate, etc., as prescribed by Presidential Decree .
(3) If a Korean national owning real estate, etc. in the Republic of Korea, or a corporation or organization established under the laws of the Republic of Korea, is changed to a foreigner, etc., and the foreigner, etc. intends to continue to hold the relevant real estate, etc., a Presidential Decree within 6 months from the date of change to a foreigner, etc. It must be reported to the reporting office as prescribed.
Article 9 (Permission for Land Transactions Conducted by Foreigners, etc.)
(1) Notwithstanding Articles 3 and 8, where any land that a foreigner, etc. intends to acquire is located in any of the following zones, areas, etc., he/she shall obtain permission from the report-receiving authority for the acquisition of the land before entering into a contract for the land acquisition (hereinafter referred to as "land acquisition contract"), as prescribed by Presidential Decree: Provided, That the same shall not apply where a permission for the land transaction contract is obtained under Article 11:
1. Military bases and installation protection zones defined in subparagraph 6 of Article 2 of the Protection of Military Bases and Installations Act, and such other areas as may be necessary to limit land especially acquisition by a foreigner, etc. for the purposes of national defense as prescribed by Presidential Decree;
2. Designated cultural heritage defined in Article 2 (2) of the Cultural Heritage Protection Act, and protective facilities or protection zones therefor;
3. Ecological and scenery conservation areas defined in subparagraph 12 of Article 2 of the Natural Environment Conservation Act;
4. Special districts for protection of wildlife under Article 27 of the Wildlife Protection and Management Act.
(2) Following consultation with the heads of related administrative agencies, a report-receiving authority shall grant permission under paragraph (1), if the acquisition of land by a foreigner, etc. in a zone, area, etc. that falls under any subparagraph of paragraph (1) does not disrupt the attainment of the purpose of designation of the relevant zone, area, etc.
(3) A land acquisition contract concluded in violation of paragraph (1) shall be null and void.[...]" (Act on Report on Real Estate Transactions, etc. (No. 13797 of 2016), last amended by Act No. 17483 of 2020, Article 9 [unofficial translation])
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"Article 2 (Definition) In this Act, “foreigner” means an individual, corporation, or organization that falls under any of the following items. <Amended May 20, 2014>
1. Individuals who do not possess Korean nationality
2. A corporation or organization that falls under any of the following items:
(a). A corporation or organization established under foreign laws and regulations
(b). A corporation or organization in which more than one-half of the members or members fall under subparagraph 1.
(c). A corporation or organization in which more than one-half of the executives, such as employees or directors, who carry out business are persons who fall under subparagraph 1.
(d). A person falling under subparagraph 1 or a corporation or organization falling under item a holds more than 1/2 of the capital or more than 1/2 of the voting rights.
[Full revision 2008. 12. 26.]
Article 3 (Reciprocity) The Minister of Land, Infrastructure and Transport shall protect citizens of the Republic of Korea, corporations or organizations established under the laws of the Republic of Korea, or individuals or corporations of countries that prohibit or restrict the acquisition or transfer of land within their country to the Government of the Republic of Korea. ㆍThe acquisition or transfer of land in the Republic of Korea may be prohibited or restricted by organizations or the government, as prescribed by Presidential Decree. However, this does not apply if it is necessary for the implementation of a treaty concluded in accordance with the Constitution and laws. <Amended 2013. 3. 23.>
[Full revision 2008. 12. 26.]
Article 4 (Reporting of land acquisition according to contract, etc.) 
(1) A contract (hereinafter referred to as “land acquisition contract”) by which a foreigner, foreign government, or international organization prescribed by Presidential Decree (hereinafter referred to as “foreigner, etc.”) acquires land in the Republic of Korea. ) is concluded within 60 days from the date of conclusion of the contract, as prescribed by Presidential Decree, as prescribed by Presidential Decree. )ㆍMust be reported to the county governor or district head. However, this does not apply if a real estate transaction is reported pursuant to Article 27 of the Act on the Business of Licensed Real Estate Agents and Real Estate Transaction Reporting. <Amended 2015. 7. 24.>
(2) Notwithstanding paragraph 1, if the land that a foreigner, etc. intends to acquire is in a district or region that falls under any of the following subparagraphs, permission for land acquisition may be obtained from the head of the city/county or district office as prescribed by Presidential Decree before concluding a land acquisition contract. Must receive it. However, this does not apply if permission for a land transaction contract is obtained pursuant to Article 118 of the National Land Planning and Utilization Act. <Amended 2011. 7. 28.>
1. Military bases and military facilities protection areas under Article 2, Paragraph 6 of the Military Bases and Military Facilities Protection Act, and other areas designated by Presidential Decree as areas where land acquisition by foreigners, etc. needs to be specifically restricted for national defense purposes.
2. Designated cultural heritage and protective objects or protection areas therefor under Article 2 (2) of the Cultural Heritage Protection Act.
3. Ecology and landscape conservation area under Article 2, Paragraph 12 of the Natural Environment Conservation Act
4. Wildlife special protection area under Article 27 of the Wildlife Protection and Management Act.
(3) If the head of a city/county/district acknowledges that the acquisition of land by a foreigner, etc. in a district/region, etc. falling under any subparagraph of paragraph (2) will not impede the achievement of the purpose of designation of the district/region, etc. Permission must be granted in accordance with paragraph 2.
(4) A land acquisition contract concluded in violation of paragraph 2 shall not take effect. [Full revision 2008. 12. 26.] [...]" (Foreign Land Land Act, Act No. 13435, July 24, 2015, amended by other laws [google translation]]
Act on Report on Real Estate Transactions, etc. (No. 13797 of 2016), last amended by Act No. 17483 of 2020, Article 9
Foreign Land Land Act, Act No. 13435, July 24, 2015, amended by other laws [google translation]
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