Guide for buyers living in South Korea
Buying property abroad from South Korea
Rules last checked 30 October 2026 · 7 official sources · Education, not financial, tax, legal or immigration advice.
What a buyer living in South Korea meets before and after buying a home abroad: sending the money out, tax at home on the rent and the sale, and the forms to file.
The three things to know
- Sending money abroad
South Korea requires a resident who buys foreign real estate for investment or for a stay abroad to report to a foreign exchange bank, with a reason statement, contract, registry extract, appraisal and proof of funds, and the bank processes the report in 5 business days.
- Tax at home
South Korea taxes a resident on rent from overseas property in the comprehensive income tax return and taxes a gain on selling it only for a resident with 5 or more years of continuous domicile or residence, with a credit or deduction for foreign tax paid.
- Reporting at home
A resident files a statement for overseas real estate worth KRW 200 million or more at acquisition, during holding or letting, and on disposal, in addition to the foreign exchange bank report.
Sending money abroad
An approval
- Rule
A resident who acquires foreign real estate for a purpose other than dwelling, or who acquires a dwelling for the resident or the spouse to stay abroad, reports to a foreign exchange bank, including an acquisition in the spouse's name.
A report
- Rule
The bank takes a reason statement covering the years of stay abroad, the purpose and the source of funds, a draft sale contract, a registry extract or proof the property exists, an appraisal, and proof of the source of funds such as remittance records or an income certificate.
No restriction found
- Rule
No report is needed where a resident inherits or receives foreign real estate as a gift from a non resident, where an overseas stayer or student leases a home to live in, or where a resident leases foreign real estate with a deposit of USD 10,000 or less.
- Limit
10,000 USD per lease deposit
An approval
- Rule
The processing time for a resident's report of a foreign real estate acquisition is 5 business days, and a report to the Bank of Korea itself is limited to cases such as acquiring a security interest.
For buying a home abroad
- Rule
Korean foreign exchange rules treat the acquisition of foreign real estate by a resident as a reportable capital transaction, with the bank report accepted before the purchase money is sent.
Tax at home
A person with a domicile in Korea, or a residence of 183 days or more, is a resident and is taxed on assets located in Korea and abroad, while a non resident is taxed on Korean assets only.
Rent from a home abroad
- Rule
Rental income from overseas real estate earned by a resident, meaning a person with a domicile in Korea or a residence of 183 days or more, is reported in Korea in the comprehensive income tax return.
Gain on selling a home abroad
- Rule
A gain on selling overseas land or buildings is taxed in Korea as capital gains tax only for a resident who has kept a domicile or residence in Korea continuously for 5 years or more up to the sale date.
Relief for tax paid abroad
- Rule
Foreign income tax paid can be credited against Korean income tax within a limit under article 57 of the Income Tax Act, and for overseas asset transfer income the taxpayer chooses between a foreign tax credit and treating the foreign tax as a deductible expense under article 118 6.
How Freeholt models South Korea residents with property abroad
Reporting at home
Statement of acquisition, holding, operation (rental) and disposal of overseas real estate
- Who
Residents and domestic corporations that acquire, hold, let or dispose of overseas real estate, filed for each property
- Threshold
KRW 200 million acquisition or disposal value per property
- Deadline
Not stated on the form read
- Covers a foreign home
Yes
Overseas real estate acquisition report (Form 9 12), foreign exchange bank
- Who
Residents acquiring foreign real estate for a purpose other than dwelling or for a stay abroad
- Threshold
None stated
- Deadline
Report accepted within 5 business days of filing
- Covers a foreign home
Yes
Where to look
Choose a country to see what its rules say for a buyer with a South Korea passport living in South Korea.
Check a country for a passport
Australia
Depends on the propertyPassport: South Korea. Buyer lives outside Australia. Reading for a home.
Different property types carry different readings. The country guide lists each one.
Australia requires a foreign person to obtain foreign investment approval before buying residential land, and from 1 April 2025 to 30 June 2029 buying an established dwelling is generally banned, while vacant land and new dwellings stay open with approval. Australian citizens, permanent residents and eligible New Zealand citizens are not caught.
Rules last checked 29 October 2026
Questions people ask
What if a Korean resident wants to send money abroad to buy a home?
The resident reports the acquisition to a foreign exchange bank when the purpose is not a dwelling, or when the resident or spouse buys a dwelling to stay abroad. The bank accepts the report, normally within 5 business days, and takes a reason statement, contract, registry extract, appraisal and proof of funds.
Is a report needed to lease a home abroad?
A report is not needed for a lease with a deposit of USD 10,000 or less, or for an overseas stayer or student leasing a home to live in. A larger deposit is reported to a foreign exchange bank.
How does Korea tax rent from a home abroad?
A resident is taxed in Korea on rental income from overseas real estate in the comprehensive income tax return. Foreign tax paid can be credited within a limit.
What if the home abroad is sold?
Korea taxes the gain only if the seller has had a domicile or residence in Korea continuously for 5 years or more up to the sale date. The seller chooses between a credit for foreign tax and treating it as an expense.
What if the owner lives abroad for part of the year?
A person with a domicile in Korea, or a residence of 183 days or more, is a resident taxed on assets in Korea and abroad. A person who is a non resident is taxed on Korean assets only.
What statements does a resident file for a home abroad?
A statement of acquisition, holding, rental operation and disposal is filed for each property worth KRW 200 million or more, together with the foreign exchange bank report.
What is still open
These points could not be confirmed from an official source yet, so they are not stated as rules.
- The deadline for the overseas real estate statement could not be confirmed from the official form read.
- The rate and computation that apply to the capital gain on overseas real estate could not be confirmed from the article text read.
- Whether Korea applies any wealth or holding tax to foreign property could not be confirmed from an official source.
- The reporting rules for overseas financial accounts and the penalty amounts for late statements could not be confirmed from an official source read.
- The National Tax Service site was not reachable from the research environment, so its own guide to overseas real estate and tax was not read.
Sources
See what this does to your own numbers
Add a property abroad next to everything else you own, and see the income and net worth that follow after tax, year by year.
Free to start. No card. Rules checked 30 October 2026.
This is education, not financial, tax, legal or immigration advice. Rules change and depend on the buyer's own facts. Advice from a licensed professional in the country concerned is what settles a particular purchase.