In Korea, there are various laws to regulate land ownership and utilization. Among them, there is a special law for the acquisition of land by foreigners. 「Forreigner's Land Acquisition Act」stipulates the general requirements regarding acquisit... In Korea, there are various laws to regulate land ownership and utilization. Among them, there is a special law for the acquisition of land by foreigners. 「Forreigner's Land Acquisition Act」stipulates the general requirements regarding acquisition of land by foreigners. The real estate acquisition registration in「Foreign Exchange Transaction Act」provides articles about acquisition of buildings and relating rights (leasehold, surface and mortgage rights) other than land. Also, it regulates articles about foreign exchange inflow/outflow in relation with domestic real estate purchases by foreigners.「Foreign Investment Promotion Act」stipulates the benefits in regards to foreign investment registration procedures, tax exemption, and sales of state-owned property in the case of domestic land purchases by foreign-invested enterprises. Recently, the special act regarding land ownership by foreigners has been legislated and revised. The opening of real estate market and immigrant real estate investor program in 2010 increased the acquisition of domestic land by foreigners. Compared to other markets, the acquisition of land by foreigners has increased dramatically in Jeju Special Self-Governing Province. This study is about the foreigner owned land program in the Jeju Special Self-Governing Province. After looking at the legislation relating to the foreigner owned land program, it analyzed the current condition of national and foreign land acquisition from 2012∼2015 after Jeju became a special self-governing province in 2010. Next, the problems surrounding foreign land acquisition caused by the foreigner owned land program and immigrant real estate investor program were examined, and an improvement plan was suggested. First, former studies and relating laws were analyzed, and the current data on the conditions in Jeju collected from the Jeju Special Self-Governing Provincial government office was used. The foreigner owned land program and immigrant real estate investor program in Jeju were examined and an improvement plan was derived from this information. First, foreigners need to understand relating laws and regulations regarding land acquisition when investing real estates (land) in a host country, and they need to pay attention to the different range of 'foreigners' in foreign investment laws. The acquisition method differs depending on the types of lands. Thus, that needs to be confirmed as well. Also, they need to be aware of administrative procedures because the legal character of the rights regarding agreement for the establishment is set differently. Secondly, the immigrant real estate investor program, in Jeju Special Self-Governing Province in February 2010, increased foreigner owned land which caused overheating real estate investment, speculation in real estate, and land encroachment. To reduce these concerns, there needs to be a land transaction permit system for a specific area to prevent land value rising due to rackless purchases from foreigner invested development and side effect of Jeju mountainous regions development without thought for the environment. And, it is necessary to limit the development by raising the grade of conservation area. Thirdly, the weakest legislation and formal inspection regarding foreigner owned land program need to be reviewed. When it comes to some negative narrow minded views and legal system, there needs to be the faithful enforcement of foreigner owned land legislation and field inspection to prevent the speculative investment in real estate by foreigners. Also, solutions are needed for negative views on foreign investment with informatization of the real estate market and advancement of real estate culture through rearrangement of real estate infrastructure. There needs to be the foreigner owned real estate law by adding further regulations regarding buildings other than land through revising the current foreign investment law. This study showed the increasement of domestic land acquisition and investment by foreigners. There need to be a strategy to lead foreigners to invest on regional economy through positive views on the real estate (land) investment. The investment is focused on land-intensive tourist attraction in Jeju Island where there is an active investment due to immigrant real estate investor program. Based on this, it is important to develop, promote and secure investments in Jeju Island by the real estate investments related to the industry that could activate economic growth. It is expected to invigorate the local economy in the future through active management and promotion.
우리나라의 경우에는 토지의 소유 및 이용관계를 규범적으로 통제하고 있는 법률들이 다양하게 존재하고 있는데, 그러한 법률 중에 토지의 취득주체가 외국인의 경우에는 특별법에 의하여 ... |
