Koriny - U.S. Real Estate is Koriny

Simplify Complex Financial Services with Koriny

Through collaboration with major domestic banks, we provide reliable forex services for safe and convenient fund transactions. We handle foreign exchange remittance, loans, taxes (acquisition tax, gift tax, etc.) faster and more professionally than anywhere else.

U.S. Real Estate Acquisition Purpose Classification

Residential Real Estate

Refers to residential housing acquired by a resident or their spouse for the purpose of staying abroad for more than 2 years. The declarant must be a domestic resident (excluding foreign residents and permanent residents). Tax delinquents, credit defaulters, and those in the process of emigrating are ineligible. Corporations can only acquire non-residential properties. The acquirer can be the individual or their spouse, and joint ownership with a spouse is allowed. There is no limit on the acquisition amount.

Non-Residential Real Estate

Refers to acquiring U.S. real estate for simple holding or investment purposes. For rental properties, if overseas direct investment requirements are met, proceed with overseas direct investment reporting. The declarant must be a domestic resident (excluding foreign residents and permanent residents). Tax delinquents, credit defaulters, and those in the process of emigrating are ineligible. The acquirer can only be the individual, and joint ownership is not allowed.

Real Estate Lease

If you wish to acquire a real estate lease, reporting to a foreign exchange bank is required. This applies if the security deposit exceeds $10,000. Security deposits of $10,000 or less (including no deposit) are exempt from reporting.

U.S. Real Estate Acquisition Process

Preliminary Reporting (Internal Reporting)
Contract Deposit Remittance

If you need to remit part of the payment in advance, you can file a 'U.S. Real Estate Acquisition Internal Report' with the bank to remit up to 10% of the acquisition amount first.

Real Estate Acquisition Reporting
Overseas Remittance Approval

After concluding the contract through internal reporting, proceed with U.S. Real Estate Acquisition Reporting to pay the remaining balance.

Post-Acquisition
Submission of Acquisition Proof Documents

Within 3 months of acquiring U.S. real estate, submit proof of acquisition documents, such as the property register, and supporting expense receipts to the bank.

Continuous Holding
Fact Reporting

Submit a 'U.S. Real Estate Periodic Report (Property Register)' every 2 years from the date of U.S. Real Estate Acquisition Reporting approval.

U.S. Real Estate Disposition
Fund Recovery/Disposition Reporting

If you dispose of or change the title of U.S. real estate, submit a 'U.S. Real Estate Disposition (Change) Report' within 3 months, and the sale proceeds must be repatriated to Korea.

Overseas residents/students leasing real estate abroad for personal residence are exempt from reporting.
If you paid up to $50,000 in advance before U.S. Real Estate Acquisition Reporting, you can file a post-reporting with a foreign exchange bank within 1 year from the contract date for approval.

Required Documents

Classification	Residential Real Estate	Real Estate Lease
Common Documents	① Application for Designation (Change) of Foreign Exchange Bank 2 copies ② U.S. Real Estate Acquisition Report (Approval) 2 copies ③ Customer Explanation and Confirmation Form ④ Identification Document of the Declarant ⑤ Counterparty Verification Document (can be omitted if the seller's details are included in the sales contract) ⑥ Tax Certificate Issued by the Tax Office (include joint owners if applicable) ⑦ Resident Registration Copy (issued within 3 business days) ⑧ Credit Information Report
Additional Documents	Real Estate Sales Contract Real Estate Appraisal Report* Real Estate Mortgage Loan Documents**	Real Estate Lease Agreement
Additional Documents	Documents confirming residence purpose

FAQ

Can I remit funds overseas without designating a foreign exchange bank?

You can remit up to $5,000 per transaction and $100,000 annually without designating a foreign exchange bank. Payments of $5,000 or less per transaction are not subject to foreign exchange bank designation, National Tax Service (Customs, Financial Supervisory Service) notification, or annual payment limit management.

Is foreign exchange bank designation a one-time process?

Most foreign exchange bank designations are a one-time process. However, for payments requiring proof of residence, the designation is valid until December 31 of each year. If designated in October, it is only valid until December 31 of that year, requiring a new designation the following year.

Can I change my foreign exchange bank?

Yes, you can. Submit a Foreign Exchange Bank Designation (Change) Application confirmed by your current bank to the new foreign exchange bank.