Foreigner’s Land Acquisition Act — Article 3 (Article 3 (Principle of Reciprocity))

The Minister of Land, Infrastructure and Transport may prohibit or restrict an individual, a juristic person, an organization, or the government of a nation which prohibits or restricts a national of the Republic of Korea, a juristic person or an organization established in accordance with the Acts and subordinate statutes of the Republic of Korea or the Government of the Republic of Korea from acquisition or transfer of land in its territory from acquisition or transfer of land in the territory of the Republic of Korea as prescribed by Presidential Decree: Provided, That the same shall not apply in cases where it is necessary for implementation of a treaty concluded in accordance with the Constitution or any Act. <Amended by Act No. 11690, Mar. 23, 2013>[This Article Wholly Amended by Act No. 9186, Dec. 26, 2008]