(1) In cases where a foreigner, a foreign government, or an international organization prescribed by Presidential Decree (hereinafter referred to as "foreigner, etc.") has concluded a contract for land acquisition in the territory of the Republic of Korea (hereinafter referred to as a "contract for land acquisition"), the foreigner, etc. shall make a report of the land acquisition to the head of Si (referring to the head of Si where a Gu is not established and the head of Si under Article 17 of the Special Act on the Establishment of Jeju Special Self-Governing Province and the Development of Free International City; hereinafter the same shall apply)/Gun/Gu within 60 days from the conclusion date of the contract as prescribed by Presidential Decree: Provided, That the same shall not apply in cases where a report of transactions of real estate has been made in accordance with Article 27 of the Business Affairs of Licensed Real Estate Agents and Report of Real Estate Transactions Act or a report of transactions of a house has been made in accordance with Article 80-2 of the Housing Act.
(2) Notwithstanding paragraph (1), in cases where land which a foreigner or similar intends to acquire is located in districts or areas falling under any of the following subparagraphs, the foreigner, etc. shall obtain permission of land acquisition from the head of Si/Gun/Gu as prescribed by Presidential Decree before concluding a contract for land acquisition: Provided, That the same shall not apply in cases where the foreigner, etc. has obtained permission for the contract for land acquisition in accordance with Article 118 of the National Land Planning and Utilization Act:<Amended by Act No. 8852, Jul. 28, 2011>
1. Military bases and reservations for military installations under subparagraph 6 of Article 2 of the Protection of Military Bases and Installations Act, or such other areas as may be necessary especially to limit land acquisition by a foreigner, etc. for the purpose of national defense as prescribed by Presidential Decree;
2. Designated cultural assets under Article 2 (2) of the Cultural Heritage Protection Act, and protectors or reservations therefor;
3. Ecology and scenery conservation areas under subparagraph 12 of Article 2 of the Natural Environment Conservation Act;
4. Special reservations for wildlife under Article 27 of the Wildlife Protection and Management Act.
(3) In cases where the head of Si/Gun/Gu deems that acquisition of land in districts and areas falling under any subparagraph of paragraph (2) by a foreigner, etc. does not interfere with the achievement of purposes of designation of the relevant districts and areas, he/she shall grant permission under paragraph (2).
(4) No contract for land acquisition concluded in violation of paragraph (2) shall take effect.[This Article Wholly Amended by Act No. 9186, Dec. 26, 2008]