FOREIGNER'S LAND ACQUISITION ACT Wholly Amended by Act No. 5544. May 25, 1998 Amended by Act No. 5656, Jan. 21, 1999 Act No. 7167, Feb. 09, 2004 Article 1 (Purpose) The purpose of this Act is to prescribe matters necessary for foreigner's land acquisition within the territory of the Republic of Korea. Article 2 (Definition) For the purpose of this Act, the term "foreigner" means an individual, juristic person, or organization falling under any of the following subparagraphs: 1. An individual who does not have the nationality of the Republic of Korea; and 2. A juristic person or organization which falls under any of the following items: (a) A juristic person or organization which is established in accordance with foreign Acts and subordinate statutes; (b) A juristic person or organization where not less than half of its employees or members fall under subparagraph 1; (c) A juristic person or organization where not less than half of the officers such as employees execut...