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Ministry blocks foreigners’ land dealings on islands
By Korea HeraldPublished : Dec. 26, 2014 - 20:40
The Ministry of Land, Infrastructure and Transport on Friday imposed a trade restriction order for foreigners on eight uninhabited islands in the territorial waters of South Korea.
This means that foreigners will have to get special permission from local governments every time they try to purchase or sell a plot on these islands near the country’s maritime border.
Currently, there are 23 such areas ― both inland and islands ― that act as the territorial sea base point for the country’s maritime border. Thirteen of them are uninhabited islands. Five other uninhabited islands had already been subject to a similar regulation.
Concerns have been continuously raised that letting foreigners buy land on one of these islands could lead to possible territorial disputes in the future.
“Blocking foreigners’ land dealings of uninhabited islands would contribute to reinforcing the country’s control over its territorial sea,” a ministry official was quoted as saying to a local newspaper.
Foreign investors who break the rule will have their contracts annuled and will face up to a two-year imprisonment or a maximum fine of 20 million won ($18,000).
(hjlee0301@heraldcorp.com)
This means that foreigners will have to get special permission from local governments every time they try to purchase or sell a plot on these islands near the country’s maritime border.
Currently, there are 23 such areas ― both inland and islands ― that act as the territorial sea base point for the country’s maritime border. Thirteen of them are uninhabited islands. Five other uninhabited islands had already been subject to a similar regulation.
Concerns have been continuously raised that letting foreigners buy land on one of these islands could lead to possible territorial disputes in the future.
“Blocking foreigners’ land dealings of uninhabited islands would contribute to reinforcing the country’s control over its territorial sea,” a ministry official was quoted as saying to a local newspaper.
Foreign investors who break the rule will have their contracts annuled and will face up to a two-year imprisonment or a maximum fine of 20 million won ($18,000).
(hjlee0301@heraldcorp.com)
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Articles by Korea Herald
