South Korea 韩国
高息高摩擦 — 上市 REIT 是唯一正门，住宅对外国人已关
韩国是组合里高息、高摩擦的亚洲发达市场：上市 REIT 板块跌出 7–10% 的分派率，底下是真紧的首尔基本面（A 级写字楼空置 3.1%）——但高息是对再融资墙（多家 40–67% 债务一年内到期）、韩元敞口与 전세 押金风险的定价补偿。2025 年起外国人在首都圈买住宅出租已被许可制实质关闭；对外国现金流读者，可投的韩国只有上市市场。旅游设施投资移民（₩10 亿 → F-2 → 5 年 F-5）属身份枢纽，不在本页计价。
Four grades
Identity & tax (in one line)
Identity & tax: buying property or shares confers no residence (the D-8 corporate-investor route is a business channel: at least KRW 100M plus at least 10% of voting shares); tourism-facility investment immigration runs KRW 1B to F-2, then F-5 after 5 years (see the identity hub). Foreigners pay the same property taxes as nationals: acquisition tax of about 1.1–3.5% (multi-home surcharges of 8%/12%), a Comprehensive Real Estate Holding Tax threshold of KRW 1.2B, and capital-gains marginal rates of 6.6–49.5%. Listed distributions face 22% withholding with a 15% treaty ceiling. Capital-region residential purchases have required pre-contract permission plus move-in/self-residence duties since 26 Aug 2025 — foreign buy-to-let is effectively banned there; outside the zones, purchase is free with a report within 60 days of signing.
This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.
Key metrics
Why this country
Asia's high-yield developed market: the listed REIT index is down 17% this year, pushing distribution yields to 7–9%, while the Seoul fundamentals underneath are genuinely tight (CBRE Grade A office vacancy 3.1%, logistics caps 5.4%) — the gap between price and fundamentals is the Korea page's theme.
The macro base: real GDP +1.0% in 2025 (construction was the drag) and FDI notifications at a fifth consecutive record of US$36.1B (MOTIE) — a slow-growth, strong-inflow combination; the cash-flow reader is here for listed distributions, not macro elasticity.
The access line is drawn with unusual clarity: residential property — effectively closed to foreigners in the capital region since 2025 (permit regime plus self-residence duties); listed securities — fully open. That line determines the entire structure of this page.
Entry routes
Listed route (the only front door): buy the K-REIT basket (entry No. 75) through a broker with KRX access, at any amount; distributions face 22% statutory withholding with a 15% SG–Korea treaty ceiling (relief requires Form 29-12 plus a residence certificate — it is not automatic).
Identity route (not priced on this page): the tourism-facility investment immigration — KRW 1B to F-2-8, converting to F-5-17 after 5 years — is separately scored in the identity hub (buy track, 3.5: the window expires at the end of 2027 and the scheme is under review).
Risks
- The refinancing wall is the sector's master risk: 40–67% of debt matures within a year at several names, refinancing at about 5% — the probability of distribution cuts is already in the prices; check each name's maturity ladder in DART.
- The jeonse deposit system's systemic risk is a matter of national record: 41,559 recognised fraud victims (as of Sep 2026) and HUG payouts of KRW 7.3866 trillion on behalf of just 2,559 habitual landlords — the deposit system's risk ultimately lands on the landlord (entry No. 76). That is an institutional fact, not a headline.
- Won exposure: distributions are won-denominated, so a Singapore reader's realised return must first survive the exchange rate; sector liquidity thins in falling cycles.
- The permit regime's details (MOLIT Announcements 2025-1058/2025-1219 and Notice 2026-1105) were cross-verified across practitioner guides; this site has not read the primary MOLIT texts — execution follows the official texts and Korean counsel.
Ranked opportunities in this country
| Overall rank | Opportunity | Net return (primary metric) | Our take |
|---|---|---|---|
| 75 | Korea's listed REIT basket: 7–9% distributions standing in front of a refinancing wall — the yield is real, so check every maturity ladder | 7–9% | Do, with conditions |
| 76 | Korea's jeonse and foreign residential strategies, taken apart: the capital region's door is shut, and the deposit system's risk record sits in the national accounts | 没有可引用的数字：未找到外国个人房东的全成本净收益率序列（GPG 的韩国租金页不以文本形式给出数值）。本条只陈述两件可核实的制度事实：①首都圈外国人买房出租已于 2025-08-26 起被许可制实质关闭（签约前须取得土地交易许可、约 4 个月内入住、自住满 2 年）；②전세 押金制度的风险记录——官方认定的 전세 诈骗受害者截至 2026 年 9 月达 41,559 人；HUG 已为仅 2,559 名惯犯房东垫付押金返还 ₩7.3866 万亿、其中 ₩5.1241 万亿未能追回。在「夹缝投资」（押金顶大半房价）结构里，这个返还负债的最终承担者就是房东本人。 |