Long-Term Housing

Minimum Rental Periods

The minimum lease agreement period is typically 1 year. There are few select apartments that come fully furnished and with short term leases for less than 12 months in downtown Seoul (business district). Prepayment of rent ranges from monthly up to 12 months in advance depending on the city and location.

Required Documents for Signing a Lease

Typical documents required to sign a lease are a valid passport and proof of employment.

Standard Security Deposit

The security deposit is often 50% – 100% of the full rental amount for entire contract period.

Local Norm for Returning the Security Deposit

Typically the Security Deposit is arranged to be refunded on the lease termination date.

Rental Commission

Should you utilize the services of a real estate agent to help you in your search, agencies usually collect rental commission equal to 3% of the annual rent.

Payment of Rental Commission

Payment of the agent’s rental commission is typically split between the tenant and landlord.

Accepted Method of Payment

Wire transfer is the preferred method of payment.

 

School Registration

School Fees

Schools do not typically require a deposit.

Accepted Method of Payment

Wire transfer is the preferred method of payment.

 

Obtaining a Driver’s License

Requirements

Typical documentation required to obtain a driver’s license include:

• Valid passport
• Original driver’s license verified by the embassy in Korea
• 2 color photos in passport size with white background
• Original Apostille issued from US must be submit for US passport holders

Requirements may vary based on nationality.

Opening a Bank Account

Required Documents

In order to open a bank account, you may be asked for:

• Original Alien Registration Card
• Valid Passport

Time Required

Typically, opening a bank account can be completed same day.

Additional Notes

A bank account can be opened with only a passport, however services are limited. Once the Alien Registration Card is issued, it is recommended to revisit the bank to set up full account functions including online banking.