Annual Report on Exchange Arrangements and Exchange Restrictions, 2007
Chapter

REPUBLIC OF KOREA

Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Published Date:
October 2007
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(Position as of March 31, 2007)

Status under IMF Articles of Agreement
Article VIIIDate of acceptance: November 1, 1988.
Exchange Measures
Restrictions and/or multiple currency practicesNo restrictions as reported in the latest staff report as of December 31, 2006.
International security restrictions
In accordance with IMF Executive Board Decision No. 144-(52/51)Yes.
Other security restrictionsIn accordance with UN Security Council resolutions, financial transactions with individuals, groups, and organizations associated with terrorism are prohibited.
References to legal instruments and hyperlinksn.a.
Exchange Arrangement
CurrencyThe currency of the Republic of Korea is the Korean won.
Exchange rate structureUnitary.
Classification
Independently floatingThe exchange rate of the won is determined on the basis of supply and demand in the foreign exchange market. However, the authorities intervene when necessary to counter disorderly conditions in the market.
Exchange taxNo.
Exchange subsidyNo.
Forward exchange marketForeign exchange banks may conduct forward transactions, futures transactions, swaps, and options between foreign currencies, as well as between the won and foreign currencies.
References to legal instruments and hyperlinkswww.bok.or.kr/index.jsp.
Arrangements for Payments and Receipts
Prescription of currency requirementsAll settlements with other countries may be made in any convertible currency except won. Nonresidents are permitted to carry out current transactions denominated in won, provided remittances are made in foreign currencies.
Controls on the use of domestic currency
For current transactions and paymentsNonresidents may effect won-denominated current account transactions only through nonresident free won accounts.
For capital transactions
Transactions in derivatives and other instrumentsYes.
Use of foreign exchange among residentsResidents are permitted to conduct transactions denominated in foreign currency, provided the payments are made through foreign exchange banks.
Payments arrangementsNo.
Administration of controlThe Ministry of Finance and Economy (MOFE) initiates policy with respect to prescription of currency, method of settlement, foreign exchange operations, payments for current transactions, and capital transactions and transfers. The Bank of Korea (BOK) executes the policies governing most of the above functions.
Payments arrearsNo.
Controls on trade in gold (coins and/or bullion)
On external tradeResidents are allowed to import and export gold except for gold coins in circulation, subject to the same regulations as those applied to merchandise trade.
Controls on exports and imports of banknotesEffective April 3, 2006, financial institutions may export and import domestic currency freely with notification to the BOK. Previously, exports and imports of domestic currency exceeding the equivalent of $10,000 required prior approval from the BOK.
On exportsEffective May 22, 2006, exports and imports of domestic and foreign banknotes by residents and nonresidents in excess of the equivalent of $10,000 must be declared to customs (previously, required customs approval). Prior approval from the BOK is required for amounts in excess of the equivalent of $1 million (previously, $10,000).
Domestic currencyYes.
Foreign currencyIn addition to the rules above, nonresidents may export the amount they exchanged during their stay in Korea.
On importsYes.
References to legal instruments and hyperlinksForeign Exchange Transaction Regulation, Articles 6-1-6-3.
Resident Accounts
Foreign exchange accounts permittedYes.
Held domesticallyThe foreign currency composition of these accounts may be changed without restriction.
Held abroadPrior BOK notification is required for transfers abroad by individuals exceeding $50,000 a day. For an insurance company, the sum of its assets denominated in foreign currency must not exceed 30% of its total assets.
Accounts in domestic currency held abroadPrior MOFE notification is required to open these accounts.
Accounts in domestic currency convertible into foreign currencyNo.
References to legal instruments and hyperlinksForeign Exchange Transaction Regulation, Articles 7-6-7-11; Insurance Business Act, Article 106.
Nonresident Accounts
Foreign exchange accounts permittedRemittances from these accounts and withdrawals in foreign currency may be made freely. The approval of the bank where the account is held is not required for remittances abroad or transfers to other foreign currency accounts for purchases and withdrawals of foreign means of payment or for payments relating to approved transactions.
Domestic currency accountsNonresidents are allowed to open settlement accounts in won for current transactions as well as for reinsurance contracts (free won accounts) and for investments in domestic securities (special domestic currency accounts for securities investment).
Convertible into foreign currencyRemittances from nonresident free won accounts may be made freely, but remittances abroad from nonresident domestic currency accounts require notification to the BOK.
Blocked accountsTransfers between nonresident special won currency accounts and nonresident free won accounts are blocked.
References to legal instruments and hyperlinksForeign Exchange Transaction Regulation, Articles 7-6-7-10, 7-37.
Imports and Import Payments
Foreign exchange budgetNo.
Financing requirements for importsNo.
Documentation requirements for release of foreign exchange for importsNo.
Import licenses and other nontariff measures
Negative listYes.
Licenses with quotasThere are quantitative import restrictions on rice.
The Korea Trade Commission may recommend quotas as a safeguard measure if it has determined that increases in certain imports have seriously harmed domestic industries.
Other nontariff measuresAbout 4,000 products are subject to special import approval procedures, mostly for health and other reasons, under the regulation on import notices.
Import taxes and/or tariffsThere are adjustment tariffs on 18 products. There are antidumping duties on 14 products.
Taxes collected through the exchange systemYes.
State import monopolyThere is a state monopoly on the import of 15 agricultural products.
References to legal instruments and hyperlinksCustoms Act.
Exports and Export Proceeds
Repatriation requirementsEffective March 2, 2006, export earnings exceeding $500,000 (previously, $100,000) must be repatriated within one and a half years (effective January 1, 2006; previously, six months) of receipt. These funds, however, may be held abroad and used for overseas transactions in accordance with the regulations on foreign exchange transactions.
Financing requirementsNo.
Documentation requirementsNo.
Export licenses
Without quotasThere are export bans for environmental reasons on 13 six-digit items from the Harmonized System.
Export taxesNo.
References to legal instruments and hyperlinksForeign Exchange Transaction Regulation, Article 1-3; Customs Act; Enforcement Decree of the Foreign Exchange Transactions Act, Article 12.
Payments for Invisible Transactions and Current Transfers
Controls on these transfers
Payments for travel
Quantitative limitsThere is no limit on payments for travel, but exports of banknotes exceeding $10,000 must be declared to customs.
References to legal instruments and hyperlinksForeign Exchange Transaction Regulation, Articles 4-4, 5-11.
Proceeds from Invisible Transactions and Current Transfers
Repatriation requirementsEffective March 2, 2006, proceeds from invisible transactions exceeding $500,000 (previously, $100,000) must be repatriated within one and a half years (effective January 1, 2006; previously, six months) of receipt. These funds, however, may be held abroad and used for overseas transactions in accordance with the regulations on foreign exchange transactions.
Restrictions on use of fundsNo.
References to legal instruments and hyperlinksForeign Exchange Transaction Regulation, Article 1-3.
Capital Transactions
Controls on capital transactionsControls on capital transactions are based on a negative list system. Effective January 1, 2006, all BOK and MOFE approvals required for capital transactions are replaced with requirements to notify the BOK or the MOFE.
Repatriation requirementsEffective March 2, 2006, proceeds from capital transactions in excess of $500,000 (previously, $100,000) or the equivalent must be repatriated within one and a half years (effective January 1, 2006; previously, six months) of accrual. These funds, however, may be held abroad and used for overseas transactions in accordance with the regulations on foreign exchange transactions.
Controls on capital and money market instruments
On capital market securities
Shares or other securities of a participating nature
Purchase locally by nonresidentsForeign investors are allowed to freely purchase shares issued by Korean companies. However, purchase of shares of unlisted or nonregistered corporations requires notification to a foreign exchange bank. Acquisitions of shares exceeding certain ratios of designated public sector utilities in the process of privatization are limited by the relevant laws.
Sale or issue locally by nonresidentsForeign institutions are eligible to list their shares on the Korean Stock Exchange in the form of depository receipts. These institutions include international financial organizations, central or municipal governments, public organizations, and general companies. However, the issuer must submit notification to the MOFE and the Financial Supervisory Commission (FSC).
Purchase abroad by residentsResidents are allowed to freely purchase foreign-currency-denominated shares abroad through Korean securities companies. In other cases, notification to the BOK is required. Controls apply to the purchase by an insurance company of securities issued on a foreign financial market that would cause the sum of its assets denominated in foreign currency to exceed 30% of its total assets.
Sale or issue abroad by residentsThe sale or issuance of foreign-currency-denominated shares abroad by residents, except foreign exchange banks, requires notification to a designated foreign exchange bank. The sale or issuance of foreign-currency-denominated shares exceeding the equivalent of $30 million or won-denominated shares abroad by residents requires notification to the MOFE.
Bonds or other debt securities
Sale or issue locally by nonresidentsForeign institutions may issue won-denominated bonds in the domestic capital market. However, the issuer must submit a notification to the MOFE and the FSC.
Purchase abroad by residentsResidents are allowed to freely purchase foreign-currency-denominated shares abroad through Korean securities companies. In other cases, notification to the BOK is required. Controls apply to the purchase by an insurance company of securities issued on a foreign financial market that would cause the sum of its assets denominated in foreign currency to exceed 30% of its total assets.
Sale or issue abroad by residentsThe sale or issuance of foreign-currency-denominated bonds abroad by residents, except foreign exchange banks, requires notification to a designated foreign exchange bank. The sale or issuance of foreign-currency-denominated bonds exceeding the equivalent of $30 million or won-denominated bonds abroad by residents requires notification to the MOFE.
On money market instruments
Sale or issue locally by nonresidentsThe issuance of won-denominated securities with a maturity of less than one year requires notification to the MOFE.
Purchase abroad by residentsPurchases of short-term securities abroad denominated in won require notification to the BOK. There are no controls on the operations in foreign currency between nonresident banks and authorized resident foreign exchange banks.
Controls apply to the purchase by an insurance company of securities issued on a foreign financial market that would cause the sum of its assets denominated in foreign currency to exceed 30% of its total assets.
Sale or issue abroad by residentsThe sale or issuance of foreign-currency-denominated money market instruments abroad by residents, except foreign exchange banks, requires notification to a designated foreign exchange bank. The sale or issuance of foreign-currency-denominated money market instruments exceeding the equivalent of $30 million or won-denominated money market instruments abroad by residents requires notification to the MOFE.
On collective investment securities
Sale or issue locally by nonresidentsForeign institutions may issue collective investment securities in the domestic market, provided they establish themselves in Korea and submit a notification to the FSC. However, if collective investment securities are sold through a domestic distributor, a notification to the FSC is not required.
Purchase abroad by residentsResidents are allowed to freely purchase foreign-currency-denominated shares abroad through Korean securities companies. In other cases, notification to the BOK is required. Controls apply to the purchase by an insurance company of securities issued on a foreign financial market that would cause the sum of its assets denominated in foreign currency to exceed 30% of its total assets.
Sale or issue abroad by residentsResidents may issue collective investment securities denominated in foreign currency in foreign markets. However, the issuer must submit a notification to the designated exchange bank. The sale or issuance of foreign-currency-denominated collective investment securities exceeding the equivalent of $30 million or won-denominated collective investment securities abroad by residents requires notification to the MOFE.
Controls on derivatives and other instrumentsThere are no controls on the trading of over-the-counter-related derivatives if the transactions are made through domestic foreign exchange banks. However, transactions in credit derivatives with domestic foreign exchange banks and those directly related to specific capital transactions require BOK notification. Security companies may carry out freely transactions in derivatives—such as forwards, foreign exchange swaps, foreign currency swap options, and interest rate swap options—with nonresident juridical persons.
Purchase locally by nonresidentsControls apply to purchases of derivatives by nonresidents if the transactions are not made through domestic foreign exchange banks. However, there are no controls on the purchase of stock index futures and options.
Sale or issue locally by nonresidentsThere are controls on all derivative transactions by nonresidents involving the use of won-denominated financing.
Purchase abroad by residentsNo controls apply to transactions by resident foreign exchange banks. In all other cases, notification to the BOK is required.
Sale or issue abroad by residentsNo controls apply to transactions by resident foreign exchange banks. In all other cases, notification to the BOK is required.
Controls on credit operations
Commercial credits
By residents to nonresidentsCommercial credits other than deferred receipts and advance payments in domestic currency and in foreign currency require notification to the BOK. Effective January 1, 2006, no notification is necessary in the case of credits in domestic currency granted by authorized foreign exchange banks and institutional investors up to W 1 billion a borrower and in foreign currency granted by authorized banks.
To residents from nonresidentsCommercial credits other than trade credits (including deferred payments, installment payments, export advances, and export down payments) up to $30 million require notification to foreign exchange banks. Other credits exceeding $30 million require notification to the MOFE.
Financial credits
By residents to nonresidentsCredits and loans denominated in domestic currency require notification to the BOK, except for credits and loans granted to authorized resident foreign exchange banks up to W 10 billion.
To residents from nonresidentsFinancial credits up to the equivalent of $30 million require notification to foreign exchange banks. Other credits exceeding $30 million require notification to the MOFE.
Guarantees, sureties, and financial backup facilities
By residents to nonresidentsGuarantees and sureties by residents to nonresidents require notification to the BOK.
Controls on direct investment
Outward direct investmentResidents are free to invest abroad on notification to the designated foreign exchange bank. However, investments in financial institutions or insurance companies require notification to and acceptance by the MOFE. Investment by individuals is also limited to 30% of annual sales revenue. Effective March 2, 2006, the limit on investment by individuals was abolished. Previously, effective January 1, 2006, the limit was the equivalent of $10 million (previously, $3 million). Effective February 26, 2007, reports on overseas direct investments were simplified and the direct investments were extended to all domestic stocks (previously, only stocks listed on or registered with the domestic securities markets were included). Effective March 9, 2007, certain examination requirements, such as financing and appropriateness, have been eliminated, except for investments in the banking and insurance business.
Inward direct investmentNonresidents are free to invest in Korea as long as they meet the requirements specified by the relevant laws.
Controls apply to (1) investment in primary sectors, as follows: (a) the growing of rice and barley; (b) cattle husbandry and the wholesale selling of meat if foreign investors hold 50% or more of the share capital; (c) coastal and inshore fishery if foreign investors hold 50% or more of the share capital; (d) production and provision of fuel for nuclear electric power generation; (e) electric power generation if nuclear power is used or if foreign investors purchase more than 30% of the total amount of electric power generation facilities in Korea from Korea Electric Power Corporation; and (f) electric power transmission, and electric power distribution and supply if foreign investors hold 50% or more of the share capital or if a foreign investor would become the single largest shareholder; (2) establishment of financial institutions, as follows: (a) domestic banks, except commercial banks and regional banks; and (b) investment trust companies; (3) investment in the transport sector, as follows: (a) airline companies if foreign investors hold 50% or more of the share capital; and (b) shipping companies engaged in cabotage, except those transporting passengers or cargo between the Republic of Korea and the Democratic People’s Republic of Korea in partnership with shipping companies of the Republic of Korea if foreign investors hold less than 50% of the share capital; (4) investment in the communications sector, as follows: (a) news agencies if foreign investors hold 25% or more of the share capital; (b) enterprises publishing newspapers if foreign investors hold 30% or more of the share capital; (c) enterprises publishing periodicals if foreign investors hold 50% or more of the share capital; (d) broadcasting companies, except if foreign investors hold 33% or less of the share capital in the case of satellite broadcasters or 49% or less of the share capital in the case of general cable broadcasters; (e) businesses using broadcasting channels if foreign investors hold more than 49% of the share capital; and (f) telecommunications (including services leasing related facilities) if foreign investors hold more than 49% of the share capital; and (5) investment in designated resident public sector utilities in the process of privatization, in cases in which the investment in question would bring individual or aggregate holdings of foreign investors above the respective percentages of the firms’ outstanding shares allowed by the relevant laws.
Controls on liquidation of direct investmentNo.
Controls on real estate transactions
Purchase abroad by residentsThe acquisition of real estate for business activities and for the establishment of hospitals, schools, and religious institutions requires notification to and acceptance by the BOK except for, effective May 22, 2006, purchases of less than $1 million. However, neither acceptance nor notification is required for the acquisition of overseas real estate by foreign exchange banks or residents if given as gifts by or received through inheritance from nonresidents. Controls apply to the acquisition of real estate by an insurance company that would cause the sum of its assets denominated in foreign currency to exceed 30% of its total assets. Effective January 1, 2006, the limit for individuals to purchase real estate abroad without BOK approval was raised to the equivalent of $1 million from $500,000. Effective February 26, 2007, the limit on purchases of real estate abroad by individuals, except those intending to reside abroad for more than two years, was raised to $3 million from $1 million. Effective March 2, 2006, the limit (prior to January 1, 2006, $500,000) on purchases of real estate abroad by individuals intending to reside abroad for more than two years was abolished, and individuals were no longer obliged to sell any overseas properties within three years of returning to Korea.
Purchase locally by nonresidentsNonresidents are free to purchase local real estate and its associated rights. The acquisition of real estate with imported funds requires notification to a foreign exchange bank. Otherwise, notification to the BOK is required.
Sale locally by nonresidentsNo controls apply if the real estate was acquired in compliance with foreign exchange regulations.
Controls on personal capital transactions
Loans
By residents to nonresidentsNotification to the BOK is required for all lending by residents to nonresidents.
To residents from nonresidentsNotification to the BOK is required for all lending to residents by nonresidents.
Gifts, endowments, inheritances, and legacies
By residents to nonresidentsThere is no limit, but gifts and endowments exceeding the equivalent of $50,000 must be declared to the designated foreign exchange banks.
References to legal instruments and hyperlinksForeign Exchange Transaction Regulation, Articles 2-5–2-7, 7-1–7-46, 9-1–9-15; Foreign Investment Promotion Act; Insurance Business Act, Article 106; Law Regarding Public Enterprise Management Structural Improvement and Privatization.
Provisions Specific to the Financial Sector
Provisions specific to commercial banks and other credit institutionsForeign exchange banks must maintain (1) short-term assets in foreign currencies (with a maturity of less than three months) in a ratio of at least 85% against short-term liabilities in foreign currencies, and (2) long-term borrowings in foreign currencies (with a maturity of one year or longer) in a ratio of at least 80% against long-term loans in foreign currencies.
Foreign exchange banks must maintain positive maturity mismatches from sight to seven days. Any negative mismatch must not exceed 10% of total foreign currency assets from sight to one month.
Borrowing abroadForeign exchange banks are required to notify the MOFE of funding with maturities exceeding one year and amounts exceeding $50 million.
Lending to nonresidents (financial or commercial credits)Effective May 22, 2006, credits and loans in domestic currency of more than W 10 billion (previously, W 1 billion) granted by foreign exchange banks require BOK notification. Effective March 2, 2006, loans to nonresidents exceeding the equivalent of $500,000 (previously, $100,000) must be repaid within three years of the maturity date.
Differential treatment of deposit accounts in foreign exchange
Reserve requirementsThe reserve requirements on foreign currency deposit accounts are (1) 1% for nonresident/emigrant accounts and resident accounts opened by foreign exchange banks, (2) 2-5% for time and saving deposits and certificates of deposit, and (3) effective December 23, 2006, 7% (previously, 5%) for foreign currency deposits, including demand deposits, except those indicated above.
Differential treatment of deposit accounts held by nonresidents
Reserve requirementsThe reserve requirement on nonresident foreign currency deposit accounts is 1%. The reserve requirements on nonresident domestic currency deposit accounts are (1) effective December 23, 2006, zero (previously, 1%) for long-term time and savings deposits; (2) 2% for time deposits, installment savings deposits, and certificates of deposit; and (3) effective December 23, 2006, 7% (previously, 5%) for other deposits, including demand deposits.
Investment regulations
In banks by nonresidentsNonresidents may acquire up to 10% of stocks without restrictions; acquisition exceeding 10% requires approval of the FSC.
Open foreign exchange position limitsEffective May 22, 2006, the overall net open position (short-hand position) of foreign exchange banks measured by the sum of the net short positions or the sum of the net long positions, whichever is greater, is limited to 50% (previously, effective March 2, 2006, 30%; prior to that, 20%) of the total equity capital at the end of the previous month.
On resident assets and liabilitiesYes.
On nonresident assets and liabilitiesThe overbought or long positions of nondeliverable forwards between foreign exchange banks and foreign financial institutions may not exceed 110% of the positions.
Provisions specific to institutional investorsEffective February 26, 2007, the scope of institutional investors classification was established.
Insurance companiesThe sum of the assets of an insurance company denominated in foreign currency must not exceed 30% of its total assets.
Limits (max.) on securities issued by nonresidentsYes.
Limits (max.) on investment portfolio held abroadYes.
Limits (min.) on investment portfolio held locallyYes.
Pension fundsThere are no restrictions on the compositions of foreign currency assets imposed by the relevant laws. For example, according to the National Pension Fund (NPF) Act, there is no limitation on the composition of the NPF’s foreign currency assets. Instead, this is ruled by internal asset management guidelines.
Investment firms and collective investment fundsAccording to the Indirect Investment Asset Management Business Act, there are no limitations on the compositions of investment firms and collective investment funds.
References to legal instruments and hyperlinksForeign Exchange Transaction Regulation, Articles 2-6 and 7-16; National Pension Fund Act; Indirect Investment Asset Management Business Act; Insurance Business Act.
Changes during 2006
Arrangements for payments and receiptsApril 3. Financial institutions exporting and importing domestic currency require only BOK notification. Previously, exports and imports of domestic currency exceeding the equivalent of $10,000 required prior approval from the BOK.
May 22. Residents and nonresidents carrying domestic and foreign currency into and out of Korea in excess of the equivalent of $10,000 no longer require customs approval and are required only to make a declaration. The limit on the transfer of domestic currency abroad requiring prior approval from the BOK was raised from the equivalent of $10,000 to $1 million.
Exports and export proceedsJanuary 1. The time limit for the repatriation requirements of export proceeds was extended to within one and a half years from within six months of receipt.
March 2. The limit on the repatriation requirements of export proceeds was raised to the equivalent of $500,000, from $100,000.
Proceeds from invisible transactions and current transfersJanuary 1. The time limit for the repatriation requirements of proceeds from invisible transactions was extended to within one and a half years from within six months of receipt.
March 2. The limit on the repatriation requirements of proceeds from invisible transactions was raised to the equivalent of $500,000 from $100,000.
Capital transactionsJanuary 1. All approval requirements from the BOK and the MOFE for capital transactions were changed to requirements to notify the BOK or the MOFE.
January 1. The time limit for repatriation of proceeds from capital transactions was extended to within one and a half years from within six months of accrual.
March 2. The limit on the repatriation requirements for proceeds from capital transactions was increased to the equivalent of $500,000 from $100,000.
Controls on credit operationsJanuary 1. The notification requirement related to credits in domestic currency granted by authorized foreign exchange banks and institutional investors up to W 1 billion a borrower and in foreign currency granted by authorized foreign exchange banks was lifted.
Controls on direct investmentJanuary 1. The limit on investment by individuals was raised to the equivalent of $10 million from $3 million.
March 2. The limit on investment by individuals was abolished.
Controls on real estate transactionsJanuary 1. The limit for individuals to purchase real estate abroad without BOK approval was raised to the equivalent of $1 million from $500,000.
March 2. The limit on purchase of real estate abroad by individuals intending to reside abroad for more than two years was eliminated. Individuals are no longer obliged to sell any overseas properties within three years of returning to Korea.
May 22. Real estate purchases abroad of less than $1 million for business purposes are allowed, subject to notification to a foreign exchange bank.
Provisions specific to the financial sector
Provisions specific to commercial banks and other credit institutionsMarch 2. The threshold for the exemption of nonresident loan repayment within three years of the maturity date was raised to $500,000 from $100,000.
March 2. The overall net open position (short-hand position) of foreign exchange banks measured by the sum of the net short positions or the sum of the net long positions, whichever is greater, was limited to 30% (previously, 20%) of the total equity capital at the end of the previous month.
May 22. The threshold on credits and loans in domestic currency to nonresidents requiring BOK notification was raised to W 10 billion from W 1 billion.
May 22. The overall net open position (short-hand position) of foreign exchange banks measured by the sum of the net short positions or the sum of the net long positions, whichever is greater, was limited to 50% (previously, 30%) of the total equity capital at the end of the previous month.
December 23. The reserve requirement on foreign currency and nonresident deposits was increased to 7% from 5%.
December 23. The reserve requirement on nonresident long-term time and savings deposits in domestic currency was decreased to zero from 1%.
Changes during 2007
Capital transactions
Controls on direct investmentFebruary 26. The direct investments were extended to all domestic stocks (previously, stocks listed on or registered with the domestic securities markets were included). Reports on overseas direct investments were simplified.
March 9. Certain examination requirements, such as financing and appropriateness, were eliminated, except in the case of investments in the banking and insurance business.
Controls on real estate transactionsFebruary 26. The limit on purchases of real estate abroad by individuals, except those intending to reside abroad for more than two years, was raised to $3 million from $1 million.
Provisions specific to the financial sector
Provisions specific to institutional investorsFebruary 26. The scope of institutional investors classification was established.

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