The Right of Superficies is a transferable and inheritable (real-) right interest in land to own or acquire buildings construction in, on or above the land owned by another for a specified term. The right of superficies does not give the exclusive right of possession and use of the land and should be combined with a registered land lease.
The right of superficies may be created either for a period of time up to 30-years, or for life of the owner of the land or the superficiary. If created for a period of time the right of superficies may be renewed upon expiration (Section 1412 Civil and Commercial Code). Right of Superficies could be used in combination with a renewable 30-year land lease, if the owner of the building(s)/ construction is not the same as the owner of the land.
The Right of Superficies may be constituted for the benefit of an existing building or a building under construction. The Right of Superficies must be registered with the Land Department to be enforceable.
The Right of Superficies does not give the exclusive right of possession and use of the land and should be combined with a right to possess and use of the land (e.g. lease).
The Right of Superficies is a real right and follows the freehold title of the land and is enforceable against third parties and future (transferee) land owners.
It prevents the owner of the land becoming the owner of the building upon expiration of the right of superficies
The person granted the right of superficies has the right to sell his his right of superficies and, if registered for a period of time, is transferable by way of inheritance.
Building and Land tax is not charged if the person granted the right of superficies uses the property as his residence.
Buildings (apart from condominiums) do not have any form of title document, however, a building as distinct from it's land can be owned separate from it's land. Proof of ownership is supplied by either a building permit in the foreigner's name or the official Land Office's sale contract administrated at the local land office. The right of Superficies, registered on the land title deed in the foreigner's name, specifies the rights to the building in relation to the land (e.g. what should happen to the building when the superficies or lease ends).