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A Study on the Standard of Compensation in the U.S.
Public Land Law Review
Abbr :
KPLLR
2019, 86(), pp.193-214
Publisher : Korean Public Land Law Association
Research Area : Law
2019, 86(), pp.193-214
Publisher : Korean Public Land Law Association
Research Area : Law
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Of the total land area of Korea, 241.4km2 is owned by foreigners, 0.2% of the total land area of 10,0364km2, followed by the United States (52%), China (7.8%), Japan (7.6%), and Europe (7.4%). The ratio of foreigners (including ethnic Koreans) to land holdings in Korea has been on a steady rise until 2016, although it has been stagnant recently. Meanwhile, a Korean resident in the U.S. rejected the raised compensation on two occasions by the Seoul Metropolitan Government's Local Land Index Committee and the Central Land Index Service Commission, claiming that the compensation for the acceptance of land held in the country falls short of the market price, and the gyopo submitted a letter of intent in September last year to mediate an investor-state dispute settlement based on the Korea-U.S. free trade agreement. However, in the case of Korea, it will be required to review whether the U.S. "fair market price" meets the nation's loss compensation standard because it is 'public land' that is the standard for compensation in acceptance, which may not exactly coincide with whether such a "fair market price" under the Korea-U.S. free trade agreement rules. In this situation, efforts will be made to "establish realistic compensation standards in accordance with international standards" to prevent disputes and smoothly pursue public service projects in connection with the Korea-U.S. free trade agreement, as in recent cases, instead of the need to consider measures to prevent and cope with possible conflicts in the foreign investment agreement regarding compensation for land expropriation. In response, this paper seeks to review the improvement direction of the nation's compensation system so that it can prepare for ongoing or possible investor-state dispute settlement (ISD) disputes by reviewing what is meant in the United States by means of a "fair market price" and whether the nation's loss compensation criteria conform to what the U.S. calls a "fair market price."
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