Overview
Residents or domestic corporations holding an overseas financial account opened at an overseas financial company, shall file information on the account if the aggregate balance exceeds KRW 500million for any last day of a month of the relevant year.
Legal Basis
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Article 52-57, 90 of the Act for the Adjustment of International Taxes Act
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Article 92-97, 147 of the Enforcement Decree of the Act for the Adjustment of International Taxes Act
Who Must Report
Subjects for disclosure are residents and domestic corporations.
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principally, a resident is any individual who has his/her domicile in Korea or a place of residence for 183 days or more in Korea
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If the nominal owner and the actual owner of an account are different, both are subject to report. If the account has joint owners, all of the owners are subject to report.
Objects for Disclose
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Accounts subject to report : any bank, securities, securities derivatives, virtual assets or other financial instruments accounts which is opened in the name of an overseas financial company.
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Assets subject to report : all assets owned in the accounts subject to report.
Contents of Reporting
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Information on the identity of the account holder, such as name, address, etc:
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Information on the account held, such as account number, name of the financial company, the highest amount of the remaining balance of the account on the last day of each month.
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Information on a person related to the overseas financial account
How to report
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Taxpayers subject to report should file the “Report of Overseas Financial Accounts” to the competent tax office in Jun 30.
Need help?
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contact : 031-204-2062
