Offshore financial accounts over $500 million, including crypto, must be reported by July 1

If you had an overseas financial account balance exceeding KRW 500 million last year, you must report it to your local tax office by July 1. This requirement includes assets such as cash, stocks, and virtual assets, with offshore virtual asset accounts included since last year. Both account holders and beneficial owners must report, and joint account holders must each report the account information. Foreign residents in Korea for five years or less between 2014-2023, and overseas nationals who stayed in Korea for 183 days or less last year, are exempt. The National Tax Service (NTS) will notify potential reporters via mobile and mail, targeting about 12,000 people with a history of large foreign currency transactions. Failure to report can result in penalties up to 20% of the undeclared amount (capped at KRW 2 billion), with criminal penalties or public disclosure for amounts over KRW 5 billion.

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