South Korea's Overseas Assets Hit 111 Trillion Won
Korean residents and domestic corporations declared overseas assets totaling approximately 111 trillion won (approximately $81 billion) this year. The increase was driven by a rise in the assessed value of overseas stocks, along with the first-ever introduction of overseas trust reporting requiremen
South Korean residents and domestic corporations declared overseas assets amounting to approximately 111 trillion won ($81 billion) in the current year. This increase is attributed to a rise in the value of overseas stocks and the introduction of new reporting requirements for overseas trust accounts. The National Tax Service reported that the total declared overseas financial accounts and trust declarations reached 111 trillion won, with 107.1 trillion won coming from financial accounts and 3.8 trillion won from trusts.
Financial account declarations increased by 13.3% year-over-year, while trust declarations were a first-time introduction in the reporting year. Stocks made up the largest portion of the declared assets, totaling 61.3 trillion won or 57.2% of the total, an all-time high. The rise in stock declarations was due to shares held in foreign subsidiaries of Korean companies and increasing global presence of Korean enterprises.
The United States had the highest reported overseas financial account amount at 29.7 trillion won, followed by India with 28.9 trillion won. The number of first-time filers for overseas financial accounts was 2,380, comprising 31.8% of all filers.
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