600 Koreans Have Over W5 Trillion in Foreign Bank Accounts

  • By Shon Jin-seok

    September 08, 2017 11:02

    Some 1,133 Koreans have more than W1 billion in overseas bank accounts, with the combined amount standing at around W61 trillion (US$1=W1,131).

    The National Tax Service said Thursday that 80 more Koreans than last year reported overseas bank accounts this year, and the amounts they reported increased by W5 trillion to W61.1 trillion.

    Some 570 people held a combined W5.1 trillion in overseas bank accounts, and 563 corporate entities reported W56 trillion. On average, the individuals held W8.9 billion and the businesses W99.5 billion.

    The NTS attributed the increase to the growing number of Koreans who invest in assets abroad and more people reporting their foreign bank accounts amid tougher punishment for failing to do so.

    The biggest proportion of large foreign accounts was in the U.S. with 322 people, followed by Hong Kong (101) and Singapore (68). For foreign accounts held by corporations, China ranked top with 151 companies, followed by Vietnam (129) and Hong Kong (125).

    The NTS requires individuals and corporations with more than W1 billion in cash, stocks, bonds or insurance overseas to report their existence to tax authorities here. Starting next year, the ceiling will come down to W500 million.

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