Gov't Starts Tax Probe of Foreigners Who Own Multiple Homes

  • Arirang News

    August 04, 2020 08:48

    The government has launched a tax probe of 42 foreigners who own multiple homes here.

    The National Tax Service said Monday that some 1,036 foreigners bought two or more homes between 2017 and this May, and almost one-third of the 23,000 homes owned by foreigners in the country are not their own dwelling.

    One 40-something U.S. citizen has bought no fewer than 42 homes worth a total of US$5.6 million in Korea since 2018. While renting out the homes over the years, the American underreported their rental income to evade income tax.

    In another case, a Chinese national with a student visa failed to report rental income on eight houses he or she owns.

    As house prices hit unattainable levels, the government is cracking down on speculative purchases of multiple homes, but so far all steps have backfired.

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