Overseas financial account reporting

• Article 52-57, 90 of the Act for the Adjustment of International Taxes
• Article 92-97, 147 of the Enforcement Decree of the Act for the Adjustment of International Taxes

Subjects for disclosure are residents and domestic corporations.

• 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.
• 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.

• Accounts subject to report: any bank, securities, securities derivatives, virtual assets or other financial instruments accounts opened in the name of an overseas financial company.
• Assets subject to report: all assets owned in the accounts subject to report.

• Information on the identity of the account holder, such as name, address, etc.
• Information on the account held, such as account number, name of the financial company, and the highest remaining balance of the account on the last day of each month.
• Information on a person related to the overseas financial account.

Taxpayers subject to report should file the “Report of Overseas Financial Accounts” to the competent tax office by June 30.