Essential Guide for Living or Doing Business in Korea: Overseas Financial Account Reporting and International Transaction Reporting
It is not practical to store large amounts of cash entirely in a home safe. For foreign residents living in Korea and overseas business operators, financial transactions are part of everyday life; however, overseas assets and international transactions that exceed certain thresholds are subject to mandatory reporting under Korea’s Overseas Financial Account Reporting System and international transaction reporting requirements. Essential Financial Rules for Foreign Residents in Korea: Overseas Account & International Transaction Reporting This article provides a clear and practical overview of Korea’s Overseas Financial Account Reporting System and the International Transaction Information Integrated Report , both of which foreign nationals living in Korea or conducting business there must understand. It explains reporting thresholds, exemption criteria, reporting procedures, penalties for non-compliance, and multinational enterprise reporting obligations in an acce...