7,484 People Held Overseas Accounts Exceeding 500 Million Won Last Year... Up 626 From Previous Year

National Tax Service Announces Results of Overseas Financial Account and Trust Declarations

107.1 Trillion Won in Overseas Financial Accounts, 3.8 Trillion Won in Overseas Trusts Reported

Overseas Stocks Reach Record High of 61.3 Trillion Wo

Last year, the number of individuals holding overseas accounts with balances exceeding 500 million won reached 7,484, an increase of more than 620 people compared to the previous year. Individuals led this upward trend, with the number of overseas stock account filers rising by 442.

On September 2, the National Tax Service announced these results from the reporting of overseas financial accounts, a system introduced to curb offshore tax evasion and to formalize overseas assets.

Residents and domestic corporations must file a report if the balance of their overseas financial accounts exceeds 500 million won at any point on the last day of any month during the reporting year. For instance, if the account balance exceeded 500 million won at the end of any month from January to December last year, the account holder was required to file a report by the end of June this year.

This year, the number of overseas financial account filers rose by 9.1% year-on-year to 7,484, while the reported amount increased by 13.3% to 107.1 trillion won. An official from the National Tax Service stated, “Of this, the amount related to stocks accounted for 61.3 trillion won, representing 57.2% of the total,” explaining, “This is primarily due to the increase in the value of listed stocks and evaluations resulting from our companies expanding overseas.”

The increase in the number of overseas financial account filers was primarily driven by individuals. A total of 6,663 individuals reported 27.4 trillion won, representing a rise of 640 filers (a 10.6% increase year-on-year) and an increase of 700 billion won (2.6%) compared to the 6,023 individuals who filed last year and reported 26.7 trillion won. On the corporate side, 821 companies reported 79.7 trillion won; this is 14 fewer filers (a decrease of 1.7%) but an increase of 11.9 trillion won (17.6%) compared to the previous year, when 835 companies reported 67.8 trillion won.

The types of overseas financial accounts most commonly reported by number of filers were: deposits and savings (3,487 filers), stocks (2,434 filers), and virtual assets (2,362 filers). In terms of reported volume: stocks (61.3 trillion won), deposits and savings (23.6 trillion won), and virtual assets (10.5 trillion won).

For overseas stock accounts, 2,434 people declared a total of 61.3 trillion won this year. This represents an increase of 442 filers and 13.2 trillion won compared to 2025 (1,992 filers, 48.1 trillion won). Virtual asset accounts, which have been included in the filing requirements from 2023, saw 2,362 individuals reporting a total of 10.5 trillion won this year. Compared to 2025 (2,320 filers, 11.1 trillion won), this is an increase of 42 filers but a decrease of 600 billion won in reported value. The National Tax Service analyzed that the overall decline in virtual asset value led to the reduction in reported amounts for these virtual asset accounts.

Despite this year being the first time overseas trusts were included in the filing requirement, 1,286 individuals filed a total of 3.8 trillion won (1,591 cases) thanks to information sessions and prior notifications. This allows for transparency of trust assets that had previously not been caught by the taxation network. For corporations, 2.4% (31) of the filers out of the total (1,286) were corporations, but since asset managers, shipping companies, and other firms held large-scale funds (such as bonds and funds) in trust form, they made up 81% (3.1 trillion won) of the total reported amount (3.7 trillion won). For individuals, insurance policies comprised the largest number of overseas trust assets by volume (75.3% of all cases), while in terms of amount, stocks and real estate accounted for the largest portion (53.8%).

The National Tax Service is thoroughly verifying suspected cases of underreporting or non-reporting of overseas assets using cross-border information exchange data, foreign exchange transactions, and various information sources. In cases where a filing obligation violation is detected, a penalty of 10% of the underreported or non-reported amount will be imposed, and additional taxes collected. Strict measures will be taken. In particular, if the underreported or non-reported amount of overseas financial accounts exceeds 5 billion won, offenders may be subject to criminal prosecution and public disclosure of their names.

Even after the statutory filing deadline has passed, taxpayers who file an amended report or a late report in good faith may receive a reduction in penalties. For overseas financial accounts, even after the reporting deadline (June 30, 2026), penalties for underreporting or non-reporting may be reduced by 30% to 90% if an amended or late report is filed.

An official from the National Tax Service said, “From 2027, the National Tax Service will implement automatic cross-border information exchange for cryptocurrency transactions and use virtual asset transaction data received from tax treaty countries for verification purposes. In addition, the revision of this year’s tax law includes an increase in penalties for non-reporting of overseas trusts (from 100 million won to 1 billion won) as well as the introduction of rewards for reporting such accounts. Therefore, if anyone has omitted to report their overseas assets, we urge them to promptly file an amended or late report.”

This content was produced with the assistance of AI translation services.