Offshore financial accounts over $500 million, including crypto, must be reported by July 1

If you had an overseas financial account balance exceeding KRW 500 million at any point last year, you must report it to your local tax office by July 1. This includes cash, stocks, and virtual assets, as offshore virtual asset accounts are now included in the reporting requirements. Both account holders and beneficial owners must report, and joint account holders each have reporting obligations. Exemptions apply to foreign residents in Korea for five years or less from 2014-2023 and overseas nationals who stayed in Korea for 183 days or less last year. The National Tax Service will notify potential account holders via mobile and mail, and even if previously reported, accounts must be noted again if the balance exceeded KRW 500 million last year. Failure to report can lead to penalties up to 20% of the undeclared amount (capped at KRW 2 billion) or criminal penalties for amounts exceeding KRW 5 billion.

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