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Are you moving overseas while leaving an apartment in Korea?



When considering immigration while having an apartment long-term or owned in Korea, you need to make the disposal plan for the residential house from various angles. If you are a resident, you can apply for long-term ownership/residence deduction up to 80%, which would result in almost no transfer gain taxes. If this changes to non-resident status, only 20% will be deducted, which may result in a high amount of transfer gain tax consequently.

In practice, whether you are a resident or a non-resident can be transparently calculated based on immigration records, and circumstantial evidence (residence of the house or family moving) can be an additional variable, but these standards can be applied unfavorably to non-residents. Please refer to the comparison of transfer taxes in the case of selling an apartment (2 billion KRW) where you lived as one household for 10 years in Korea, just before departure, one year after departure, and two years after departure.


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Descript.

Resident

Non-resident/less than 2 years

Non-resident more than 2 years

Sales price

20

20

20

Acquisit.cost

9

Transfer gain

11

Own/reside(years)

10

Taxable gain

4.4

4.4

11

Deductions

3.52

0.88

2.2

Tax basis

0.855

3.495

8.775

Tax payable

0.16236

1.25246

3.65871

Amount in 100 mil.won



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