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170 Foreigners Acquired Permanent Residence Through Investment from 2010 to 2017

170 Foreigners Acquired Permanent Residence Through Investment from 2010 to 2017

SEOUL, Mar. 18 (Korea Bizwire) — Chinese account for 93 percent of all foreigners who acquired permanent residence in South Korea through investment, according to the IOM Migration Research and Training Center. The center revealed that in the 2010 to 2017 period, there were 1,901 cases of foreigners acquiring an Korean residence visas through investment. [...]

Foreigners Baffled by Complex Process for Year-end Tax Settlement

Foreigners Baffled by Complex Process for Year-end Tax Settlement

SEOUL, Jan. 30 (Korea Bizwire) — At the beginning of each year, a growing number of foreign migrant workers in South Korea are confused and frustrated by the mandatory task of the year-end tax settlement. Under the regulations of the National Tax Service (NTS), all South Korean salaried employees are obliged to file a year-end [...]

Shinhan Card Develops Credit Evaluation Model for Foreigners in S. Korea

Shinhan Card Develops Credit Evaluation Model for Foreigners in S. Korea

SEOUL, Jan. 25 (Korea Bizwire) — High Credit, in-house venture firm of Shinhan Card Co., announced on Thursday that it had developed a credit evaluation model for foreigners living in South Korea. The newly developed credit evaluation model has greatly increased the bank’s ability to differentiate risks by applying non-financial information through big data to [...]

Jeju Island Cracks Down on Korean Migrants Entering Foreigner-only Casinos

Jeju Island Cracks Down on Korean Migrants Entering Foreigner-only Casinos

JEJU, Jan. 22 (Korea Bizwire) — Jeju Island will conduct special monitoring on foreigner-only casinos from January 31 to February 24. The island will organize a team of experts to monitor eight casinos established for foreigners to verify if Korean migrants are taking proper steps to enter the casino. The island will also educate casino [...]

Over 80 pct of Foreigners Have Positive National Image of S. Korea: Poll

Over 80 pct of Foreigners Have Positive National Image of S. Korea: Poll

SEOUL, Jan. 22 (Korea Bizwire) — More than eight out of 10 foreigners have a positive national image of South Korea, a survey released by the government showed Tuesday. According to an online survey of 8,000 people in 16 countries, including South Korea, 80.3 percent of foreign respondents evaluated South Korea’s national image positively. Notably, [...]

All Foreign Wage Earners Required to File Tax Returns: Gov’t

All Foreign Wage Earners Required to File Tax Returns: Gov’t

SEJONG, Jan. 15 (Korea Bizwire) – South Korea’s tax agency said Tuesday that all foreign wage earners must file their year-end 2018 tax settlement by the end of next month, regardless of their nationality or length of stay. The National Tax Service said some income deduction or tax credit items are not applicable to foreigners and recommended [...]

Additional Taxation for Foreign Owners of Condominiums in Jeju

Additional Taxation for Foreign Owners of Condominiums in Jeju

JEJU, Jan. 3 (Korea Bizwire) — Starting this year, foreigners in Jeju will be subject to heavy taxation if they use condominiums that they have purchased as vacation homes. Jeju Province announced on Wednesday that condominiums acquired by foreigners, unless proven as primary residences, will be regarded as private vacation homes, and will be subject [...]

Foreigners Pick Bamdokkaebi Night Market as Seoul’s Best Policy of Year

Foreigners Pick Bamdokkaebi Night Market as Seoul’s Best Policy of Year

SEOUL, Dec. 24 (Korea Bizwire) — Outdoor night markets featuring international foods and handicraft and cultural performances have been chosen as the Seoul Metropolitan Government’s best policy of 2018 in an online poll of foreigners here and abroad, officials said Monday. A total of 15,172 foreigners living in South Korea and 71 other countries participated [...]