2026.05.08
Where the aggregate balance of overseas financial accounts (including overseas virtual asset accounts) exceeds KRW 500 million, a reporting obligation arises. Please review the following information and ensure timely filing within the annual reporting period to avoid penalties.
📌 What is the Overseas Financial Account Reporting?
A Korean resident or domestic corporation must report their overseas financial accounts (including overseas virtual asset accounts) to the competent tax office in June of the relevant year if the aggregate balance of such accounts exceeded KRW 500 million on any single end-of-month date during the preceding year.
Pursuant to Article 52 of the Adjustment of International Taxes Act, overseas virtual asset accounts opened with overseas virtual asset service providers (VASPs) are also subject to this reporting obligation.
Pursuant to Article 52 of the Adjustment of International Taxes Act, overseas virtual asset accounts opened with overseas virtual asset service providers (VASPs) are also subject to this reporting obligation.
📋 Reporting Summary
| Reporting Subject | Korean residents and domestic corporations whose overseas financial account balance (including overseas virtual asset accounts) exceeded KRW 500 million during the preceding year |
| Reporting Period | June 1 – June 30, annually |
| Filing Authority | Competent District Tax Office |
| Reporting Scope | Overseas financial accounts and overseas virtual asset accounts opened with overseas VASPs |
⚠️ Penalties for Non-Filing or Under-Reporting
| Standard Penalty | Administrative fine imposed on the unreported or under-reported amount |
| Exceeding KRW 5 Billion | May be subject to public disclosure of the violator’s identity and criminal prosecution |
For Further Information
National Tax Service (NTS) website > Tax Policies/Programs > International Tax > Major International Tax Reporting Programs > Overseas Financial Account Reporting
Competent District Tax Office or NTS Help Center ☎ 126 → 2 → 6
National Tax Service (NTS) website > Tax Policies/Programs > International Tax > Major International Tax Reporting Programs > Overseas Financial Account Reporting
Competent District Tax Office or NTS Help Center ☎ 126 → 2 → 6
For inquiries regarding this notice, please contact us via the channels below.
Thank you.
