One-on-one consultations to cover residency status, overseas asset capital gains tax and more — anonymous inquiries accepted

National Tax Service Commissioner Lim Gwang-hyeon. [National Tax Service]
National Tax Service Commissioner Lim Gwang-hyeon. [National Tax Service]

Tax authorities are launching one-on-one online consultations for overseas Koreans who want to return home permanently but have held back out of concern over large tax bills.

The National Tax Service announced Tuesday that it will begin a tailored tax consultation service for overseas Koreans considering a return to Korea starting next month.

Long-term residents abroad and those thinking about coming back will be able to put their tax-related questions directly to staff at the NTS's International Tax Affairs Division through one-on-one video or phone calls.

Those who wish to apply can download a form from the NTS website and submit it by email or fax. Applications are open as of Tuesday.

The NTS said it will strictly protect the confidentiality of all consultation information. Applicants may also submit the form without personal details and consult anonymously.

The service targets people who have hesitated to return because they fear heavy taxes on assets built up abroad when bringing them into Korea. The NTS also plans to use the consultations as a channel to correct widespread misinformation.

"There is a pervasive misconception that all income earned while living overseas is taxed as if the person were a Korean resident," an NTS official said. "Concerns about whether taxes must also be paid in Korea on the transfer or gifting of overseas assets are another factor that makes it hard for people to decide to return."

The NTS will specifically offer guidance on residency determination — the standard used to establish Korean tax liability — as well as inheritance, gift and capital gains taxes on overseas assets, the overseas financial account reporting regime, and tax filing procedures.

The service will also provide tax-saving tips, including the capital gains tax exemption for one household owning one home and foreign tax credits.

According to the Overseas Koreans Agency, the total number of overseas Koreans stood at about 7 million as of 2024, led by those in the United States (about 2.56 million), China (about 1.85 million) and Japan (960,000).

Among those who permanently returned to Korea last year, more than 60 percent were aged 60 or older. The NTS said it expects the consultation service to help drive an increase in elderly returnees.

The NTS plans to distribute informational materials to Korean community organizations abroad, including local Korean associations, in cooperation with the Overseas Koreans Agency and KOTRA.

"I expect this tax consultation service to serve as a catalyst in helping overseas Koreans who have worked hard abroad return home," NTS Commissioner Lim Gwang-hyeon said. "I ask our consultation team staff to make every active effort going forward."


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