Woori Bank Launches 'Woori Naeri Sarang Real Estate Trust'
Real Estate Holding Tax Savings and Effective Gift Transfer
[Asia Economy Reporter Kim Jin-ho] Woori Bank announced on the 29th that it will launch 'Woori Naeri Sarang Real Estate Trust,' which allows tax benefits by gifting real estate to children in response to the increased holding tax burden due to rising real estate prices.
This product is characterized by the fact that parents who own multiple homes can reduce holding taxes such as comprehensive real estate tax when gifting held real estate to children who have income or are separated households aged 30 or older through a trust contract.
Additionally, control measures have been established to prevent children from arbitrarily selling or taking out secured loans on the gifted real estate.
The trust property is limited to real estate such as houses, with a minimum trust amount of 100 million KRW based on the Ministry of Land, Infrastructure and Transport's publicly announced price. The trust period is up to 30 years, and contract termination is only possible on the maturity date or with the consent of the donor parents.
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 30s Dies After Assaulting Father and Falling from Yongin Apartment
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
A Woori Bank official stated, “This trust product will be very useful not only for holding tax reduction benefits but also for customers who are effectively considering real estate succession to their children.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
