A 30-something living in Seoul owns an average of 21.3 billion KRW... Overseas virtual asset declaration amounts revealed

Seoul Holds 78% of Total Individual Reported Amount
619 People Own 8 Trillion Won...131 Billion Won Per Person

The scale of virtual assets held in overseas accounts reported to tax authorities by residents of the Seoul area was found to account for nearly 80% of the total individual reported amount. In particular, the reported amount by residents in their 30s in Seoul was about 6 trillion won, accounting for 75% of the total reported amount of 8 trillion won.

According to data submitted by the National Tax Service to the office of Yang Kyung-sook of the Democratic Party of Korea on the 14th, the overseas virtual assets reported to the National Tax Service by 619 Seoul residents this year amounted to 8.1362 trillion won. The average reported amount per person reached 13.1 billion won.

[Image source=Yonhap News]

From January to December of last year, individuals and corporations with overseas financial account balances exceeding 500 million won at any point during the month-end were required to report their account balances to tax authorities. Until last year, only cash, stocks, bonds, collective investment securities, and derivatives were subject to reporting, but from this year, virtual assets have also been included.

The overseas virtual asset reported amount by Seoul residents accounted for 78% of the total individual reported amount of 10.415 trillion won. Looking at the reported amounts by age group of Seoul residents, those in their 30s reported the most at 5.9 trillion won, followed by those aged 20 and under with 1.3 trillion won. The reported amounts for those in their 40s and 50s were 647.3 billion won and 142.4 billion won, respectively.

When looking at the average reported amount per person in Seoul by age group, those in their 30s reported 21.3 billion won, and those aged 20 and under reported 15 billion won. The average reported amounts per person for other age groups such as those in their 40s (4 billion won), 50s (2.1 billion won), and 60s and above (3.5 billion won) all exceeded 2 billion won.

In Gyeonggi Province, 325 people reported holding a total of 1.0091 trillion won in overseas virtual assets, making it the second largest reporting scale nationwide after Seoul. Chungbuk, ranking third (23 people, 204.2 billion won), was the only city/province outside Seoul and Gyeonggi to exceed 200 billion won in total reported amount. Residents of Daegu (45 people, 157.6 billion won), Gyeongnam (47 people, 144.2 billion won), Chungnam (18 people, 139.8 billion won), and Incheon (58 people, 133.5 billion won) were also analyzed to have reported virtual assets totaling over 100 billion won each.

Representative Yang said, "Starting with the first overseas virtual asset reporting this year, I hope that data related to virtual assets will continue to accumulate," adding, "The National Tax Service should actively encourage sincere reporting by virtual asset holders and thoroughly prevent tax base erosion through virtual assets."

This content was produced with the assistance of AI translation services.