YouTuber to Gift 3.5 Billion KRW Apartment to One Subscriber... Is Galleria Foret Next?

Interior of the apartment worth 3.5 billion won offered as a prize by YouTuber Bogyeom. Screenshot from the YouTube channel 'BogyeomTV' video.

원본보기 아이콘

Bokyem, a YouTuber with 17.3 million subscribers, has announced that he will offer an apartment worth approximately 3.5 billion KRW as a prize to his subscribers, drawing significant attention. However, since winning a high-value property as a prize incurs various taxes, including income tax and acquisition tax, there is growing interest in how much tax the actual winner would have to pay.

Recently, Bokyem revealed on his YouTube channel that he would be holding an event to give away an apartment valued at around 3.5 billion KRW to his subscribers. In the video, he said, “Since starting internet broadcasting in 2012, I have always created content out of a desire to do better for my viewers. I prepared this event to express my gratitude to my subscribers.”

The apartment featured in the video is a 165-square-meter home, roughly equivalent to 50 pyeong, and has been fully remodeled with high-end interior design. The property is equipped with various amenities, including a ceiling with indirect lighting, a hotel-style bedroom, soundproofing, insulation, and air conditioning systems. The furnishings and home appliances are also of premium quality. While showcasing the home, Bokyem explained, “I didn’t buy this house for myself; I purchased it to give to one of my subscribers.”

Interior of the apartment worth 3.5 billion won offered as a prize by YouTuber Bogyeom. Screenshot from the YouTube channel 'BogyeomTV' video.

원본보기 아이콘

After showing every corner of the house, Bokyem said, “This isn’t the end. Something even bigger is coming. I’m preparing for it. Now, let’s go see the really big one.” In the next scene, Bokyem concluded the video near Galleria Foret, a luxury residential complex in Seongsu-dong, Seongdong-gu, Seoul, saying, “This is next.”

Bokyem has previously held various prize events for his subscribers, ranging from electronics to high-end sports cars. This latest apartment giveaway also generated widespread buzz online immediately after it was announced, with hundreds of thousands of comments posted on the video.

Online, there is significant interest in how much tax one would have to pay if they win the 3.5 billion KRW apartment. Assets received as prizes are classified as “other income” under tax law, making them subject to withholding tax. Additionally, since the prize is real estate, acquisition tax must be paid separately when the ownership is transferred.

Currently, the withholding tax rate for other income is about 22%. Based on the approximately 3,567,200,000 KRW value of the apartment disclosed by Bokyem, a simple calculation shows that about 780,000,000 KRW would be withheld as income tax.

On top of this, the winner would also be responsible for acquisition tax. If a person without a home acquires a property exceeding 85 square meters in exclusive area, an acquisition tax rate of about 3.5% applies, which would amount to around 120,000,000 KRW in taxes.

In total, a person without a home would have to pay roughly 900,000,000 KRW in taxes. However, the actual tax amount may vary depending on whether the winner already owns a home, the location of the property, and the applicable taxation standards.

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.