Expat Advisory Services South Korea

Finance Ministry will require all residents, including expats, to register deposits overseas next year

Foreigners staying in Korea for over one year will have to report any bank accounts they hold outside Korea to local authorities beginning next year, according to the Ministry of Strategy and Finance yesterday.

Businesses based overseas that operate in Korea may be required to do the same, the ministry said.

In its 2010 policy guide submitted to President Lee Myung-bak, the ministry said overseas bank accounts would have to be reported for every resident in Korea. The local tax law defines a resident as anyone who lives in Korea for more than one year, regardless of nationality.

Driving for an hour heading east of the Korean peninsula, and into Gyeonggi Province's Gapyeong County, my colleagues and I stumbled into the Cheongpyeong Lake, which is much like Lake Placid without the monster crocodile. Hahaha!

But even with the monsoon rains trying to spoil what's left of the summer, we stopped at a river resort inappropriately named, Maison de Bali, which would make one think of the open sea. Instead, it was a lake where we had to make do with the boat rides, food and singing overnight.

Recently, the expat community in Seoul has shown extraordinary effort in supporting causes through fundraisers that not only give people a chance to 'give back', but they're a lot of fun.

In the wake of recent bad press in the realm of expat gambling, 7luck Poker has stepped up to sponsor 2 charity events; the first of which was a Bear Benefit on August 15th, and the second, which will be held at 1:00pm on September 5th, will support Jae Chun Children’s Home . The Hilton Poker Room is committed to supporting local communities through grants, in-kind donations; community outreach and employee volunteer programs. You can help them succeed (and possibly walk away with some extra pocket money). For more information on Jae Chun, visit www.cchkorea.org