Do I have to report overseas financial accounts?

If the total balance of overseas financial accounts held by a resident or domestic corporation exceeds KRW 500 million on any month-end day of the year, the accounts must be reported in June of the following year.

This covers not only cash but also shares, bonds, collective investment securities, virtual assets and the like held in overseas accounts. Failure to report or underreporting may result in an administrative fine of 10% of the unreported amount (up to KRW 1 billion).