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Do I need to pay tax for the present that I get from the relatives living in abroad?
1
Edgar Santiago
November 24, 2021
qna No. 2228
Luna said,
All the imported goods are tax-imposed as mentioned in the Article 14 of customs law.
Imported items mean that items brought in to Korea from abroad; which signifies that postal item from the relatives abroad is also included. However, there is a policy that exempts taxation for the designated price of the product (less than USD 150) which is recognized only for personal usage.
I purchased USD 1,000 handbag in a duty-free shop. As it exceeds USD 600, do I need to pay the total tax?
1
Edgar Santiago
qna No. 2226
Luna said,
In the case of traveler’s belongings, USD 600 is exempted for 1 person out of the entire taxation amount. Thus, if you have not bought other products, USD 400 has to be paid, which is deduction amount of USD 600 out of the total amount of handbag cost, 1,000.
When traveling, do I need to declare a camera, laptop, golf club, jewelry in the customs in advance?
1
Edgar Santiago
qna No. 2224
Luna said,
Yes, when going to abroad, issuing the form of Declaration of Carried-out Personal Effects for the high price products including camera, laptop, gold club, instruments, and jewelry, etc. and submit the form to the Head of the customhouse of the destination is required for the exemption of tariff for the product concerned.
Current Post
Where can I exchange currency upon arrival?
1
Edgar Santiago
qna No. 2176
Luna said,
You can exchange money at a bank, exchange service center, or an authorized exchange. For most tourists, it is easiest to visit one of the exchange service centers at the airport.
My last name changed, what do I do?
1
Edgar Santiago
visa No. 2174
Luna said,
If you change the English spelling of your name, the visa obtained on your old passport is still valid. It would not be a problem if you keep both old and new passports to prove that the two names are of the same person.
I would like to study in Korea. What procedures do I need to take?
1
Edgar Santiago
visa No. 2172
Luna said,
If you are a foreign student who wish to study in Korea, you must obtain an admission letter from the university where you wishes to enter and apply for a D-2 visa.
For more information on visas, please visit the Korea Immigration Service website at http://immigration.go.kr/HP/IMM80/index.do
What are the procedures for foreigners who wish to obtain a working visa?
1
Edgar Santiago
visa No. 2170
Luna said,
There are two ways a foreigner can obtain a working visa.
First, one can apply for a working visa at an overseas Korean mission with required documents.
Second, for those who need a 'Certificate for Confirmation of Visa Issuance', the employer in the Republic of Korea will have to apply for the certificate at the Korea Immigration Service and send it to the applicant who can then apply for and obtain a working visa at an overseas Korean mission. For more information please visit the Korea Immigration Service website at http://immigration.go.kr/HP/IMM80/index.do
What is the Certificate for Confirmation of Visa Issuance?
1
Edgar Santiago
visa No. 2168
Luna said,
It is a certificate needed to apply for a visa for specific individuals such as English instructors, Chinese wishing to visit relatives and foreign technical trainees. The inviter in the Republic of Korea files an application to obtain the certificate with the Korea Immigration Service. Upon receiving the certificate the inviter sends it to the invitee so he or she can apply for and receive a visa.
What are the best options to invest in Korea?
1
Edgar Santiago
discussion No. 1805
admin said,
Well, I guess "buying a house" would a good choice.
Do Korea allow Foreigners to participate in stocks buying?
1
Edgar Santiago
qna No. 1799
Luna said,
Yes, foreigners can buy stocks in Korea. However, only in the KSE (Korean Stock Exchange). Foreigners can not buy stocks at any other stock exchange in Korea.
Can I buy my own Property in South Korea?
1
Edgar Santiago
qna No. 1797
Luna said,
Yep, not a problem in Korea. It's quite easy actually, foreigners have no special requirement for land or property purchase compared to locals. The proper documents have to abide by the Foreigner's Land Acquisition Act, Real Estate Registration Act, and Foreign Exchange Transaction Act.
In certain areas such as Jeju Island, special investment visas obtained by purchasing real estates also allow for investment immigration, eligible for Korea Permanent Residency.
How do I open a bank account in Korea?
1
Edgar Santiago
qna No. 1794
Luna said,
The only document needed to do so is a valid passport. Then, the account holder must arrange to transfer the equivalent of 50,000,000 won (around USD 40,900) from a foreign account into the one opened in his or her name.
This deposit has to be in a lump sum and it should be categorized “for investment purposes only”. Then, the foreign investor can proceed with gathering the required documentation to open a company in Korea.
Do I need a visa to start a business in Korea?
2
Edgar Santiago
qna No. 1773
Luna said,
Visa categories that allow you to start a business, F and D Visas:
F-series Visas (family visas)
1. F-4 Overseas Korean Visa – Have Korean ancestry on at least one side of your family
2. F-6 Marriage Visa – Marry a Korean
3. F-5 Permanent Residence Visa – Live in Korea long enough (over 5 years) and have the necessary points (TOPIK score, income, savings, education level, etc.) to qualify
D-series Investment Visas (money required)
4. D-8-1 Foreign Investment Company Visa – Invest 100 million KRW in a company
Maximum stay: 5 years
5. D-8-3 Unincorporated Enterprise Visa – Invest 300 million KRW in a Korean-run business
Maximum stay: 5 years
D-series Startup Visas (IP required)
6. D-8-2 Business Venture Visa – Establish a venture based on advanced technology (copies of patent card, utility model registration Card, Design Registration Card for Intellectual Property Right Holders) and have it confirmed as a venture according to Article 25
Maximum stay: 2 years
7. D-8-4 Technology and Business Startup Visa – Found a tech company and hold a Bachelor’s Degree. Provide evidence through a point-based system (copies of patent card, utility model registration Card, Design Registration Card for Intellectual Property Right Holders) and have it confirmed as a venture according to Article 25
Maximum stay: 2 years
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No. 77 ∙ 2021-11-23