S. Korea's ruling party proposes heavier taxes on foreigners with multiple homes
- 4 years ago
외국인 아파트 취득↑…여당 "실거주 않으면 중과세" 입법 추진
One of the South Korean government's top priorities right now is to cool down the country's overheated real estate market.
As part of that, the ruling Democratic Party has proposed higher taxes on foreigners who own multiple homes in Korea that they don't live in.
Kim Dami reports.
Heftier taxes on foreigners who own multiple homes that they don't live in.
That's what South Korea's ruling Democratic Party has proposed... to stop them from speculating in the local market.
On Wednesday, the party suggested an additional tax of 20 percent on homes owned by foreigners who don't live in them for six months.
Other options being considered are heftier capital gains taxes and property taxes.
Currently, some real estate regulations do not apply to foreign homeowners.
In other countries, New Zealand bans non-residents from buying real estate, and Singapore has a surcharge for foreigners.
South Korea's tax authorities earlier on Monday launched investigations of 42 foreigners who own multiple homes.
The NTS plans to collect taxes they have evaded and send data on their tax evasion to the tax authorities in their home countries.
According to the National Tax Service, one-thousand-36 foreigners bought two or more homes between 2017 and this May.
And almost one third of the 23-thousand homes owned by foreigners in the country were not occupied by the owner.
Most of those homes were located in the Seoul metropolitan area.
As home prices reach levels unattainable for many people, the government has been cracking down on the speculative buying of multiple homes by foreigners and locals alike.
On Tuesday, the National Assembly hiked taxes on anyone owning multiple homes, especially in speculative areas.
Kim Dami, Arirang News.
One of the South Korean government's top priorities right now is to cool down the country's overheated real estate market.
As part of that, the ruling Democratic Party has proposed higher taxes on foreigners who own multiple homes in Korea that they don't live in.
Kim Dami reports.
Heftier taxes on foreigners who own multiple homes that they don't live in.
That's what South Korea's ruling Democratic Party has proposed... to stop them from speculating in the local market.
On Wednesday, the party suggested an additional tax of 20 percent on homes owned by foreigners who don't live in them for six months.
Other options being considered are heftier capital gains taxes and property taxes.
Currently, some real estate regulations do not apply to foreign homeowners.
In other countries, New Zealand bans non-residents from buying real estate, and Singapore has a surcharge for foreigners.
South Korea's tax authorities earlier on Monday launched investigations of 42 foreigners who own multiple homes.
The NTS plans to collect taxes they have evaded and send data on their tax evasion to the tax authorities in their home countries.
According to the National Tax Service, one-thousand-36 foreigners bought two or more homes between 2017 and this May.
And almost one third of the 23-thousand homes owned by foreigners in the country were not occupied by the owner.
Most of those homes were located in the Seoul metropolitan area.
As home prices reach levels unattainable for many people, the government has been cracking down on the speculative buying of multiple homes by foreigners and locals alike.
On Tuesday, the National Assembly hiked taxes on anyone owning multiple homes, especially in speculative areas.
Kim Dami, Arirang News.