SEOUL, KOREA - The number of individuals and corporations with overseas accounts with the balance over 1 billion won (US$968,000) was 774, with the total amount owned by the account holders reaching 24.3 trillion won. This is up 14.2 percent from the previous year, with the amount rising 6.4 percent from a year ago.

 

According to a report "2014 Overseas Account Balance" released by the National Tax Service on August 5, the number of individuals and corporations whose overseas account balance over and above 1 billion won has steadily increased since 2011 when the agency began compiling the data based on voluntary reporting. In 2011, the number was 525 with the total volume of account balance at 11.5 trillion won, followed by 652 and 18.6 trillion won. Last year, the number rose to 678 and 22.8 trillion won.

 

The number of individuals who have reported their overseas accounts was 389 who said they have a total of 1,574 accounts with the aggregate balance of 2.7 trillion won. As for corporations, the number was 385 with the total balance reaching 21.6 trillion won.

 

Of the countries in which the individuals and corporations have bank accounts, the number of countries classified as tax havens was 17, with 924 accounts and 3.0 trillion won in balance. The National Tax Service has set out to make in-depth investigations on 50 individuals who have not reported their 1-billion-won-plus accounts.