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Money and tax in Korea at a glance
Tax refunds for tourists, income tax choices for foreign workers, pension refunds and cash limits, each from the tax law or the agency's page.
The figures below are the headline numbers from each page, copied from that page's summary. Each page has the conditions, exceptions, official sources and any disagreement between sources — check it before you rely on a number.
| Page | Headline figures | Checked |
|---|---|---|
| Korea tax refund for tourists: limits, steps and airport counters | ₩15,000 Minimum purchase for any refund < ₩1 million Immediate refund, single transaction ₩5 million Immediate refund, total transactions | 2026-10-19 |
| How much cash can you bring into Korea? The US$10,000 declaration rule | US$10,000 Declare if you carry more than this on arrival Item 3 Box on the Traveler Declaration Form 1 year Maximum prison term for not reporting | 2026-10-19 |
| National Pension lump-sum refund for foreigners leaving Korea: who qualifies and how to claim | E-8 / E-9 / H-2 Visa holders qualify whatever their nationality 1 month Departure must be within a month of applying, for in-Korea applications 5 years Claim window after you become entitled (a later claim is possible, see below) | 2026-10-19 |
| Flat 19% income tax option for foreign workers in Korea: who can choose it, for how long, and how to apply | 19% Flat rate on the employment income 20 years From the first day of work in Korea 2026-12-31 Last date to start work for the option, as the text reads now | 2026-10-19 |
| Year-end tax settlement in Korea for foreign workers: who does it, the February timeline and which deductions you can use | Feb wages year-end settlement is made when February pay is paid Before Feb pay deadline to give the employer your deduction report KRW 100,000 extra tax above this can be split over Feb to Apr pay | 2026-10-19 |
| Korean won banknotes and coins: denominations, the 50,000-won note, how to spot a real note and what the Bank of Korea does with damaged money | 50,000 won largest note, first issued June 23, 2009, shows Shin Saimdang 500 won largest coin, crane design, 26.50 mm 3/4 of a note more than this remaining: exchanged at full face value | 2026-10-19 |
| What is the VAT rate in Korea? 10 percent, what is exempt, the individual consumption tax and a calculator for prices that include VAT | 10% VAT rate (Article 30) 20 groups of exempt supplies numbered in Article 26(1) 20% individual consumption tax on jewelry, high-end watches, bags and furs above a base price (statute rate) | 2026-10-19 |
| Korea income tax brackets 2026 for residents: the eight rates from 6% to 45%, local income tax and a tax-on-taxable-income calculator | 6% on taxable income up to KRW 14 million 45% on the part of taxable income above KRW 1 billion 8 brackets in the Article 55 table | 2026-10-19 |
| Sending money abroad from Korea as a foreigner: the USD 100,000, 50,000 and 5,000 limits, which documents the bank needs and when it reports to the tax office | USD 100,000 a year without supporting documents, for residents other than foreign residents USD 50,000 a year for foreign residents and non-residents when no listed proof applies USD 5,000 per transaction receivable without documents by foreign residents and non-residents | 2026-10-19 |
| What is the 3.3% tax for freelancers in Korea? The 3% withholding plus 0.3% local tax, who it applies to, a calculator and the May filing refund | 3% withholding on withholding-target business income (Income Tax Act Article 129(1)3) 0.3% local income tax withheld alongside: 10% of the 3% (Local Tax Act Article 103-13) 3.3% total taken from a payment (3% + 0.3%) | 2026-10-19 |
| Korea real estate agent fee: the maximum commission for home sales, jeonse and monthly rent by price band, and a calculator | 0.4% ceiling, home sale from KRW 200 million to under 900 million 0.3% ceiling, lease or rent from KRW 100 million to under 600 million KRW 800,000 cap, home sale from KRW 50 million to under 200 million (0.5%) | 2026-10-19 |
| Changing Korean won back to foreign currency when you leave: limits and documents | This trip's total Visitor reconversion cap: what you exchanged into won this stay US$10,000 Cap if you have no exchange record (visitor), or per entry (resident foreigner) US$2,000 Per person per day at a money changer without the form and certificate (US$4,000 for changers with a computerised ledger) | 2026-10-19 |