foreign individuals who stayed in Korea for more than 5 years in aggregate
during the past 10 years from the end of the concerned tax year, are required
to report “Statement of Acquisition and Management of Overseas Real Estate” by
filing the “Form 97” to the competent tax office by May 31 of the following tax
year if they have acquired overseas property (outside of Korea) or had
investment rental income from such property during the concerned tax year.
who fail to report by the deadline or who filed the report belatedly after the
deadline shall be subject to delinquent filing penalty which is assessed at 1%
of the acquisition amount of the property concerned (which will be raised to
10% from 2020 and onward).