Statement of Acquisition and Management of Overseas Real Estate: “Form 97” due by May 31, 2019

Residents, including 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.

Residents 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).