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making a profit when leaving korea

 
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longbrian1



Joined: 18 Sep 2003

PostPosted: Wed Dec 10, 2003 1:42 am    Post subject: making a profit when leaving korea Reply with quote

has anyone any advice on how best to make some dosh through buying in korea and selling at home(Ireland) - for example toothpaste is very cheap here and worth stocking up on, im thinking of applying same principle on a grander scale.
how about buying a new car?How do you arrange delivery, are there import taxes, etc to pay? Does it make any sense?
the won is so weak at the moment against the euro, it makes you wonder - any suggestions for an easy "buy and sell" much appreciated - computers, are they cheaper here, what else is?
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Derrek



Joined: 15 Jan 2003

PostPosted: Wed Dec 10, 2003 3:23 am    Post subject: Reply with quote

Whatever you buy, you need to check into the import tax issues in the country you are going to.

Korea is ROUGH on Koreans who try to buy overseas and bring back. We sort of get a "bye" on stuff in personal quantities, because we aren't korean.

For example, if you are Korean and buy a digital camera overseas, you have to pay up to 60 percent tax on it!!!! Worse, if you take a trip with your own camera -- even if purchased here -- and neglect to fill out paperwork that you owned it here, you will be taxed up to 60% as if you bought it overseas.

You can thank companies like Samsung and LG for that kind of crazy government.
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Horangi Munshin



Joined: 06 Apr 2003
Location: Busan

PostPosted: Wed Dec 10, 2003 6:35 am    Post subject: Reply with quote

Derrek wrote:

For example, if you are Korean and buy a digital camera overseas, you have to pay up to 60 percent tax on it!!!! Worse, if you take a trip with your own camera -- even if purchased here -- and neglect to fill out paperwork that you owned it here, you will be taxed up to 60% as if you bought it overseas.

You can thank companies like Samsung and LG for that kind of crazy government.


When I returned to Korea from a trip back home, my digital camera wasn't back from the repair shop. My folks sent it over with all the docs detailing its repair etc. Customs wanted to charge me hundreds of thousands of won duty! It took a bit of negotiation through DHL but eventually I got it without paying duty. Korean customs are always trying to extort money from me, they are a real pain in the neck!
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