Korean Job Discussion Forums

[chaz47]

I'm back in the US now but left the lion's share of my savings in my Korean account. I wasn't for certain about what I'd be doing in the future (when I left) and I had heard that the US government will tax the piss out of it if I bring it over in one chunk.

I think it's about 15 million won presently. So, can anyone say with any certainty what would happen if I transferred it to my US bank account?

Ideally I would prefer to keep it abroad because my longterm goal is to live and retire outside the US anyway. Any suggestions on international banks?

Thanks for any input.

[fishstick]

From what I understand about money laundering, you may not be able to transfer all of it at once. If you are going to transfer it, transfer in at least two increments.

If you prefer to keep it abroad for retirement, I suggest investing the money, so you can accrue interest. Shouldn't have to pay taxes as the income wouldn't be very high.

[warmachinenkorea]

You shouldn't have any problem. I wired 14 mill home about a year ago. If your American you don't pay taxes on your foreign income unless it's over $80,000. I think. If you from another country I have no idea.

[air76]

No offense man...but 15 million won is such a ridiculously small amount of money that nobody will even notice you transferring it.

There is a limit of US$10,000 per day for transfers out of Korea, so you'll have to make 2 transfers either way....but no, you will not be taxed on this money unless you put it on your tax return and don't deduct it back off as overseas income (but why would you do this?)

Wanting to live outside of the US in the long-term is fine...but there would be no incentive to not bringing your savings back to the US. You can keep the money there and then transfer it back out in the future.

[atwood]

[isthisreally]

You're not going to be taxed on it now, but you're probably supposed to pay taxes on it on your next tax return. This depends on your residency and how long you were out of / in the states. See American expatriate tax discussions.