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Diamond City Weekly

Living in Korea, explained properly.

Visas, banking, phone plans, taxes and housing — written for people who actually have to do it, and sourced from the published criteria.

Tax

Korea Inheritance Tax: Who Is Taxed, the Rates, Deductions and Filing Deadlines

Korea's inheritance tax for foreigners — what is taxed based on the deceased's residence, the 10–50% progressive rates, the deductions available, and the 6-month filing deadline.

korea inheritance tax — Read guide

What's in this guide

  • Korea taxes an inheritance based on the deceased's tax residence: a resident's estate is taxed on worldwide assets, a non-resident's estate only on assets located in Korea.
  • Rates are progressive from 10% to 50%, and the deductions available — including a 500 million won basic deduction and a spouse deduction of up to 3 billion won — depend heavily on residence status.
  • The inheritance tax return is due within 6 months of the end of the month of death, extended to 9 months if the deceased or an heir is domiciled abroad.

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