Those rich emigrants usually open family offices and hire experts to boost their assets in the Southeast Asian country, those sources said.“Singapore is popular as the regulations on family offices are not that strict,” said a lawyer specializing in South Korean inheritance laws.“The city-state also provides excellent security and education services.” Hong Kong and the United Arab Emirates (UAE) are also their favorite destinations.
The rate rises further to the world’s top 60% with additional taxes of 20% applied to the largest shareholders of corporate stocks.“The government needs to revise taxes including inheritance taxes to an affordable level for the local wealthy to reduce capital outflows,” said Chang Jae Young, a partner at Shin & Kim LLC, a major South Korean law firm.
The cases of South Korean emigrants with assets of 100 billion won ($72.4 million) from Asia’s fourth-largest economy to the city-state were estimated to hit a record high last year, indicating Seoul’s high inheritance and gift taxes may have accelerated the exodus of the local rich, lawyers said.
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