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South Korea: Foreign Remittance De-Regulation

(Dec. 2, 2007) The Korean Finance and Economy Ministry released the Foreign Currency System Improvement Plan on November 8, 2007. Korea currently allows a Korean person or firm to transfer abroad up to US$ 3 million per person or firm to buy real estate for investment purposes. This limit will be removed during 2008. The government will also allow foreign remittances of up to US$50,000 without written proof of the purpose of the remittance. (Chon Su Yong, Kaigai sokin nenkan 5man doru made jiyuka e [Foreign remittance liberalized up to 50 thousand dollars], CHOSUNONLINE, Nov. 9, 2007.)