Exchange for Overseas Emigrants
| Category |
Limit |
Key information |
| Emigrant to overseas |
No limit for the amounts |
- If the relocation expense exceed USD 100,000 or its equivalent per household, the total overseas relation expense should be reported to the competent tax office of the emigrant, and receive the certificate of fund sources.
- Required documents :
- Passport, visa or permanent residency visa copy
- Application form for designating the foreign exchange transaction bank
- Certificate of overseas emigration report (the original issued by the Ministry of Foreign Affairs and Trade) or the certificate of relocation to the foreign country (issued by embassies and legations abroad
- Certificate of fund sources (if the relocation expenses exceed USD 100,000)
|
| Person who will emigrate to foreign country |
No limit for the amounts |
- If the purpose of exchange is to obtain permanent residency, citizenship, non-immigration investment visa, or retirement visa of the foreign country, the document, which proves that permanent residency, citizenship, non-immigration investment visa, or retirement visa was obtained from the foreign country in question, should be submitted to the foreign exchange bank within 6 months after paying overseas relocation expenses. If the required document cannot be submitted, the fund should be returned to Korea.
- If the relocation expense exceed USD 100,000 or its equivalent per household, the certificate of fund sources for the total overseas relation expense issued by the competent tax office should be submitted to the foreign exchange bank.
- Required documents :
- Application form for designating the foreign exchange transaction bank
- Passport and copy of the resident registration
- Document that can prove the status of person who will emigrate to foreign country, which was issued by the foreign agency or the agent that handles permanent residency acquisition
- Certificate of fund sources (if the relocation expenses exceed USD 100,000)
|
- Prepare the necessary document (e.g., overseas emigration report) and designate Woori Bank as the foreign exchange transaction bank. Then, the amount can be paid by the traveler’s check, remittance check, and telegraphic transfer, without the limit of amounts.
- As the basic expenses for overseas travel is included in overseas relocation expenses, money cannot be changed for travel expenses.
- If the emigrant doesn’t move to overseas country within 1 year after receiving overseas relocation certificate, the report will be invalidated.
-
Period available for overseas relocation expense exchange
- Movement from Korea: Within 3 years after receiving the certificate of overseas relocation report from the Ministry of Foreign Affairs and Trade
- Movement from foreign country: Within 3 years after receiving the residence passport from embassies and legations abroad for the first time.
