Thursday, August 22nd, 2013
Of this, the total volume of money deposited in 13 locations designated as tax havens was 2.5 trillion won (10.9% in total reported amount) in 789 accounts. The top-five tax havens for Korean nationals included Singapore, Bahrain, Switzerland, the Philippines, and Belgium. For example, Singaporean financial institutions held a total of 1,855.7 billion won, including 165.3 billion won by individuals and 1,690.4 billion won by corporations.
Of the 678 entities who reported foreign financial accounts surpassing 1 billion won in balance (including tax haven and non-tax haven locations), 310 were individuals whose average account balance was 8 billion won and 368 were corporations who held an average of 47.1 billion won per account.