Inheritance/ Transfer/ Gift of Korean Property
Taxes levied in Korea for permanent residents or citizens residing in the United States, but with assets or family members, are always burdensome. The Korean tax law is complicated, and has a different view from US tax law, and it can be costly and time consuming due to a small mistake when you have to consider both Korean and the United States taxes. As a representative of the Sky Law Firm, Attorney Young Ham has helped Korean immigration clients deal with their taxes, based on her experience as a Korean CPA in Samil PricewaterhouseCoopers in Seoul. The cooperative company, Hanl Accoutning Corporation (www.skycpa.co.kr) located in Gangnam-gu, Seoul, Korea, handles a fast and accurate payment of relevant taxes, as well as the associated administrative processing in the United States.
For example, inquiries about inheritance in Korea are largely due to the following two cases. 1) When parents in Korea die and inherit the real estate in Korea. 2) When parents died in the United States as a citizen, they inherited the property in Korea. The main concern is the payment of taxes and related administrative procedures as an heir, transfer of funds to the United States, or waiver of the property. First, tax issues are determined by the nationality of the deceased (your deceased parents). When you want to proceed with legal / administrative procedures such as abandonment of property, you should check which country's law applies to inherited property (governing law). Among inherited property, in case of real estate, it follows law of the place where it is. In other words, in the case of inheritance of 'real estate' that is 'located' in Korea, the Korean Civil Law applies to inheritance related legal procedures regardless of the nationality of the person in question. Under this governing law interpretation, in the case of inheritance of Korean property, it is necessary for the accountant to handle reliable lawyers and related tax laws that can delegate legal / administrative procedures in accordance with Korean law.