Steve M. KIM

Foreign institutional investors may find interesting that Korea improves accessibility to the Korean stock market, by relaxing the eligibility requirements for opening a foreign omnibus account (FOA).

Effective from January 1, 2024, the Korea-source income payer to foreign investors is required to withhold taxes at Korean domestic rates (22% for dividends) without applying any tax exemption or reduced tax rate under a pertinent tax treaty at the time of withholding.