uk_vette

Does any one have some knowledge of the personal income tax rate for S.Korea ?

Thanks

crap coffee

In my understanding -

It depends on your income & JOB.

In general --roughly 9 ~33 % .

Tax is very low in South Korea. So you can save A LOT of money even if after tax.

If you are an employee, earn less than (Korean Won) 800000 monthly -> no tax.

If you are a business owner, and earn less than (Korean Won) 1000000 monthly-> no tax.

this is just roughly, at a rough estimate. I don't know for sure.

regards,

uk_vette

That sounds good,

I might have an offer at the DSME ship yards.
So TAX is favourable then.

How about a small 1 bedroom or 2 bedroom apartment ?
Now I know this is so wide open, but I would imagine quite cheap?

crap coffee

Now I know this is so wide open, but I would imagine quite cheap?

You're in for a surprise... mate.

In 2006 Seoul was the third most expensive city in the world. . Gangnam (Seoul) is twice as expensive as Manhattan, NY.
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you wanna buy an apartment in Korea? or what ?

It entirely depends on where you live - If you live in Seoul, or other major cities, house prices is quite extraordinary .... no better than the UK, seriously. Unless you are an English teacher & get a free accomodation, you probably can't save great deal of money in Korea. that's for sure. Generally speaking apartments in Korea - they are high quality/European standard, therefore the prices are shocking -. Rent for apartment is also expensive too - unless you live in countrysides or small cities. I guess there are many two bedroom apartments available however, one (seperate) bedroom apartments are rare. whereas studio/bedsit apartments are common.

I' ve been to South Korea (Seoul) last year and discovered the price of 3 bedroom apartment (Newly built decent one) in the Seoul (nearer Gangnam) city - where my aunt's place - I asked mum how much is the price.. , cos it was a luxury & lovely place... - then she replied... it's..

2,000,000,000.00 KRW = 1,016,857.406 GBP
South Korea Won United Kingdom Pounds
1 KRW = 0.000508429 GBP 1 GBP = 1,966.84 KRW

I actually thought she was joking... but, it was true!

Surely there must be some where cheaper one out there, but Seoul is overpriced.

I don't quite get your question though.

uk_vette

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Now that 'eye watering'
I was considering renting a 1 bed or a 2 bedroom flat.
But at them prices, I might have to go back to the finance guys and suggest they 'up' the rate, or provide my accommodation..
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Perhaps better if they sort the accommodation, I think.

Jingsamichty

If you're going to work at the DSME yard then a 2 bed apartment in the town of Okpo will cost you about USD 1,500 - 2,000 per month in rent.

There are loads of expats in Okpo. We spent two and a half very happy years there.