금융산업
Analysis of Financial Services for Foreigners Residing in Korea
2009-10-20JUNG, Hee-Soo
목차
요약
The proportion of foreigners in Korea that are long-term residents is gradually
increasing, and the inflow of high-income professionals is accelerating
(Residency) As of end-2008, long-term residents (staying over 91 days) account for 77.3% of all foreigners in Korea, and there were a total of 46,545 high-income professionals, up 17% YoY, that accounted for 4% of all foreigners in Korea.
Among foreign residents in Seoul, 18,000 (7%) are high-income professionals, and they are concentrated in Yongsan-gu (2,982), Seodaemun-gu (2,111) and Gangnam-gu (1,530).
(Income) As of 2007, 13,945 foreigners paid the aggregate income tax, of which, 1,711 had incomes over 80 million won. Foreigners in this group had an average salary of 290 million won.- 3,113 foreigners had reported earned income of 80 million won (salary of 100 million won)
Foreigners' common financial needs include fund transfers and tax planning
Foreigners are likely to be attracted to comprehensive service centers that can overcome language barriers and difficulties in conducting transactions arising from cultural differences.
The most common services that foreigners seek while residing in their host countries are overseas fund transfers and tax planning.
Certain customers may also seek services related to collective investments and real estate, and may also want investment advisory services to take full advantage of the investment opportunities in their host country.
Comprehensive services tailored to the particular needs of foreign residents
should be offered
(Customers) Customer segmentation should be different for foreign residents in Korea and for domestic customers. Income limits should be expanded, and within those limits, corporate employees should be the primary target, and Koreans living overseas that will return to Korea in retirement should be a secondary target.
(Channels) Since the number of target customers is low, a separate division at the headquarters should be established, and service centers for foreign residents should be operated through branches and Gold Clubs in areas that have a relatively high number of target customers.
(Products/Services) Basic services such as deposits, loans, credit cards, and fund transfers should be offered with minimal inconvenience, and assistance for wealth management and corporate finance services, including investment advisory and tax planning, should be made available in other languages.
increasing, and the inflow of high-income professionals is accelerating
(Residency) As of end-2008, long-term residents (staying over 91 days) account for 77.3% of all foreigners in Korea, and there were a total of 46,545 high-income professionals, up 17% YoY, that accounted for 4% of all foreigners in Korea.
Among foreign residents in Seoul, 18,000 (7%) are high-income professionals, and they are concentrated in Yongsan-gu (2,982), Seodaemun-gu (2,111) and Gangnam-gu (1,530).
(Income) As of 2007, 13,945 foreigners paid the aggregate income tax, of which, 1,711 had incomes over 80 million won. Foreigners in this group had an average salary of 290 million won.- 3,113 foreigners had reported earned income of 80 million won (salary of 100 million won)
Foreigners' common financial needs include fund transfers and tax planning
Foreigners are likely to be attracted to comprehensive service centers that can overcome language barriers and difficulties in conducting transactions arising from cultural differences.
The most common services that foreigners seek while residing in their host countries are overseas fund transfers and tax planning.
Certain customers may also seek services related to collective investments and real estate, and may also want investment advisory services to take full advantage of the investment opportunities in their host country.
Comprehensive services tailored to the particular needs of foreign residents
should be offered
(Customers) Customer segmentation should be different for foreign residents in Korea and for domestic customers. Income limits should be expanded, and within those limits, corporate employees should be the primary target, and Koreans living overseas that will return to Korea in retirement should be a secondary target.
(Channels) Since the number of target customers is low, a separate division at the headquarters should be established, and service centers for foreign residents should be operated through branches and Gold Clubs in areas that have a relatively high number of target customers.
(Products/Services) Basic services such as deposits, loans, credit cards, and fund transfers should be offered with minimal inconvenience, and assistance for wealth management and corporate finance services, including investment advisory and tax planning, should be made available in other languages.
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