Inheritance tax (상속세)
Korea taxes the whole estate (not each heir): estate minus debts and deductions, at 10–50%.
KRW
KRW
KRW
Deduction is at least 500M regardless
KRW
How it works
Taxable estate = assets − debts and funeral costs + gifts made within 10 years. Subtract the 500M lump-sum deduction and the spousal deduction.
The spousal deduction equals what the spouse actually inherits, with a floor of 500M and a cap of 3B. With a surviving spouse, estates up to about 1B are effectively tax-free.
Rates match gift tax (10–50%); filing within 6 months earns a 3% credit.
Assumptions
- Lump-sum deduction chosen (itemized may be larger in some cases)
- Financial-asset, co-residence home and family-business deductions not applied
- Current law; proposed 2026 reforms not yet enacted
FAQ
Are non-residents taxed?
A non-resident's estate is taxed only on Korean-located assets, and only the 200M basic deduction applies (no lump-sum or spousal deduction).