Samsung Securities said on the 23rd it is holding a discounted fee event to mark the launch of a domestic market return account (RIA).
An RIA account is an account that temporarily grants capital gains tax benefits on foreign stocks if the proceeds from selling foreign stocks are converted into won and then invested long term in domestic stocks. After opening an RIA account, if investors transfer in foreign stocks and sell them, the proceeds are automatically converted into won and must be reinvested in domestic stocks for at least one year.
If investors buy domestic stocks within a limit of 50 million won from foreign stock sale proceeds, foreign stock capital gains taxes are reduced by 100% through May this year, 80% through July, and 50% through the end of the year.
Samsung Securities said it will offer discounted domestic stock trading fees for one year when opening an RIA account. It will also offer a 100% discount on exchange fees when converting foreign currency into won. After the benefit period ends, standard fees apply.
Details related to the event can be found on the Samsung Securities website.
A Samsung Securities official said, "As the valuation appeal of the Korean stock market is being reassessed, we expect to see an increase in long-term investment in Korean stocks through RIA accounts."