Korea Investment & Securities Co. said on the 23rd that it launched the "domestic market return account" (RIA) and will offer a range of fee, currency exchange, and giveaway benefits for customers who sell overseas stocks and move into domestic investments.
An RIA is an account that provides temporary tax benefits when customers convert proceeds from overseas stock sales into won and make long-term investments in domestic stocks. When customers sell overseas stocks through an RIA and invest in domestic stocks and the like, a 50%–100% capital gains tax deduction applies depending on the timing of the sale.
However, if customers conduct transactions in overseas stocks or foreign funds through accounts other than an RIA, the deduction rate may be adjusted, so integrated account management is necessary.
Korea Investment & Securities Co. emphasized that it has built a transaction environment and asset management system capable of stably supporting the entire process from overseas stock sales to currency exchange and long-term investment in domestic stocks.
For customers returning to domestic investments through an RIA, the company also strengthened transaction convenience and benefits. Until Apr. 30, customers who apply to join the "KO-RIA" event and sell overseas stocks deposited into an RIA account will receive discounted fees, and the automatic won conversion fee after the sale will also be discounted by 90%. In addition, the first 10,000 customers will receive a 10,000-won account opening support payment, and customers who set the contribution limit at 30 million won or more will receive an additional coffee coupon.
There is also an event offering benefits of up to 100,000 won for customers who transfer overseas stocks purchased by Dec. 23 last year at other firms to Korea Investment & Securities Co.'s "KO-RIA." In addition, branch customers who purchase domestic stocks through an RIA will be eligible for drawings by amount tier, with up to 1 million won to be awarded.
A Korea Investment & Securities Co. official said, "We plan to continue expanding practical benefits and services so customers can conveniently proceed on a single platform from overseas stock sales and currency exchange to investments in domestic stocks and exchange-traded funds (ETF)."