Since the domestic market reentry account (RIA) launched on the 23rd of last month, nearly 92,000 accounts have been opened, according to estimates.
According to the Korea Financial Investment Association on the 3rd, as of the 2nd, RIA subscription accounts launched at 23 securities firms totaled 91,923. On the first day alone, 17,965 accounts were opened.
RIA cumulative balances amount to 482.6 billion won. This figure includes overseas stocks, domestic investment assets, and deposits within RIAs.
An RIA is an account that allows investors to sell overseas stocks, reinvest the proceeds in won or domestic stocks, and, if they maintain the position for more than one year, receive a partial reduction in capital gains tax on overseas stocks. The benefit applies up to 50 million won per person, with tax reductions of 100% through May 31, 80% through July 31, and 50% through the end of the year, depending on the time of sale.