Samsung Securities said on the 7th that its return to the domestic market (RIA) accounts, which offer capital gains tax-saving benefits on overseas stocks, have surpassed 100 billion won in balances and 10,000 in the number of accounts. It came two weeks after launch.
Launched on the 23rd, RIA accounts quickly took hold, drawing interest from overseas stock investors. The average balance per account was tallied at about 10 million won.
According to Samsung Securities, the stock most frequently deposited into RIA accounts was Nvidia (20 billion won), followed by Tesla (8 billion won) and Apple and Alphabet (5 billion won each).
An RIA account is a product that temporarily offers capital gains tax reductions on overseas stocks if the proceeds from selling overseas stocks are exchanged into won and invested long term in the domestic market.
To receive the benefits, investors must deposit and sell overseas stocks held as of Dec. 23 last year and reinvest in domestic stocks and other assets for more than one year. Depending on the timing of the overseas stock sale, capital gains tax can be reduced by up to 100% to 50% (limited to 50 million won in overseas stock sale proceeds).
A Samsung Securities official said, "As the valuation appeal of the Korean stock market is being reassessed, we expect to see increased long-term investment in Korean stocks through RIA accounts."
Meanwhile, Samsung Securities is running the "RIA fee discount event," "RIA account opening event," and "RIA overseas stock deposit and sale event" to promote RIA account usage.