Kiwoom Securities said on the 23rd that domestic market return accounts (RIA) surpassed 20,000. It has been one month since the accounts were launched on the 23rd of last month.
According to Kiwoom Securities, the overseas stock most frequently deposited into RIA accounts was Nvidia. Nvidia accounted for more than 20% of total RIA account deposit balances. It was followed by Tesla, the U.S. semiconductor 3x exchange-traded fund (ETF) SOXL, Palantir Tech, and Alphabet.
RIA is an account that offers a capital gains tax reduction on overseas stock transfers if the proceeds from selling overseas stocks are reinvested long-term for at least one year in domestic stocks and the like.
If overseas stocks held as of Dec. 23 last year are deposited and then sold, capital gains tax can be reduced by up to 100% for sales from Jan. 1 to May 31 this year if certain conditions are met.
Kiwoom Securities will offer zero foreign-exchange fees, discounted overseas stock selling fees, and discounted domestic stock trading fees to RIA customers through the end of this year.
A Kiwoom Securities official said, "It is a good opportunity for overseas stock investors to invest in the domestic stock market by taking advantage of tax-saving benefits," adding, "Based on Kiwoom Securities' broad retail investor base, we will help revitalize the domestic capital market."