Clearstream acquires QFI status from S.Korea's National Tax Service

Non-resident foreigners in Korea can receive tax benefits for interest and transfer income when acquiring government bonds

Clearstream acquires QFI status from S.Korea's National Tax Service
Sang Hoon Sung 1
2023-03-29 15:48:16 uphoon@hankyung.com
Banking & Finance

Korea Securities Depository announced on Wednesday that Clearstream, the operator of the International Central Securities Depository (ICSD), had obtained on the previous day the Qualified Foreign Intermediary (QFI) status from the Korean National Tax Service for the operation of consolidated accounts for government bonds.

As a result, non-resident foreigners in Korea can also receive tax benefits for interest and transfer income when acquiring, holding or transferring government bonds through the ICSD's consolidated account.

Foreign investors can utilize the consolidated account for government bonds without the need for foreign investor registration, the appointment of a permanent representative or custodian or the opening of a domestic direct account.

The depository expects that the operation of the ICSD's consolidated account will enhance foreign investors' access to the Korean government bond market, and hopes that the government's plan to include Korean bonds in the World Government Bond Index (WGBI) will be expedited as planned.

Write to Sang Hoon Sung at uphoon@hankyung.com
#Korea Securities Depository #International Central Securities Depository #Clearstream #Qualified Foreign Intermediary #National Tax Service #korea ksd qfi #ksd icsd clearstream

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