South Korean people and corporations were found to have some eleven-thousand foreign bank accounts that each contain more than one billion won.
 
The National Tax Service said Wednesday that this year, a total of 56 trillion won was declared in eleven-thousand-510 accounts in banks of other countries by one-thousand-53 individuals and institutions.
 
Five-hundred-12 individuals declared they have two-thousand-251 foreign bank accounts that contain four-point-eight trillion won while 541 corporations declared they have 51-point-three trillion won deposited in nine-thousand-259 foreign bank accounts.
 
The average amount reported was nine-point-three billion won per person. The average amount of funds reported by corporations was 94-point-nine billion won.
 
The tax agency said that the bank accounts were set up in a total of 145 countries, or eleven more than a year ago. Individuals opened bank accounts mostly in the U.S., Hong Kong and Singapore while corporations set up accounts mostly in Hong Kong, China and Vietnam.
 
Under the nation’s law on declaring foreign bank accounts implemented in 2011, individuals and institutions must declare contents of their foreign bank accounts that hold more than one billion won at the end of a month by May of the following year.