Country Guide for South Korea
Country Facts for South Korea
South Korea, officially the Republic of Korea (ROK), is a dynamic nation located in East Asia on the southern half of the Korean Peninsula. It shares a border with North Korea to the north and is surrounded by the Sea of Japan to the east, the Yellow Sea to the west, and the Korea Strait to the south. The capital, Seoul, is a bustling metropolis and one of the world’s largest cities.
Historically, South Korea has a rich cultural heritage rooted in ancient kingdoms like Goguryeo, Baekje, and Silla. The Joseon Dynasty (1392-1897) greatly influenced Korean culture, including the development of Hangul, the Korean alphabet. In the 20th century, Korea was divided into North and South Korea after Japanese occupation and the Korean War, leading to the current geopolitical tension on the peninsula.
Economically, South Korea is a global powerhouse, known for its rapid transformation from a war-torn nation in the 1950s to one of the world’s largest economies. The country is home to leading conglomerates like Samsung, Hyundai, and LG.
Culturally, South Korea has gained global recognition through K-pop, K-drama, and its cuisine, with dishes like kimchi and bibimbap gaining international popularity. The country is also a popular tourist destination, known for its blend of modern attractions and historical sites, such as Seoul’s palaces and Jeju Island’s natural beauty.
More information
Population and Demographics
Population: South Korea has a population of approximately 51.7 million people as of 2025. The majority of the population lives in urban areas, with the largest cities being Seoul, Busan, and Incheon. South Korea also has one of the highest population densities among OECD countries.
Capital City: Seoul, the capital, is a dynamic global city known for its advanced technology, vibrant culture, and historical landmarks such as Gyeongbokgung Palace, Bukchon Hanok Village, and N Seoul Tower.
Geography
Total Area: South Korea covers a total area of about 100,363 square kilometers (38,750 square miles), making it relatively small in land area compared to many countries, but densely populated and highly urbanized.
How to Get to South Korea
Traveling to South Korea is relatively straightforward, with various options depending on your starting point. The most common way to reach South Korea is by air, as the country is well-connected to the rest of the world through several major international airports.
By Air
Incheon International Airport (ICN), located near Seoul, is the main gateway to South Korea and one of the busiest and most well-connected airports globally. Most international flights, including those from the United States, Europe, and other parts of Asia, land here.
Gimpo International Airport (GMP) also serves international flights, primarily to and from nearby countries like Japan and China.
For those traveling to the southern part of the country, Gimhae International Airport (PUS) in Busan and Jeju International Airport (CJU) on Jeju Island are key entry points, with direct international flights from several Asian countries.
By Sea
If you are traveling from nearby countries like Japan or China, you can also reach South Korea by ferry. Several ports, including those in Busan and Incheon, have regular ferry services to and from cities like Fukuoka in Japan and Qingdao in China.
By Land
The only way is through North Korea – Good luck!
More information
South Korea has an extensive coastline along the Yellow Sea, the East China Sea, and the Sea of Japan (East Sea), positioning it as an important maritime nation in Northeast Asia.
The country receives a steady number of visitors through its coastal cities, with ports such as Busan, Incheon, and Jeju serving as key hubs for cruise ships and international ferries. Jeju Island, in particular, is a popular destination for cruise tourism, known for its natural beauty and cultural attractions. These ports are equipped with modern infrastructure to handle both commercial and leisure maritime traffic, supporting South Korea’s growing reputation as a gateway for sea travel in the region.
Financial Services in South Korea
South Korea boasts a highly developed financial services sector, integral to its robust economy. The country’s financial landscape is characterized by a strong banking system, advanced insurance services, and a burgeoning fintech industry. South Korea’s major banks, such as KB Kookmin Bank, Shinhan Bank, and Woori Bank, offer a wide range of services, including savings accounts, loans, mortgages, and investment products. Additionally, the stock market, led by the Korea Exchange (KRX), plays a crucial role in the economy, offering various financial instruments like stocks, bonds, and derivatives.
Healthcare insurance in South Korea is comprehensive and mandatory. The country operates a universal healthcare system, primarily funded through the National Health Insurance Service (NHIS). Click here to read the guide for foreign residents. All residents, including foreigners, are required to enroll in the NHIS, which provides coverage for a wide range of medical services, including hospital visits, prescription medications, and preventive care. Employers typically contribute a portion of the insurance premiums, with employees paying the remainder through payroll deductions.
Private health insurance is also available in South Korea, offering additional coverage for services not fully covered by the NHIS, such as dental care, advanced treatments, and private hospital rooms. This dual system ensures that residents have access to quality healthcare while offering options for more extensive coverage.
More information
Opening a Bank Account
For expats in South Korea, opening a bank account is an essential first step toward settling in. It allows for easier management of everyday expenses, receiving salaries, and paying for services like rent and utilities. South Korea has a well-developed and modern banking system, with major banks such as KB Kookmin Bank, Shinhan Bank, Woori Bank, and Hana Bank offering services tailored for foreigners. Many banks provide English-language support and offer online and mobile banking platforms, although in-person visits and a valid Alien Registration Card (ARC) are typically required to open an account.
Understanding the South Korean Tax System
South Korea has a structured tax system that includes income tax, value-added tax (VAT), and various local taxes. Personal income tax is progressive, with rates ranging from 6% to 45%, depending on income levels.
Expats are generally subject to South Korean income tax if they reside in the country for 183 days or more in a tax year. It’s important for foreign residents to understand their tax obligations, including the need to file annual tax returns and potential eligibility for tax treaties or deductions. Familiarity with these requirements can help ensure compliance and improve your overall financial planning while living in South Korea.
Housing in South Korea
Housing for expats in South Korea is diverse and caters to various needs and budgets. Most expats in South Korea opt to live in apartments, which range from small studios (known as “officetels”) to larger multi-bedroom units. These are often located in high-rise buildings, especially in cities like Seoul, Busan, and Incheon. Great site to start looking is Stayes.com
Renting in South Korea typically involves a substantial key money deposit, which can range from a few thousand to tens of thousands of dollars. Monthly rent varies widely based on location, size, and amenities. Popular areas for expats include neighborhoods like Busan, Jeju City, Daegu, Incheon and Itaewon and Honda in Seoul known for their accessibility, international communities, and proximity to amenities.
Some employers provide housing or a housing allowance as part of the employment package, which can significantly ease the financial burden of securing accommodation in South Korea.
More information
South Korea’s modern infrastructure, rich cultural heritage, and relatively affordable living costs (outside of Seoul) offer expatriates a variety of appealing living options—from dynamic urban neighborhoods to quieter suburban communities.
Researching Locations:
South Korea’s property market is diverse, offering options for both renters and buyers, though most expatriates tend to rent. Seoul, the capital, is the most popular destination for expats and offers a wide range of housing, from high-rise apartments in areas like Gangnam, Itaewon, and Mapo, to more budget-friendly options in outer districts. Other cities like Busan, Daegu, and Daejeon also provide vibrant urban living with lower housing costs compared to Seoul.
The “jeonse” system—a large lump-sum deposit lease—remains a unique aspect of the South Korean rental market, though monthly rental agreements (wolse) are increasingly common. Property prices can be high, especially in Seoul, but the market is well-regulated and competitive.
Working with licensed, bilingual real estate agents, researching local market trends, and understanding rental contract types are essential steps for expatriates navigating South Korea’s housing market successfully.
Education in South Korea
Education for expats in South Korea offers various options, primarily centered around international schools. These Seoul schools are popular among expatriate families, providing curricula from the United States, the United Kingdom, or the International Baccalaureate (IB) program. English is the primary language of instruction, making the transition smoother for non-Korean-speaking students.
International schools are mainly concentrated in cities like Seoul, Busan, and Incheon, with well-known institutions such as Seoul Foreign School, Dulwich College Seoul, and Korea International School. These schools offer a high standard of education, with modern facilities and a wide range of extracurricular activities.
Public schools in South Korea are another option, although the language barrier can be challenging, as instruction is primarily in Korean. Some expat families choose this route to immerse their children in the local culture and language, often supplemented by private tutoring.
More information
Understanding the Schooling System in South Korea
Public Schools:
Public education in South Korea is free and government-funded through high school, making it a viable and cost-effective option for expat families. However, most public schools conduct lessons in Korean, which can be a barrier for non-Korean-speaking children. Some public schools, particularly in larger cities, may offer limited support for foreign students, but full integration into the system often requires a strong command of the language.
Parents should also budget for additional expenses such as school uniforms, supplies, after-school programs (hagwons), and extracurricular activities, which are common in the Korean education culture.
Public schools offer a strong academic foundation and an immersive cultural experience, which can help expat children adapt to Korean society and language.
International Schools:
For expat families seeking an English-language or bilingual education, international schools are a popular—though significantly more expensive—alternative. Tuition fees typically range from $15,000 to over $30,000 USD per year, depending on the school and grade level.
International schools in South Korea, especially in Seoul and Busan, offer globally recognized curricula such as the International Baccalaureate (IB), British (GCSE/A-Levels), American (AP/US High School Diploma), or other national systems (e.g., French, German, or Chinese).
Admission can be competitive, and some schools have waiting lists, so early application is advised.
Visas in South Korea
Visas for expats in South Korea vary depending on the purpose of stay, such as work, study, or family reunification. The most common visa for foreign workers is the E-2 visa, designated for English teachers, while the E-7 visa covers professionals in various fields like engineering, IT, and business.
For those coming to South Korea for business purposes, the D-8 visa is suitable for investors or employees of multinational corporations. Students typically apply for the D-2 visa, which is required for attending universities in South Korea.
Spouses and dependents of expats may qualify for the F-3 visa, allowing them to reside in the country but not work without additional permits. The visa application process generally requires sponsorship from an employer, institution, or family member in South Korea, along with relevant documents like contracts, educational certificates, and proof of funds. Extensions and changes of status can be processed within the country.