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| Korea |
| A lot or Koreans are Getting Out. |
| 2003-09-30 |
| Capital Flight Moving Faster, Survey Finds by Kim Young-jin (hellojin@chosun.com) Signs of capital flight have loomed larger recently, as overseas transfers of funds and expenses have shot up, and more ethnic Koreans overseas are taking out their financial reserves held in Korea. There are some Koreans that have a little bit of sense According to a survey conducted by the Chosun Ilbo, the amount of "donation-style" fund transfers overseas from seven commercial banks in the first eight months of this year reached US$3.27 billion, approaching the US$3.74 billion in similar overseas transfers throughout last year. We are not quite ready to bow down to Lil Kimmmmeeee A donation-type fund transfer refers to money sent overseas by Korean residents for living expenses or for housing purchases for family members living overseas. The survey showed that the amount of donation-type fund transfers has increased sharply, from US$1.1 billion in 2000 to US$2.23 billion in 2001. In addition, Koreans took out a total of US$417 million for their relocation abroad during the eight-month period, far surpassing the US$498 million in relocation funds taken out last year. Lil Kimeee with the Poof Hair is coming A bank official said that on top of the snowballing money transfers abroad, a greater number of company workers in their late 30s have been immigrating overseas, taking a lot of relocation funds with them. We are not all totally stupid |
| Posted by:Michael |
| #2 From what I hear, the top three destinations are the US, Canada and New Zealand with some even going to Brazil! I know that the Korean population here in NY has really grown the last little while. My friend is an immigration attorney and he says the number of visas and residency applications from South Korea has skyrocketed the last two years. There are a lot of Korean out of status and illegals here as well, but the Government does nothing about them (and I have no problem with that, really) because they’re productive and cause no problems. Canada was Hong Kong’s primary choice because it was much easier to gain citizenship there compared to other countries. I think all you have to do is pay something like $250,000CAN (about $175,000US) bond and the residency is essentially yours. After the waiting period, many Hong Kongers went back as Canada is not such a good place to make money, especially compared to HK. Many HKers had this money, but Koreans don’t so this isn't really an option for them. |
| Posted by: LMJ 2003-9-30 2:47:27 PM |
| #1 But where are they putting it? Canada, like the Hong Kong exodus? |
| Posted by: mojo 2003-9-30 11:11:31 AM |