| South Korea
as a Potential Expat Haven |
| By Mike
Sluchinski |
| Compared to
other destinations around the world, South Korea has been overlooked as
a destination for those looking for alternatives to life in North America.
Most expatriates know about Japan, Thailand, and the Philippines—but few
have made an effort to settle in South Korea.
The reason
may be because South Korea requires more effort than other places.
Culturally, it is one of the last strongholds of Confucianism. The language
also scares people who are thinking of moving abroad. Additionally, the
climate includes snow—which is a turnoff to some. As an example of how
tough it is to settle in South Korea, consider that even the metropolis
of Seoul only has a minute Chinatown. Koreans love their country and have
traditionally frowned upon ‘foreigners’ influencing their nation. |
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With all these
obstacles, South Korea has never been an expatriate's dream. After talking
to both staff from embassies and members of the American armed forces stationed
here, South Korea is clearly not a favorite posting.
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So why bother?
Well, because, like anyplace that scares some people off, there are opportunities
for those with the gumption to make a go of it. Foreign land ownership
has been liberalized in the last three years as have limits on foreign
investments. The local bourse is now fully open to foreigners and I’ve
never heard of any foreign residents who had a problem investing in the
KOSPI
or KOSDAQ. Although not a completely ‘open market’ kind of place, South
Korea has made great leaps forward. |
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| The continued
liberalization looks as if it will continue for a variety of reasons. The
local conglomerates are having financial problems, giving opportunities
to foreign owned companies to expand into all areas of Korea. The youth
have been heavily influenced by North American culture. And finally, the
‘Confucian principles’ previously rigorously followed in the business
arena have been under attack since the election of the previous president
Kim Young Sam. President Kim Dae Jung is currently pushing many reform
programs.
Those who choose
to expatriate to South Korea can take advantage of opportunities in the
following areas: business and consulting, education and training, and,
of course, the Internet.
Teachers, professors,
or English consultants endure a minimal tax burden in South Korea. Working
at a ‘Hak-won’ or language institute involves 7-10% income tax—with
this amount usually being entirely refunded at the end of January every
year. Some nationalities also can have 100% of their pension payments made
in Korea refunded. |
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Offshore
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| The people
that usually come to South Korea and are involved with the business of
English usually will get an E2 or E7 working visa. These visas do not legally
allow for ‘other’ work done outside of an institute, but
almost every
foreign teacher in South Korea is doing these odd jobs. These odd jobs
may include: modeling, acting, proofreading and editing, writing, working
as a business consultant, photography, working with or starting e-businesses.
The pay for these ‘odd jobs’ is always untaxed.
The market
that the English language has created in South Korea is huge. Companies
often base promotion on English test scores. English is used by savvy Koreans
as a sharp edge to eliminate competitors in almost every area. Therefore,
expatriates who can speak English can translate their native language into
economic success. People who have come to Korea as English teachers and
who have stayed—have moved up quickly. One of my associates first came
to Korea as a soldier, came back as a teacher for Samsung, and eventually
ended up with an incredible office job as a liaison working with The Gap.
Contrary to many locations, all kinds of people can have success in Korea. |
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| I have
met retired professionals and retired military personnel living quite happily
here. Women may find some work situations difficult, but there are
always other workplaces that are hiring. In South Korea, there are a lot
of choices. You can work as much as you want. If you only want to work
four hours a day and do something else the rest of the time, you can still
survive. With any master’s degree you can work at a good university with
wonderful vacation time and minimal work hours.
For those
that want to start a small business, there are many challenges. Language
is a big one, but offering an internship position in your company to a
Korean is an affordable way around this. Government regulation of foreign
owned businesses is also a problem. It may be easier to start a company
in another country and get authorization to do business in Korea.
This situation
(paperwork and approval) is very slowly changing. |
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| Those with
computer programing skills would have the easiest time opening a small
business. Restaurants are also be an option for the well-heeled expatriate.
I know three people from England who have had success involving restaurants
or restaurant supply. One opened an excellent cigar and wine bar, another
got a job as a promotions manager of a large international hotel chain,
and the last supplies restaurants with condiments. All have an enviable
lifestyle in Korea. Other brave foreign residents have become involved
with the entertainment industry and promote the ‘raves’ or dance events
they organize. All have had success in a place where the doomsayers say
nothing ever gets done.
Rent and
food are major expenses living in Seoul, but if you choose to live in the
countryside the price of everything plummets. Transportation is cheap
in Korea. Taxis especially. Domestic trains, planes, and buses are very
reasonable, safe, and reliable. Buying a used car is also cheap to do.
Car insurance and licensing is cheap relative to the United States, Japan,
or Europe. The subways in the major cities also offer a major transportation
bargain. For about 50 cents you can travel almost anywhere.
The best
way to approach a career in Korea is through your own personal network.
Recruiters generally get a portion of an employee’s salary, so I have avoided
them. In South Korea, it’s better to arrive and take a look around.
The research that you do before you go will pay off when you arrive. Usually
a year or two working in Korea will teach you everything you need to know,
then it’s time to make a jump into your own area of interest.
If you decide
to stay for a longer period, a little digging will help. Almost all
the information an expatriate needs can be found on the Internet. Koreans
are also very helpful in introducing foreigners to friends that can be
of help. Maintaining a personal network in Korea is all-important. The
people in South Korea who are the ‘complainers’ are often those who have
not developed a personal network.
South Korea
is not a cheap winter escape nor an island in the sun, but it can
be an excellent choice for those who do not want to expatriate to a very
basic country. Ample job opportunities, a decent health system, and
cheap transportation all add up to make South Korea a perfect destination
for those who have enormous student loans or for those who have retired
but still wish to live in a dynamic place. |
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Article
Index ~ Korea
Index ~ |
