Cost of Living
Cost of living index: 62 (NYC = 100)
Rent (1BR)
$600
Rent (3BR)
$1400
Groceries
$350
Transport
$55
Utilities
$100
Internet
$20
Dining Out
$120
Tax System
Corporate Tax
24%
VAT / Sales Tax
10%
Social Security
9%
Capital Gains
22%
Income Tax Brackets
| Income Range (USD) | Tax Rate |
|---|---|
| $0 - $14,000 | 6% |
| $14,001 - $50,000 | 15% |
| $50,001 - $88,000 | 24% |
| $88,001 - $150,000 | 35% |
| $150,001 - $300,000 | 38% |
| $300,001 - $500,000 | 40% |
| $500,001 - Above | 45% |
Culture
South Korea blends ancient Confucian traditions with cutting-edge modernity. K-pop, K-drama, and Korean cuisine have made it a global cultural powerhouse.
Traditions
- Chuseok (Harvest Festival)
- Seollal (Lunar New Year)
- Hanbok wearing
- Temple stays
Cultural Values
- Respect for elders
- Education
- Hard work
- Collectivism
Common Greeting: μλ νμΈμ (Annyeonghaseyo)!
Cultural Tips
- β’ Age and hierarchy are very important in social interactions
- β’ Always use two hands when giving or receiving items from elders
- β’ Remove shoes before entering homes
- β’ Korean BBQ and drinking culture are important social activities
π½ Food & Cuisine
Korean cuisine is known for its bold flavors, fermentation, and communal dining style. Banchan (side dishes) accompany every meal.
Kimchi
Fermented vegetables, most commonly napa cabbage with chili, garlic, and ginger
Bibimbap
Mixed rice bowl with vegetables, meat, egg, and gochujang sauce
Korean BBQ
Grilled meats (bulgogi, galbi) cooked at the table with banchan
Tteokbokki
Spicy stir-fried rice cakes in gochujang sauce
Quality of Life
Job Market
Average Annual Salary
$38,000
Job Difficulty
Moderate
Unemployment Rate
2.7%
Work Permit Required
Yes
Top Industries
Languages
Official Languages