The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register
This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $30 billion.
Samsung Heirs Lee Jae-Yong and Family to Pay $10.7 Billion in Inheritance Tax from $22 Billion Estate
30th April 2021 | Hong Kong
The heirs and family of Samsung including current Vice-Chairman of Samsung Electronics Lee Jae-Yong, will be paying inheritance tax of around $10.7 billion (12 trillion won) for inheriting around $22 billion estate from the late Samsung Chairman Lee Kun-Hee who died in October 2020. South Korea has one of the world’s highest inheritance tax rates with tax rate at 50%, and more if the estate has a controlling interest in a company.
“Samsung Heirs Lee Jae-Yong and Family to Pay $10.7 Billion in Inheritance Tax from $22 Billion Estate”
Related:
Caproasia Access | Events | Summits | Register Events | The Financial Centre
The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)
Hong Kong | Singapore
March / July / Sept / Oct / Nov
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place in Hong Kong and in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here
10th April & 16th Oct Hong Kong Ritz Carlton | 24th April & 6th Nov Singapore Amara Sanctuary Resort
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2025 Family Office Summit | Register here
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
- Former Prime Minister of Malaysia Najib Razak Faces Bankruptcy Notice for $408 Million in Unpaid Taxes
- HSBC UK Faces $1.61 billion Lawsuit for Tax-Efficient Disney Films Investments
- South Korean Billionaire & Chairman of Kakao Kim Beom-Su to Give More than Half His $10 Billion Fortune Away
- South Korea E-Commerce Giant Coupang IPO on NYSE, Rises 41% on Day 1
Exclusive
- KPMG Report & Global Family Business Tax Monitor 2020
- Interview with Sylvene Fong and Jackey Tse of KPMG China
- Interview with Shantini Ramachandra, Southeast Asia Tax Leader of Deloitte Private
- Interview with Dixon Wong, Head of Financial Services at InvestHK
- Interview with Richard Grasby, Founder of RDG Fiduciary
- Interview with Cem A. Azak, Executive Chairman of Crossinvest
Payment & Donations for $10.7 billion Inheritance Tax Bill
The Lee family plans to pay the full amount of the inheritance tax over a period of 5 years, including reducing the inheritance tax through public donations of arts and medical funding. The $10.7 billion inheritance tax is likely to be paid from stock dividends and possibility of bank loans.
The estate’s collection of antiques and paintings will be donated to the National Museum of Korea and other cultural organisations. The collection includes national cultural assets and paintings by Korean painters such as Park Soo-keun and Lee Jung-seop and 23,000 art pieces including works by artists Marc Chagall, Pablo Picasso, Paul Gauguin, Claude Monet, Joan Miro and Salvador Dali.
For medical funding, the Lee family will donate around $900 million to fund infectious disease research and treatment for children with cancer and rare illnesses.
Samsung – Global Giant and South Korea Chaebol
The late Samsung Chairman Lee Kun-Hee had led Samsung in 1987, following the death of his father Lee Byung-chul, who founded Samsung. The late Samsung Chairman Lee Kun-Hee led Samsung through a massive transformation to become a global electronics giant. Today, Samsung is a global leader in technology, electronics and industry. In 2020, Samsung reported $212.4 billion in revenue and net income of $23.7 billion.
Samsung is also South Korea’s largest chaebol, a term used to describe South Korea’s large, family-run conglomerates that played an important role in the country’s economic development.
Samsung Scandal, South Korea President Ousted
The Lee family heir and Current Vice-Chairman of Samsung Electronics Lee Jae-Yong is current serving a 2.5 years sentence for bribing South Korean President Park Geun-hye and her close confidante to win government support for a 2015 merger between two Samsung affiliates.
The corruption scandal was uncovered in 2016 and South Korean President Park Geun-hye was subsequently ousted from office.
KPMG Global Business Tax Monitor for 2020
According to KPMG Private Enterprise Report on Global Family Business Tax Monitor for 2020, South Korea have the highest tax rate in the region and one of the highest in the world for transfer of a family business. For a transfer on death of a EUR 10 million business in South Korea, the tax can be reduced to zero with the EUR 14.2 million (KRW 20 billion) exemption if the heir has been in the family business for at least 10 years. The relief would not apply for a larger business with value above EUR 100 million.
Exclusive
- KPMG Report & Global Family Business Tax Monitor 2020
- Interview with Sylvene Fong and Jackey Tse of KPMG China
In Asia-Pacific, China does not have a gift or inheritance tax. There have also been no changes to China’s tax policy with respect to the succession of family business. In Australia, there is also no wealth or gift tax.
Tax rates on a family business with EUR 10 million value:
- United States have one of the highest gift or inheritance tax, before exemptions ($10 million inflation-adjusted tax exemption scheduled to sunset after 2025)
- France, United Kingdom, Netherlands, Spain and Ireland have one of the highest tax rates in Europe (transfer at death), before tax exemptions.
- In Asia-Pacific, China have no gift or inheritance tax while South Korea have one of the highest tax in the world.
- In Australia, there is no wealth or gift tax.
Related:
- Former Prime Minister of Malaysia Najib Razak Faces Bankruptcy Notice for $408 Million in Unpaid Taxes
- HSBC UK Faces $1.61 billion Lawsuit for Tax-Efficient Disney Films Investments
- South Korean Billionaire & Chairman of Kakao Kim Beom-Su to Give More than Half His $10 Billion Fortune Away
- South Korea E-Commerce Giant Coupang IPO on NYSE, Rises 41% on Day 1
Exclusive
- KPMG Report & Global Family Business Tax Monitor 2020
- Interview with Sylvene Fong and Jackey Tse of KPMG China
- Interview with Shantini Ramachandra, Southeast Asia Tax Leader of Deloitte Private
- Interview with Dixon Wong, Head of Financial Services at InvestHK
- Interview with Richard Grasby, Founder of RDG Fiduciary
- Interview with Cem A. Azak, Executive Chairman of Crossinvest
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services.
Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at angel@caproasia.com or mail@caproasia.com
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?
The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM
For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success
Register Below
Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.
Sign Up / Register
Please click on desktop.
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2025 Investment Day
- March - Hong Kong
- March - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
Contact Us
For Enquiries, Membershipmail@caproasia.com, angel@caproasia.com
For Listing, Subscription
mail@caproasia.com, claire@caproasia.com
For Press Release, send to:
press@caproasia.com
For Events & Webinars
events@caproasia.com
For Media Kit, Advertising, Sponsorships, Partnerships
angel@caproasia.com
For Research, Data, Surveys, Reports
research@caproasia.com
For General Enquiries
mail@caproasia.com
a financial information technology co.
since 2014
