158.9 Billion Won in Debt Owed by Overseas Emigrants Unpaid for 10 Years...Recovery Rate at 0.8%

Unrecovered Amount Reaches 157.6 Billion Won

Over the past ten years, the amount of debt owed by individuals who emigrated overseas without repaying their loans has exceeded 150 billion won.

According to data submitted by Lee Yangsoo, a member of the People Power Party and a member of the National Assembly’s Political Affairs Committee, from Korea Asset Management Corporation, a total of 2,637 people emigrated overseas between 2015 and June 2025 without repaying their debts to domestic financial institutions.

The total amount of debt owed by these individuals reached 158.9 billion won, but only about 1.3 billion won, or 0.8%, has been recovered. As much as 157.6 billion won, accounting for 99% of the total debt, remains unrecovered. In particular, it was found that the amount recovered has decreased each year since 2018.

Lee Yangsoo, member of the People Power Party. Courtesy of Lee Yangsoo's office

By age group, those in their 60s owed the largest amount at 88.7 billion won, followed by those in their 70s with 44.7 billion won, and those in their 50s with 21.1 billion won. The debt owed by these groups accounts for 97% of the total debt.

Looking at the ranking of large debts owed by borrowers, including overseas residents, held by each institution, all ten top cases involved joint surety. KRNC held the largest amount of debt, at 8.376 billion won.

Under the current Emigration Act, emigrants with or without local contacts must report their emigration before departure, and those relocating locally must report after acquiring permanent residency. However, even if authorities identify that someone has emigrated, information about their overseas residence can only be obtained after review and approval by the Personal Information Protection Commission, as stipulated by the Personal Information Protection Act.

Lee Yangsoo emphasized, "For debtors who emigrate overseas despite owing money to financial institutions, it is virtually impossible to recover the debt. Since high-value debtors may intentionally evade repayment by concealing assets abroad, which could constitute a crime, it is essential to revise relevant laws to prevent losses to national finances."