Busan is South Korea's second largest metropolis after Seoul. Busan is the largest port city in South Korea and the fifth largest port in the world with transportation and shipping among the most high profile aspects of the local economy. The Republic of Korea is in Eastern Asia, in the southern half of the Korean Peninsula bordering the Sea of Japan and the Yellow Sea. The climate is temperate with rainfall heavier in summer. The official language is Korean. English is widely spoken in official and business circles but not all are likely to speak it. It is spoken by staff at most good hotels. The main religions are Buddhism and Christianity. The economy of South Korea is a developed, largely free-market economy that is the fourth largest in Asia and 15th largest in the world. An extremely competitive education system and a highly skilled and motivated workforce are two key factors driving this knowledge economy that has the world's highest scientific literacy and second highest mathematical literacy. In South Korea, business titles are often used as a sign of respect. Expatriate business dress is typically formal, such as suits. The security risk for expatriates in South Korea is low. Risks include low levels of petty crime, periodic anti-US or anti-Japanese sentiment, and the threat of nuclear weapons from North Korea. The currency of South Korea is the South-Korean Won (KRW). Credit cards are accepted in major cities. ATMs are widely available, but may not accept all international cards. Medical facilities are of a good standard but can be expensive. The population of Busan is 8.2 Million (2019 est.), while the inflation rate (CPI) is 0.7% for South Korea as at June 2019. Xpatulator Hypothetical Tax for South Korea is based on the current personal income tax (PIT) rates which are progressive up to 42%. Besides PIT, there is also local income tax that is assessed at a rate of 10% of the PIT rates. The inclusive rates are therefore progressive up to 46.2 ((42% + (42%*10%)).
Cost Of Living
The cost of living for expatriates / professional migrants in In Busan, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Busan as at 1 July 2019 is very high in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: Very High 2) Clothing: Very High 3) Communication: Low 4) Education: Average 5) Furniture & Appliances: High 6) Groceries: Very High 7) Healthcare: High 8) Household Accommodation: Average 9) Miscellaneous: High 10) Personal Care: Very High 11) Recreation & Culture: High 12) Restaurants Meals Out and Hotels: Very High 13) Transport: Average Busan is for example 121.2% more expensive than Houston TX for groceries, 20.2% more expensive for household costs than Kuala Lumpur, and 37.9% more expensive for transport costs than Dubai. The hardship premium for Busan for an expat from Perth, is for example 10%, i.e. host location (Busan) premium of 20% minus home (Perth) location premium of 10%. Busan is ranked as a some hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Busan? Register subscribe to your home location and Busan and run your personalised reports.