Incheon is Korea’s third most populous city after Seoul and Busan. Incheon led the economic development of Korea by opening its port to the outside world, issuing in the modernization of Korea as a centre of industrialization. In 2003 Incheon was designated as Korea’s first free economic zone. 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 Incheon is 3 Million (2018 est.), while the inflation rate (CPI) is 1.3% for South Korea as at December 2018. 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 Incheon, 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): Incheon as at 1 January 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: Very Low 4) Education: Low 5) Furniture & Appliances: Very High 6) Groceries: Very High 7) Healthcare: Average 8) Household Accommodation: High 9) Miscellaneous: Very High 10) Personal Care: Low 11) Recreation & Culture: High 12) Restaurants Meals Out and Hotels: Very High 13) Transport: Low Incheon is for example 115.1% more expensive than Houston TX for groceries, 47.7% more expensive for household costs than Kuala Lumpur, and 26.3% more expensive for transport costs than Dubai. The hardship premium for Incheon for an expat from Perth, is for example 10%, i.e. host location (Incheon) premium of 20% minus home (Perth) location premium of 10%. Incheon is ranked as a some hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Incheon? Register subscribe to your home location and Incheon and run your personalised reports.