Basic pension recipients with multiple citizenships more than double

The number of recipients of South Korea’s basic pension who also hold foreign citizenship more than doubled in four years, topping 8,000 in 2025, according to a National Assembly Budget Office report.

The budget office warned that gaps in verifying overseas income and assets could lead to unequal treatment. Under a law promulgated in October, people applying for the basic pension from April 21, 2027, will generally need to have lived in South Korea for at least five years after turning 19.

The number of recipients with multiple citizenships rose 125.8 percent, from 3,621 in 2021 to 8,176 in 2025, according to Ministry of Health and Welfare data cited in the report.

Over the same period, their average monthly benefit payout rose from 272,000 won ($203) to 320,000 won, while annual payments to the group climbed from 11.82 billion won to 31.4 billion won.

The budget office said payments to recipients with multiple citizenships accounted for about 0.1 percent of the overall basic pension budget.

The tax-funded basic pension provides monthly payments to eligible South Korean citizens aged 65 and older who live in the country and meet income and asset criteria.

Current rules set no minimum period of prior residence in Korea, though payments are suspended when a recipient stays abroad for 60 days or longer.

The budget office said domestic records give authorities limited access to information on foreign public and private pensions and financial assets.

“While Korean citizens who have faithfully paid taxes and social insurance contributions throughout their lives are subject to strict benefit reductions through comprehensive income monitoring, dual nationals who have spent their lives overseas may receive benefits without their assets being fully verified,” the office said.

Starting April 21, new applicants and their spouses will also have to report overseas income or assets at or above a threshold to be set by presidential decree.

Both the residency and disclosure rules apply to new applications regardless of whether the applicant holds another nationality.

The budget office recommended using international tax and financial information exchanges to help verify overseas holdings.