Starting this year, foreign laborers will be eligible for an earned income tax deduction for the money they’ve saved toward the purchase of a home.

According to the National Tax Service on Wednesday, foreign residents with earnings of up to 70 million won, or around 48-thousand U.S. dollars, can receive a 40 percent deduction for their home-purchase savings last year as long as they aren’t married to homeowners.

Foreign workers providing technology under engineering technology contracts, as well as those with graduate degrees in the natural sciences or engineering with overseas experience in research and development, will be eligible for a reduced tax rate of 50 percent for ten years.

People designated as outstanding overseas talent under the Special Act on High-Tech Industry Talent Innovation will get a reduced rate of tax on income earned after February 28, 2025.

Native language teachers from countries that have a let-out clause for teachers and professors in their tax treaties with South Korea may be eligible for a reduced rate of tax on income related to lectures and research.