International investors who've put money into South Korea in recent years could be forgiven for feeling pretty smug. After all, as of December 29 the MSCI Korea Index had delivered an impressive 12.53% annualised return since December 29, 2000.
Not even scandals at some of its biggest companies and a succession of grim geopolitical developments involving nuclear-armed North Korea have wiped the smile off investors' faces.
But a new tax regime which is set to see foreign investors pocket just 89% of the proceeds when they sell Korean stocks regardless of profit or loss might just change the mood.
And that isn't the end...