Jeju, Incheon, Pyeongchang, Busan, Yeosu, Implementation Period Extended by 3 Years
'Investment Standard Amount' Raised to 1 Billion KRW
On the 1st, the Ministry of Justice announced that it will extend the duration of the real estate investment immigration program in five regions, including Jeju and Incheon, by three years and raise the investment threshold to 1 billion KRW.
The real estate investment immigration program grants foreign nationals who invest a certain amount of capital in tourism and leisure facilities designated and announced by the Minister of Justice the right to reside freely with an F-2 visa, and after maintaining the investment for five years, grants permanent residency with an F-5 visa.
First, the Ministry of Justice decided to rename the real estate investment immigration program to the "Tourism and Leisure Facility Investment Immigration Program." This change aims to reflect the original purpose of the program, addressing the negative perceptions associated with the previous real estate investment title, according to the Ministry.
Additionally, except for some regions, the investment threshold has not changed for over ten years, failing to reflect land price increases. Criticism that the investment amount is excessively low compared to the benefits of residence has been taken into account. Therefore, considering the land price appreciation in the target areas and the benefits of acquiring residence and permanent residency status that allow settling in Korean society, the investment threshold will be raised accordingly.
Furthermore, the implementation period for the regions of Jeju, Incheon (Songdo, Yeongjong, Cheongna), Busan (Haeundae, Dongbusan), Pyeongchang (Alpensia), and Yeosu (Gyeongdo) will be extended by three years. This measure reflects recent considerations of COVID-19 and the global economic downturn.
Moreover, the Ministry of Justice plans to strengthen the requirements for permanent residency obtained through investment immigration to address previously pointed-out issues, such as cases where the investment funds were immediately withdrawn after acquiring permanent residency.
Under current law, permanent residency status is linked to voting rights in local elections, raising concerns that permanent residency could be easily obtained solely through capital investment. Therefore, the Ministry plans to review improvement measures, including strengthening residency requirements, to reform the system.
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