Gangwon-do to Promote Designation of Mangsang and Yongpyong Tourist Facilities under the 'Investment Immigration Program'

Investment of Over 1 Billion KRW by Foreigners Grants Residency and Permanent Residency
"Revitalizing Local Economy and Enhancing Tourism Competitiveness... Expecting Designation Within This Year"

Gangwon Special Self-Governing Province (Governor Kim Jin-tae) announced on the 23rd that it is promoting the designation of the investment immigration program targeting the Mangsang 1, 2, and 3 districts of the Donghae City Economic Free Zone and the tourism and leisure facilities in the Yongpyong Tourist Complex in Pyeongchang County.

A panoramic view of Gangwon Special Self-Governing Province Office.

The investment immigration program is a system where foreigners who invest more than 1 billion KRW in tourism and leisure facilities in areas designated and announced by the Minister of Justice are granted residence (F-2) status, and if they maintain the investment for five years, they are granted permanent residence (F-5) status.

With investments made in the Mangsang district of the Economic Free Zone and the tourism and leisure facilities within the Yongpyong Tourist Complex under the investment immigration program, it is expected that the demand for investment from foreigners wishing to acquire permanent residency will increase, which is also anticipated to contribute to revitalizing the local economy.

Before promoting the designation of the investment immigration program, Gangwon Province conducted feasibility studies for each region in cooperation with the relevant authorities, including the Gangwon Economic Free Zone Authority, Donghae City, and Pyeongchang County, and reviewed the practical expected effects of the tourism and leisure facility investment immigration program. Additionally, various efforts were made to gather community opinions, such as holding residents' briefings, announcing business plans, and obtaining approval from city and county councils.

Gangwon Province plans to make thorough preparations for the administrative review by the Ministry of Justice (including preliminary review and on-site investigation) to ensure that the designation of the tourism and leisure facility investment immigration program can be finalized promptly.

Jung Kwang-yeol, Deputy Governor for Economy of Gangwon Province, stated, “If the investment immigration program is designated and operated as originally intended, it will not only revitalize the local economy but also enhance tourism competitiveness,” and added, “We hope that all the application areas will be designated as tourism and leisure facility investment immigration program regions within this year.”