Attracting Foreign Talent with 'Hundred-Million-Won Salary'... 'Top-Tier Visa' to Be Established This Month

New 'Top Tier Visa' to Attract Master's and PhD Talent from Top 100 Global Universities
For Foreign Professionals Earning Over 140 Million KRW per Year

Visitors attending 'Semiconductor Exhibition (SEDEX) 2024' held last year at COEX in Samseong-dong, Seoul, are examining AI-optimized semiconductor chips showcased by SK Hynix. Photo by Jo Yongjun

The government will establish a new 'Top Tier Visa' within this month to attract high-level foreign talent in advanced industries such as semiconductors, displays, and secondary batteries.

On the afternoon of the 5th, the government held the 30th Foreigners Policy Committee meeting at the Government Seoul Office, chaired by Choi Sang-mok, Acting Prime Minister and Minister of Economy and Finance, to discuss improvements to the visa system including this measure.

The Top Tier Visa will be issued to individuals who have obtained a master's or doctoral degree from a university ranked within the top 100 worldwide and have at least 8 years of experience, including more than 3 years working at a global top 500 company. These individuals are expected to work at domestic advanced companies with a salary of approximately 140 million KRW or more, which is three times the per capita Gross National Income (GNI).

In his opening remarks, Acting Prime Minister Choi said, "Major countries such as the United States, Japan, and Singapore are implementing bold incentives to secure talent in advanced fields like artificial intelligence (AI), semiconductors, and biotechnology," adding, "With world-class technological capabilities and a dynamic economic environment, we must create the optimal environment for outstanding global talents to settle and grow in Korea, leading global innovation."

Individuals who qualify for the Top Tier Visa and their families (spouses and minor children) will be granted a residence (F-2) visa that allows free employment and settlement, and after three years, they can obtain permanent residency.

Additionally, to increase the likelihood of high-level talents with a master's degree or higher from top 100 universities worldwide settling in Korea, the government will allow them to freely search for employment activities for two years with a job-seeking (D-10) visa even if their domestic employment is not yet confirmed.

Furthermore, the government will introduce a 'Youth’s Dream in Korea' visa for young people from friendly countries who dream of the Korean Dream, providing opportunities such as cultural experiences and internships.

The Youth’s Dream in Korea visa will be operated in cooperation with local governments and universities from candidate selection to training, employment, and settlement to ensure the inflow of talents needed by local and regional areas.

The government explained, "Young talents will gain experience through a certain period of training and then be able to work in various fields ranging from advanced industries to agriculture and manufacturing or return to their home countries," adding, "This will create a virtuous cycle, including forming a favorable image of Korea."

The government also discussed plans to train and introduce foreign care workers on the same day.

Due to the rapid increase in demand for care services following the entry into a super-aged society, a shortage of personnel is expected, and the government plans to fill this gap with foreign workers.

Starting next year, a pilot program for a 'Specialized Training Course for Foreign Care Workers' will be operated to quickly train personnel who can be immediately deployed to the field.

In cooperation with metropolitan local governments, outstanding regional universities will be designated as 'Foreign Care Worker Training Universities' to systematically manage the entire process from attracting international students, operating degree programs, obtaining qualifications, to employment.

The government stated, "We will do our best to ensure that the tasks discussed today are carried out smoothly so that foreigner policies contribute to national interests and the economy."