From April 1... Permanent Residency for Foreigners Investing over 1 Billion KRW and Maintaining for 5 Years
Expectations for Attracting Foreign Investment in Tourism and Leisure Sectors and Revitalizing the Local Economy
Gangwon Special Self-Governing Province (Governor Kim Jin-tae) announced on the 31st that the Gangwon Free Economic Zone Mangsang Districts 1, 2, and 3 and the Yongpyong Tourist Complex have been designated and officially announced as target areas for the "Tourism and Leisure Facility Investment Immigration Program" effective April 1, 2025.
A panoramic view of Gangwon Provincial Government Building. Photo by Gangwon Provincial Government Office
The Tourism and Leisure Facility Investment Immigration Program is a system where foreigners who invest more than 1 billion KRW in tourism and leisure facilities designated by the Minister of Justice and maintain the investment for more than five years are granted permanent residency. Foreigners wishing to apply for investment immigration can purchase condominiums or similar properties within the designated areas, enabling them to engage in economic activities freely within Korea, and after five years, if certain conditions are met, they can obtain permanent residency allowing unrestricted residence in Korea.
In particular, the designated areas are being developed by private businesses such as Daemyung Construction Co., Ltd., a major resort construction company, and Mona Yongpyong Co., Ltd., a complex leisure company located at Yongpyong Ski Resort, which have established development plans and are actively attracting investment. It is expected to attract foreigners with investment capital and purchasing power. For those who wish to enjoy leisure, tourism, and even residence in Korea, customized products such as condominiums can be provided, which is anticipated to greatly aid in attracting foreign investment in the tourism and leisure sectors and revitalizing the local economy.
The Mangsang District of the Gangwon Free Economic Zone is pursuing the creation of an international complex tourism city suitable for settlement. A total of 1.5 trillion KRW will be invested in Mangsang Districts 1, 2, and 3 to establish infrastructure that allows enjoyment of health, leisure, and education within the district.
Targeting economically capable global senior groups such as overseas Koreans in North America who wish to return to their homeland and enjoy a healthy retirement, overseas briefing sessions have already been held, and plans are in place to secure various investment target groups including domestic foreign companies requiring workations.
This designation is expected to invigorate the development of the Gangwon Free Economic Zone and contribute to an increase in the resident population and job creation through the return immigration of overseas Koreans and the influx of global students.
The Yongpyong Tourist Complex aims to create a stay-type global leisure complex and is currently investing 810 billion KRW to develop two premium condominiums.
Mona Yongpyong Co., Ltd., which has seen a continuous increase in foreign visitors after the end of COVID-19, plans to utilize its overseas network by establishing a global business team and actively attract investment from Southeast Asian entrepreneurs and tourists visiting Korea.
Kim Jin-tae, Governor of Gangwon Special Self-Governing Province, stated, "With this designation of the investment immigration program, we expect it to be a great stepping stone toward attracting foreign investment and increasing tourists in the province, leading to its leap as a global city." He added, "In particular, the designation of the investment immigration program will act as a catalyst for the long-stalled development of the Mangsang District." Governor Kim also said, "We will do our best to achieve concrete results so that this program can provide practical benefits to the regional economy."
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