High-Income Foreigners to Receive Support for Settlement Purposes
The 'Top-Tier Visa' system to attract foreign talent will be implemented starting from the 2nd. Acting Minister of Justice Kim Seok-woo held a briefing on the progress of the new immigration and entry policies at the Government Complex Gwacheon on the same day and announced the implementation of the 'Top-Tier Visa' system.
The Top-Tier Visa was created to attract top talents in advanced industries such as semiconductors, bio, secondary batteries, and displays. Foreigners who have obtained a master's or doctoral degree from domestic or international universities ranked within the top 100 in the world university rankings and are employed by domestic companies receiving a salary of more than three times the Gross National Income (GNI) per capita (149,865,000 KRW) per person are eligible for this visa.
Foreigners eligible for the Top-Tier Visa and their families are granted an F-2 residence visa, which allows free employment and settlement, and can acquire permanent residency after three years.
If the annual earned income is more than four times the per capita GNI in Korea (199,820,000 KRW), the visa can be granted even if one of the academic or career requirements is not met. The target industries will be expanded to include robotics and defense sectors in the first half of the year. Plans to expand eligibility to those with a bachelor's degree or higher from universities ranked within the top 200 worldwide are also under consideration.
The Ministry of Justice plans to revise related regulations by the first half of this year. Acting Minister Kim said, "Starting with the Top-Tier Visa, we will continue to expand demand-tailored visa systems and establish the foundation for advanced immigration policies."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
