South Korea offers investor visas to foreigners investing

in the country through bank deposit, real estate

or risk based investment.

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1) S. Korea : New threshold increase IISPB to obtain permanent       residency via investments on June 29, 2023 :

     Immigrant Investor Scheme For Public Business (IISPB) :

     Bank deposit USD 800 000 (1 billion KRW)         

     or +age 55 : Retirement USD 1.2 million (1.5 billion KRW)

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The  Immigrant Investor Scheme for Public Business (IISPB) grants Resident (F-2) status, which allows free economic activities, to foreigners making certain amount of investment in compliance with the standard set by the Minister of Justice, and allows changing the status to Permanent Resident (F-5) if the foreign investor maintains the investment for at least 5 years.

 

Resident (F-2) status, which allows free economic activities, is granted to a foreign investor, the spouse and the unmarried children, and changing the status to Permanent Resident (F-5) is allowed if the foreign investor maintains the investment for at least 5 years.

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SOUTH KOREA IMMIGRANT INVESTOR IISPB

 

The South Korea residence by investment program was first introduced in 2010 with the real estate investment option. In 2012, South Korea introduced the Public Business program to complement its offering with business and bond investment options. The programs provide a 2-year resident permit that is renewable. After 5 years of living in the country, applicants become eligible for South Korea permanent residence and citizenship. The South Korean passport is a world-class travel document providing visa-free travel to the U.S., Europe, and China. South Korean non-permanent residents are not liable to taxation on their foreign income.

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IISPB Investment amount USD 800 000 (1 billion KRW), or USD 230 000 (1.5 KRW) if 55 years old or older for retiement, to be held for 5 years in IISPB (Immigrant Investor Scheme Public Business)

* If You Invest 1.5 Billion KRW, Bank Deposit, All Your Familly Members Can Grant Permanent Residency Right Away. 

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Further details

https://www.citinavi.net/single-post/s-korea-new-threshold-increase-iispb-to-obtain-permanent-residency-via-investments-on-june-29

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Month 1

Notification of the Ministry of Justice in the region in South Korea where the investment will be made. (This step only applies to the Risk-Based Investment option.)

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Month 2

Upon approval, gather documents and submit the application to the Immigration Office, along with application fees.

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Month 4

The Immigration Office will review your application and invite you to finalize your investment. Upon completion, you must submit proof of the investment to receive your residence permit.

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Benefits

• Applicants are provided with a 3-year resident permit

• Non-permanent residents can be exempt from income tax on foreign assets

• Eligible for a reduction or exemption on corporate tax, income tax, acquisition tax, and property tax

• Applicant can qualify for citizenship after 5 years

• Foreign Investors are not required to forfeit their previous citizenship at naturalisation

• No physical presence requirements

• Applicants can bring their unmarried children

 

Requirements

• Provide a non-criminal record report and be of good character

• Provide a tuberculosis test certificate

• Possess a net worth above 300m KRW

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Minimum Investment

• 500 million KRW (US$ 390,000)  or more

• 300 million KRW (US$ 230,000) or more for a retiree investor over 55 years of age

Besides the investment, a retiree investor and the spouse should have assets of 300 million KRW or more at home and abroad.

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2) Immigrant Investor Scheme for Real Estate (Tour Resort Facility) : USD 780 000 (1 billion KRW)

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The Immigrant Investor Scheme for Real Estate (IISRE), introduced for Jeju Island in February 2010, is a government program which gives F-2 Residential status to foreigners investing a certain amount money in real estate designated by the Minister of Justice, and the foreign investors will get F-5 Permanent Resident, if they hold onto the purchased real estate for at least five years.

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• Permanent residency: Investors can gain F-2 if they invest up to 1 billion KRW in a real estate designated by the Ministry of Justice, and then acquire the right of permanent residence (F-5) after 5 years.

• Guarantee of Mobility: Investors can freely visit to or reside in other regions beside ones under the IISRE after reporting a change in their place of temporary residence.

• Education: Investors can get public education as Korean citizens do or register the International School in Juju’s Global Education City.

• Medical insurance: Investors have health insurance coverage as Korean citizens do.

• Real estate transactions: Investors can freely divest real estate holdings after getting permanent residency.

• Employment: Investor’s spouse or family members can get a job or engage in any commercial activities.

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What is ‘The Immigrant Investor Scheme

for Real Estate Program? Tour Resort Facility Investment : Over 1 Billion KRW (USD 780 000) from May 2023.

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 Overview

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• Where : 

• Jeju Special Self-Governing Province,

• Pyeongchang Alpensia in Gangwon-do,

• Songdo, Yeongjong and Cheongna in Incheon Free Economic Zone,

• Yeosu and Gyeongdo in Jeollanam-do,

• and Haeundae and Dongbusan in Busan

• What :
  Recreational facilities such as Recreational Condominiums, Hotels, Golf Residences, Villas and Apartments
  * Please inquire its specific requirements.

• How much : Over 1 Billion KRW (USD 780 000 as of June 13, 2023)

• Time : Until 30 Apr. 2026 

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Immigration Benefits

• Allow to freely enter, depart, live, work, run own business in Korea

• Receive compulsory education as Koreans

• Apply Medical Insurance System & Benefits

 

 

3) Start-Up or Investment in a Korean Incorporated Company for D-8 Visa : USD 78 000 (100 million KRW)

 

 

D-8 visa is issued to "indispensable skilled workers planning to engage in management, administration, production, and technology of a foreign-invested Korean corporation in accordance with regulations of the Foreign Investment Promotion Act."

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Overview

In short, D-8 visa is mostly for foreigners who are investing KRW 100 million or more and have acquired 10% or more of the stocks with voting rights of a Korean company (including a corporation that is in the process of establishment).

Foreign entrepreneurs with intellectual property or researchers who have stayed in Korea with an E-3 visa for more than 3 years may be granted D-8-4 (Technology and business start-up) visa with a maximum stay of 2 years. 

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Procedure for Investment & Acquisition of Permanent Residence Right

• 01. Arrive in Korea

• 02. Request investment consultation/preliminary assessment

• 03. Enter into an investment contract/acquire investment product

• 04. Invest a minimum of KRW 100 million for a Visiting or Joining Family (F-1) Visa; Invest a minimum of KRW 500 million for a Long-term Resident (F-2) Visa

• 05. Change the Visiting or Joining Family (F-1) Visa; Extend the Long-term Resident (F-2) Visa

• 06. Apply for a Permanent Foreign Resident (F-5) Visa upon retaining the investment asset for five years)

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Korean local lawyers provide legal advice on:
foreign direct investment (FDI) /  company founding in Korea / associated visa matters / associated commercial work e.g. employment and tax matters. Korean Business Startup Visa (D-10-2) or Start-up Support and Start-up Visa (D-8-4)

Included : 

Foreign Investment Promotion Act filing / Foreign Exchange Transaction Act filing / Company founding / Apply for simple Tax Licence

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4) HOW TO GET KOREAN CITIZENSHIP?

 

S.Korea Dual Citizenship Amendment Bill

Minor children of foreign permanent residents can acquire nationality and maintain multiple nationalities through notification without any separate requirements. Global Migration in Asia foreshadowed by the Revised Korean Dual Nationality Act (Amendment Bill announced in April 2021); Not necessary to renounce origin citizenship.

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https://www.citinavi.net/single-post/s-korea-dual-citizenship-amendment-similar-to-the-u-s-citizenship-act-by-hyong-jin-kwon-paris

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