SEOUL, KOREA - The government will grant a permanent resident status to those foreigners who make investment of more than 500 million won for up to five years in tourism specialty or development promotion cities like Yeongam (S. Jeolla Province), Taean (S. Chungcheong), Yeongju and Andong (N. Gyeongsang).
The Ministry of Justice said on May 2 that it would introduce a new immigrant investor program from the 27th. The program gives out permanent residency (F-5 visa) to those foreigners who invest in excess of 500 million won (300 million won for retirees over 55 years of age) for more than five years in funds or projects designated by the Minister of Justice. Those investors making a fund-type investment will put their money in funds created by the Korea Finance Corp.
Immediately after investment, the investors will be eligible for an F-2 visa, which allows them to work and reside freely in Korea. After five years, they will be given a permanent resident card.
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