Jeju Island, located off the southern tip of the Korean peninsula, isn’t just an ideal place to vacation. Designated a Free International City in 2002, Jeju is also an island of opportunity— a great province in which to invest and one that strives to become a region where free business activities are guaranteed.
Jeju was also designated a Special Self-Governing Province in 2006, which means it can manage all administrative authorities except for those related to national defense, diplomacy and administration of justice.
With this designation, Jeju Island can also better devote itself to the utilization of domestic and foreign capital and the development of key industries.
Foreign investors in Jeju can benefit from indiscriminate tax reductions and receive active administrative support. One way the Jeju Special Self-Governing Province supports investors is by offering foreigners permanent residency of the Republic of Korea with the purchase of a resort unit, including resort condominiums, worth at least KRW 500 million (USD 449,640). The purchased resort unit must be in a development project zone that has obtained development project approval from the governor of the Jeju Special Self-Governing Province. When two or more people purchase a unit together, each purchaser must invest at least KRW 500 million.
Foreigners issued an alien registration card would benefit from having the same access to public education as Korean citizens and from being able to equally apply for entry to international schools within the Global Education City. Foreigners would also have the same access to the public health insurance system as Korean citizens and receive equal benefits. (Medical insurance benefits are available after three months of residency with an F1 or F2 visa. Issuance of alien registration card is required.)
Some of the investment projects foreigners would be able to join include the Ora Tourism Zone and the Pampas Tourism & Recreation Complex. The Ora Tourism Zone boasts an area of 2,683,686m2 and is operated by Kukdong Construction. Preferred investor type and scale would be master developer and KRW 130 billion. The Pampas Tourism & Recreation Complex, to be developed by 2018, boasts an area of 3,000,548m2 and investment of KRW 877.5 billion. Operated by Namyeung, the complex would be in a scenic region bordered by the ocean on three sides.
Source : Invest Korea