A Comprehensive Guide to Long-term Residency in South Korea

last updated: 8/30/2023

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Capital: Seoul

Population: 52,081,799 (2024, 28th)

Ethic Group: 95.1% Korean

Area: 100,410 km²(107th)

Offical Language: Korean

Currency: Korean Republic won (as of Sep 18th, 2024, 1 KRW = 0.00076 USD)

GDP per Captial: $59,330 (2024, 28th)

Human Development Index: 0.929 (2022, 19th)

(This map is sourced from Nations Online Project)

Country Profile:

South Korea is located in the southern part of the Korean Peninsula and is known worldwide for its high-tech industry and rich entertainment sectors, including film and music.

Economically, South Korea is the world’s tenth-largest economy, primarily driven by its high-tech industries and export-oriented economy. Renowned South Korean companies such as Samsung, LG, Hyundai, and Kia have significant influence in the global market.

How To Move To South Korea:

South Korea offers a variety of residence options for foreigners, including D-type business visas, E-type professional visas, and F-type investor visas (you can click here to find the specific South Korean visa categories).

Among these options, the most well-known and popular is the South Korean investor immigration program, which includes two options: investment in public welfare (interest-free deposits) and real estate investment. The minimum investment requirement is 1 billion KRW, approximately 756,000 USD.

Investor Visa:

What is South Korea’s investor visa?

South Korea began opening its residency by investment program to foreign applicants in 2010, initially offering only real estate investment option. Starting in 2012, the South Korean government added public welfare investment option to the program.

In recent years, Chinese clients have been the primary source of demand for South Korean investor immigration. According to official statistics, from 2018 to 2022, out of the 4,784 foreigners who obtained South Korean residency through the investor immigration system, 4,081 were Chinese nationals.

Financially Requirements:

Currently, the South Korean residency by investment program offers two economic options:

1. Public interest Investment: By investing 1.5 billion KRW, approximately 1.14 million USD, you can obtain a South Korean F2 residence visa.

The F2 residence visa is initially valid for 3 years and can be renewed every 2 years thereafter. After maintaining the investment for 5 years, you can apply to convert it into an F5 permanent residency.

Alternatively, you can choose to invest 3 billion KRW, roughly 2.27 million USD, to directly obtain the South Korean F5 permanent residency.

The public welfare investment is made into the “Public Welfare Investment Immigration Fund” managed by the Korea Policy Finance Corporation. The South Korean government guarantees the principal of this investment, but it does not yield any interest.

2. Real Estate Investment: This option requires an investment of at least 1 billion KRW, approximately 756,000 USD, in commercial residential properties such as resorts, apartments, villas, and hotels designated by the Minister of Justice of South Korea, in exchange for an F2 residence visa.

F2 visa is initially valid for 3 years and can be renewed every 2 years. Foreigners holding the F2 visa can apply for the F5 permanent residency after maintaining the investment for 5 years.

In addition to these investment requirements, applicants must also meet basic criteria, such as having no criminal record and possessing total personal assets exceeding 3 billion KRW.

Minimum Residence Requirement：

F2 residence visa requires the holder to enter South Korea once a year, while F5 permanent residency visa requires the holder to enter South Korea once every two years. Neither of these visas has an actual residency requirement.

Application Process:

For South Korea’s residency by investment program, applicants need to prepare the required documents and submit their application in person to the South Korean Immigration Office in your investment area.

Required documents mainly include: a passport, passport-sized photos, completed application forms, visa fee payment, tax proof for the previous year, local property contracts or investment proof, and proof of employee employment, among others.

South Korean Immigration Office will take 2 to 6 months to review your documents. If approved, you will receive the corresponding investment visa upon completing the investment.

Permanent Residency & Citizenship:

Foreigners who have legally resided in South Korea for more than 5 years can apply for permanent residency.

After obtaining permanent residency and legally residing in South Korea for no less than 5 years, foreigners can apply for South Korean citizenship after passing the tests on Korean language, culture, and customs.

Passport Power:

South Korea partially recognizes dual citizenship. Its passport ranks 2nd globally, allowing nationals to travel freely (visa-free or visa-on-arrival) to 193 countries and regions as of June 3, 2024.

Useful Links:

Korea Immigration Service：https://www.immigration.go.kr/immigration_eng/index.do

Korea Visa Portal：https://www.visa.go.kr/main/openMain.do

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