New Program Offers Residential Status to Investors in Public Projects

On June 10, the Ministry of Justice and Korea Immigration Service announced a new residence stream for investors in public projects. The Immigrant Investor Scheme for Public Business, which became available on May 27, confers F-2 residential status and can be converted to permanent residence status after five years of investment.

The new program applies to those who invest at least KRW 500 million ($450,000) or, if they are age 55 or older, invest at least KRW 300 million and have assets amounting to at least KRW 300 million. To qualify for the program, the investments must be made in specific public investment products offered by the Ministry of Justice. These include:

• A public fund with a guarantee on the principal investment.
• Risk-based investments in specific city development and theme park projects.

In addition, individuals who invest a specific combined amount in both the Immigrant Investor Scheme for Public Business and the Immigrant Investor Scheme for Real Estate may be eligible to apply for F-2 residential status.

For additional information on Korean immigration matters, please contact GlobalVisaGroup@bal.com.

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