South Korea | New top-tier visa announced

The South Korean government is expected to launch a new top-tier visa to attract outstanding foreign professionals in advanced industries such as artificial intelligence and semiconductors.

Key Points:

• A government committee on policy toward foreign nationals announced an initiative to streamline the visa system to stimulate economic growth and regional synergy.
• Officials discussed a strategy for a new top-tier visa, expected to debut later this month, that will allow holders and their spouses and minor children to obtain the long-term expat F-2 residence visa, which allows work privileges with the ability to apply for permanent residency after three years.

Additional Information: The South Korean government announcement states that applicants for the new top-tier visa must hold a master’s degree or doctorate from a university ranked among the world’s top 100, have at least eight years of work experience (including a minimum of three years at a top 500 company) and be employed at a domestic high-tech company with a salary three times the per capita gross national income (GNI) — the Bank of Korea announced that South Korea’s GNI per capita increased to $36,624 in 2024.

The new visa program is aimed at attracting young foreign talent in high-tech industries as part of the government’s broader efforts to drive economic growth. Acting President and Minister of Economy and Finance Choi Sang-mok presided over the committee meeting and stated that “as we adapt to demographic and economic changes, attracting foreign talent is no longer an option but a necessity for revitalizing our economy and society.”

This alert has been provided by the BAL Global Practice Group.

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