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Start →South Korea is a very popular place to live and it has a little known residency program too. The South Korea Investor Residency Program offers immediate permanent residency for investors, […] South Korea Investor Residency Program Walsh Worldwide Immigration Services South Korea Investor Residency Program 01 Oct 2014 South Korea is a very popular place to live and it has a little known residency program too. The South Korea Investor Residency Program offers immediate permanent residency for investors, who invest over USD 500,000 there and employ more than five Korean citizens or residents. At the end of 2013 Korea issued the first startup visa, by official name of D-8 Visa. This residency permit can be granted to individuals who have a Bachelor’s degree, must own intellectual property approved by the Korean law and a registered company. It was planned to expand the Startup Visa with a mentoring system to facilitate foreign investment and employment. When the applicant’s startup employs at least two Korean citizens and invests KRW 300 million (approximately USD 280,000), the entrepreneur will qualify for a permanent residence permit. The amount of investment necessary for obtaining the residence permit has risen in the last decade. At the beginning of the Korean Residency program in 1991 the applicants had to invest only 25 million won, but from 2001 already 50 million won. But as cost of living got higher in South Korea these amounts were also considered to low. The government planned from 2010 to increase the required amount for the visa to 100 million won as a minimum investment to launch a business in Korea. There were other concerns also, as some foreigners were taking advantage of the residency program and used it to live permanently in Korea without real investments. It was a clear mistake that the Korean government after granting the visa forgot to keep track of the applicants and the investment, so foreigners could use borrowed money to obtain the visa. Foreign employees can also obtain the D-8 visa if they are employed by a foreign invested company under the Foreign Inducement Act. These applicants must have some expertise and must be in a senior position related to management, administration or production. The required documents are: – travel document – application form with photo, – letter of invitation, – work contract, – copy of company registration, – foreign investment approval letter, – curriculum vitae, – affidavit of support from the local company ← End
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