JEOLLABUK-DO < invest Korea

According to Yonhap News,

It is expected that foreigners who invest in Saemangeum Industrial and Tourism Complex will be granted permanent residency.

According to Saemangeum Gunsan Free Economic Zone Authority on April 5th, the Ministry of Knowledge Economy is considering the grant of permanent residency to foreigners investing over a specified amount in a bid to invigorate foreign investment in Saemangeum Tourism Complex.

‘Immigrant Investor Program’ is aimed to grant F-2 (residency) visas to foreigners who invest KRW 500 million or more in real estate related to leisure and tourism and F-5 (permanent residency) visas to those who sojourn in Korea for five years or longer.

Already, a number of countries including the U.S. and Hong Kong provide long-term sojourn visas or permanent residency to real estate investors to encourage foreign investment. SGFEZ Authority said the program have been applied exclusively to Jeju Special Self-Governing Province in Korea from last year.

It is reviewed to offer offices for free to foreign companies or their branch offices which intend to occupy Business Center within the site for international business.

SGFEZ Authority said “Saemangeum is dedicated to growing into a global hub city and is developed at the national level. Thus, the investor immigration program should be introduced as a symbolic gesture to attract more Chinese capital.”

Source Text

Source: Yonhap News (April 5, 2011)

**This is an English translation of a Korean news article.