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Organization :
Ministry of Justice
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Regulation :
Immigration Act, standards on permanent resident(F-5) visa
Grievance
(Background)
According to the standard, in principle, a permanent resident visa is only issued to 'individual' foreign investors.
Regardless of the amount of investment, CEOs of the headquarters of foreign-invested companies or the Korean branch cannot apply for the visa.
(Grievance)
According to a permanent resident visa(F-5), foreign investors who invest USD 500,000 or more and hire five or more Korean citizens in accordance with the Foreign Investment Promotion Act, can apply for the visa.
Foreign investors are seen as individual investors so the investment should be made under their names to be qualified to apply for the visa. In this sense, CEOs are not qualified for the application.
Resoultion and Results
(Resolution)
Raised the issue to the immigration office at the Ministry of Justice. After several meetings(June-Sep. 2018), the needs were understood to amend the statement and an agreement was reached on other details.
(Result)
Immigration Act and standards on permanent resident(F-5) visa were amended. Officers(executives, auditors) who stay in Korea for three or more years are qualified to apply for the visa.
