Want To Secure South Korea’s Golden Visa? Here’s What To Do

Golden visas are a great way for wealthy investors to gain access to a country. In general, they work by providing residency in exchange for a form of investment – usually one that is set by the government.

South Korea’s golden visa – known as the Immigrant Investor Scheme for Public Business (IISPB) – does just this. Through one of its pre-set investment pathways, investors can get temporary or permanent residency, with the ability to gain full citizenship further down the line.

If you’re thinking about moving to and engaging in this exciting economy, then the golden visa could be a good option.

Here’s everything you need to know about it…

 

Why Move To South Korea?

 

South Korea is growing into one of the world’s most exciting tech hubs. With tech companies like Samsung, LG and Hyundai on its doorstep, it’s certainly making a lot of noise on the global economic stage.

Not only that, but life in South Korea comes with a high standard of living, strong public services and good infrastructure. In fact, the country also has one of the most desirable passports in the word, with visa-free access to 198 countries.

With a location in the heart of Asia and strong ties to Japan, China and the EU, it’s certainly an interesting economy to be part of.

 

South Korean Golden Visa Types

 

South Korea offers a few different golden visas, each giving the applicant a different level of residential rights.

One of the big benefits of the visa, apart from the options supplies, is that an applicant is able to include their spouse and unmarried children.

However, it’s worth noting that the fees are KRW 130,000 per person (around £65) and can take up to 6 months to secure.

The investment options include:

 

 

F-2 Temporary Resident Visa

• Valid for 2 years, but renewable after into an F-5 visa
• Includes spouse and unmarried children
• Access to healthcare and education within South Korea

 

F-5 Permanent Resident Visa

• Valid for 5 years as long as the investment is maintained
• Continued residency without having to renew

 

Citizenship

While South Korea does not have a Citizenship by Investment (CBI) programme, investors can apply for citizenship after:

• 5 years of continuous residence
• Taking a test that includes language
• Integrates themselves into society

 

Investment Options For The Golden Visa

 

When it comes to investment options, South Korea offers three main routes for investors to choose from.

 

1. Principal Guaranteed and Interest-Free Investment

Applicant must invest in a public fund through the Korea Development Bank.

Minimum investment: KRW 500 million (~£265,000)

For retirees (55+): KRW 300 million with assets over KRW 300 million extra maintained either at home or within South Korea

After 5 years, the principal is paid back to the investor but does not accumulate any interest in the interim.

This is seen as the most low-risk option.

 

2. Regional Projects

Minimum investment: Same as above but it must be invested in development projects in underdeveloped areas to boost tourism and enterprise.

This investment can yield returns, but comes with more risk.

 

3. Real Estate Investment

Minimum investment: KRW 1 billion (~£527,000) for an F-2 visa and KRW 1.5 billion for an F-5 visa.

The properties must be in government-approved areas. This is a popular option as it allows for asset appreciation and is seen as relatively easy and low-risk.

 

Who Is Eligible For South Korea’s Golden Visa?

 

To qualify, applicants must:

• Have no criminal record (a police background check is needed to apply)
• Have significant net worth (over KRW 300 million)
• Pass a health check
• Visit South Korea at least once a year

 

South Korea’s Golden Visa: Is It Worth It?

 

South Korea’s Golden Visa is a great option for investors who want to be part of one of Asia’s most exciting economies. With 2 and 5 year options and a range of investments, it’s a great option for business people and retirees alike.

If you are thinking of applying, it’s always worth speaking to a professional to help you navigate the process. All that’s left to say is good luck, or should I say: 행운을 빌어요!