Korea

Permanent Residency

Why choose Korea?

Migrating to South Korea offers a host of positive opportunities and experiences for individuals and families. The country's strong economy, dynamic industries, and high standard of living present excellent job prospects and career growth. South Korea's education system, renowned for its academic excellence, provides access to top-ranking universities and schools, ensuring a high-quality education for students. The nation's advanced technology and innovative culture create an exciting environment for those seeking to work in cutting-edge industries. Additionally, South Korea's rich cultural heritage, vibrant traditions, and modern entertainment industry offer a unique blend of experiences, enriching the lives of migrants. The country's reputation for safety and security, alongside its beautiful landscapes and outdoor recreational opportunities, make it an attractive destination for families seeking a safe and family-friendly environment. Moreover, South Korea's increasing multiculturalism and inclusive society provide a warm and welcoming atmosphere for expatriates, fostering a sense of belonging. Overall, migrating to South Korea promises a blend of career growth, cultural enrichment, and a high-quality lifestyle that appeals to individuals seeking new horizons. There’s one major benefit as a resident, which is the universal health insurance coverage.

Korea Residency by Setting Up A Company

D8 Visa (Set up company)

Processing time: at least 2 months

Eligibility to apply for Permanent Residency: after 3 years

Korea Residency by Investment

1. Invest 500 million won or more to establish a corporation or invest in a domestic corporation.

If 3 or more Korean employees are employed for more than 6 months, 1 additional employee can apply for D8 visa.

F2 (Public Investment by the government)

Processing time: 2 weeks

Eligibility to apply for Permanent Residency: after 3 -5 years

Principal guaranteed & interest-free investment

Foreign investors deposit the minimum required money in the public fund which the Korea Development Bank, commissioned by Ministry of Justice, operates and the investment principal (only) returned after 5 years.

Risk-based investment

Foreign investors make investment of the minimum required money in the development projects carried forward in less developed regions* designated and notified by the Minister of Justice through consultations with the relevant ministry (Ministry of Land, Infrastructure and Transport), and make or lose profits from the investment.

- Over age 55 years old only need to invest 300 million won

1. Investment Immigration (more than 1.5 billion won)

- The same resident visa (F-2 visa) is issued not only to investors, but also to spouses, minor children and adult unmarried children.

- Even if you live abroad, you can maintain your visa status if you leave a record of entering Korea only once a year.

- Upon initial issuance, a 3 year period of stay is granted and must be extended after 3 years.

- If you receive a green card (F5 visa) after 5 years, you can withdraw the principal of 1.5 billion won.

- You can withdraw your investment in the middle, but if you withdraw your investment, your visa will immediately expire.

2. Permanent Residency investment immigration (more than 3 billion won)

- Investment amount: over 3 billion won

- If you deposit 3 billion won in a public project investment fund, you can receive permanent residence right away.

- You can enjoy the same benefits as a permanent resident.

- The principal is safely guaranteed, and the investment can be recovered at any time.

- Not only the investor himself, but also your spouse, minor children, and unmarried adult children are granted permanent residency

- Even if you live abroad, you can maintain your visa status by leaving a record of entering Korea only once every 2 years.

- For issuance of permanent residency, you must submit a police clearance from your home country.

Bank Account

1. Cannot open bank account online

2. Passport

3. A Korean visa

4. A Korean phone number

FAQ

1. What is foreign investment notification?

Notifying persons: Foreign investor or his/ her proxy

* A power-of-attorney is required when notification is filed by a proxy.

After filling up the form and submit personal information. You will be issue with this notification to establish the company.

2. How to make remittance for D8 visa?

- Capital remittance: Investment capital can be remitted to domestic banks from overseas.

- Remittance account

A non- resident account in foreign currency is opened, or a temporary account number issued by the designated foreign exchange bank is used for remitting funds.

When using a temporary account number, investment capital can be remitted and received with only the name of the recipient and information on the recipient bank.

- The remitted foreign investment capital shall be converted into korean currency and transferred to an account for depositing payment for stocks.

- When this transaction is completed, the bank shall issue a securities subscription deposit certificate, which is required for registration of incorporation.

3. Does the capital amount for set up company affect D8 visa issuance?

The higher the investment amount, the easier the visa approval and the shorter the review period.

4. Can I remit the money using friend’s bank account to Korea?

Sender must transfer money in the name of the sender, wife and minor child. Remittances made in the names of parents or siblings are not recognized as investment funds. If from parents or from acquaintance, the source of the funds formed through bank account records and bestowal records will be reviewed very carefully.

5. What is the benefit of F-2?

Resident (F-2) status, which allows free economic activities, is granted to a foreign investor, the spouse and the unmarried children, and changing the status to Permanent Resident (F-5) is allowed if the foreign investor maintains the investment for at least 5 years.

6. Can I invest in real estate for F2?

Yes you can, only in designated area. An investment in hospitality real estate, such as condominium, hotels, golf resorts, villas.

7. What is the funds used for in F2?

It provides loans to the country’s small and medium-sized enterprises and smart factories at low interest rates. This strategic approach aims to bolster South Korea’s Fourth Industrial Revolution, promote job creation, and drive economic growth.

8. What is the total cost of setting up a company in Korea?

Total cost including renting office, hire 1 employee, company secretary will cost about 40,000,000 won - 50,000,000 won