The Ministry of Justice (MOJ) has decided to enforce the Public Business Immigrant Investor Scheme from May 27 after consulting with the Ministry of Strategy and Finance, Ministry of Culture, Sports, and Tourism and Ministry of Land, Infrastructure and Transport.
Background
Only foreigners who run a business in Korea or own a particular type of real estate such as recreational facilities designated by the Minister of Justice were given benefits under the immigration policy. To promote foreign investment, the beneficiaries will be expanded to those investing more than a stipulated amount in public business or making a deposit exceeding a certain amount in related funds.
Overview and Grounds
The Public Business Immigrant Investor Scheme grants F-5 visas to foreigners who have deposited or invested KRW 500 million (KRW 300 million for retired investors age 55 and over) in ① a fund or ② public business for five years to promote foreign investment.
According to the Immigration Control Law, foreigners who have invested more than a stipulated amount in a source designated and publicly announced by the Minister of Justice are granted an F-2 visa and an F-5 visa after five years.
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