Asia-Pacific

S. Korea to allow permanent residency for foreign investors

(Xinhua)
Updated: 2009-12-30 14:06
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SEOUL: South Korea is set to ease its immigration law on foreigners, moving to allow permanent residency for foreign investors and foreigners holding substantial property in the country starting next year, the country's Justice Ministry said Wednesday.

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Under the revised law, foreign investors who invest more than US$500,000 and foreigners who own South Korean property worth more than 500 million won (US$427,000) will be qualified for F-2 residential visas and can later apply for F-5 visas for permanent residency after living in the country for more than five years while maintaining residential status, according to the ministry.

The revision will encourage influx of foreign capital into the country and domestic consumption, the ministry said.

South Korea has recently introduced similar revisions in immigration law, easing criteria on holding multiple nationalities in what local media have called a move toward a more open society.
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