SEOUL, Jan. 5 (Korea Bizwire) – Changwon, Gyeongnam province is going to make a requisition to the Ministry of Justice to implement an investment immigration system that grants permanent residency to foreigners investing more than 500 million won (US$ 451,655) in touristic real estate such as the Gusan Marine Tourist Complex, said the city government on January 4.
The investment immigration system in Korea grants, through the Immigration Control Act, residency to foreigners investing a certain amount in Korean real estate, with the option of permanent residency after five years. So far, Incheon, Busan, Jeju, Yeosu and Pyeongchang County are operating under the investment system.
Changwon is hoping to attract foreign financing to develop hotels, resorts, condos and pensions in projects such as the Gusan Marine Tourist Complex, Robot Land and Masan Marine New Town. Non-Koreans investing more than 500 million won in condominiums, hotels, guesthouses, vacation houses, sport activity related houses, touristic pensions, yachts, and ships can receive permanent residency upon determination of the Ministry of Justice.
Changwon is expecting that it will receive Ministry of Justice approval for the investment immigration system in the first half of 2015.
Jung Hyeon-Seop, the head of tourism in Changwon, said that there have been a lot of cases where non-Korean investors request permanent residency as an incentive to invest. Jung is expecting that the city will see an increase in foreign investment upon the implementation of the new system.
By J.W. Choi (email@example.com)