Gangwon Province is prolonging the effective period of the Real Estate Investment Immigration Act at the Alpensia resort in Pyeongchang. (Image : Yonhap)
CHUNCHEON, March 14 (Korea Bizwire) – Gangwon Province is prolonging the effective period of the Real Estate Investment Immigration Act at the Alpensia resort in Pyeongchang.
The Real Estate Investment Immigration Act was part of a strategy to attract foreign capital investment and successfully host the 2018 Winter Olympic Games.
In 2011, Alpensia was designated as one of the regions where the Real Estate Investment Immigration Act would be applied. Once the Ministry of Justice applied the Sunset Law in April 2013, the effective period of the act was limited to five years, meaning that the Alpensia resort will be dropped the Real Estate Investment Immigration Act’s eligibility list on April 30, 2018.
Currently, foreigners who invest more than 500 million won in the hotels and condominiums at the Alpensia resort area are granted the right to reside in Korea.
Until now, four foreign investments totaling 2.1 billion won have been attracted.
Gangwon officials are planning to apply the Real Estate Investment Immigration Act to other regions within the province. While keeping an eye on the investment trend of foreign capital, the provincial government is looking into expanding the Real Estate Investment Immigration Act to China Dream City in Jeongdongjin, Gangneung, followed by Wonju and Goseong. China Dream City in Jeongdongjin was designated as the second region eligible for inclusion under the Real Estate Investment Immigration Act. The act is in effect until January 31, 2021.
Provincial officials commented that the Ministry of Justice is collecting expert opinions before it will designate additional areas as eligible under the Real Estate Investment Immigration Act.
By Lina Jang (linajang@koreabizwire.com)
