The Republic of Korea, or South Korea, is a country in East Asia that occupies the southern half of the Korean Peninsula. Seoul is home to approximately 25 million people. South Korea is a fascinating and desired tourist and residency destination. South Koreans are noted for their friendliness and charity, having been influenced by Confucianism’s long-lasting principles. The two major religions, Christianity and Buddhism, have a significant impact on the people’s humanist culture.
South Korea, also known as the ‘Land of the Morning Calm,’ offers a diversified and beautiful terrain that includes jagged mountains, protected forests, farmlands, fishing villages, ski slopes in the winter, and two volcanic islands. There are also 12 UNESCO World Heritage Sites in the country. The capital combines rebuilt palaces with ultra-modern architecture, and the city’s humming night markets contribute to the festive atmosphere. The South Korea Residence by Investment Program is the most expedient approach to obtain residency status in this appealing, future-oriented country. The South Korean government has approved a large number of visas for people who want to invest in the country in order to help the economy grow through foreign direct investment. Individuals can become residents of South Korea in less than a month and permanent residents after five years under this procedure.
A foreign individual must invest in a bank account in South Korea as part of the South Korea Residence by Investment Program.
- Applicants aged 55 and up must deposit a minimum of KRW 300 million in a bank account (approximately USD 300,000). The candidate must have at least KRW 300 million in assets (approximately USD 300,000).
- Applicants under the age of 55 must make a KRW 500 million bank deposit as a minimum (approximately USD 500,000).
- Applicants of any age can acquire a permanent residence (F-5) permit immediately after making a minimum bank deposit of KRW 1.5 billion (about USD 1.5 million).
- As part of the application process, documentary evidence of the investment must be supplied.
Applications to the program must be submitted on the approved forms, along with the required fees and papers. After a 20-day evaluation process, residence permits are normally awarded. They have a one–three-year initial validity period and are then renewed. During the five-year residency period, successful applicants will be obliged to visit the country at least once a year.
- Travel to South Korea.
- Open a bank account in the country and deposit a minimum of KRW 300 million (about USD 300,000) for applicants under the age of 55, or KRW 500 million (approximately USD 500,000) for those under the age of 55.
- Obtain F-2 resident status as soon as you make the investment. (Applicants must invest KRW 1.5 billion (roughly USD 1.5 million) to get F-5 permanent residence right away.)
- After five years of sustaining the required investment, you will be granted permanent residence (F-5) status.
All permanent residents are entitled to apply for citizenship if they meet all of the relevant criteria. However, it is important to note that South Korea does not accept double citizenship.