JEJU-DO < invest Korea

According to Yonhap News,

Jeju provincial government announced on May 1st that the Ministry of justice concluded on Apr 30th to extend Jeju's real-estate investment immigration system for 3 years to Apr. 30, 2026. Except, it decided to raise the required investment amount from KRW 500 million to KRW 1 billion and change its title to 'Tourist and retreat areas investment immigration system'.

According to the criteria revealed by the Minister of Justice, foreigners who invest in properties will be granted F-2 visa (resident visa) and those who maintain the investment for a certain period will be grated F-5 (permanent residency visa),

This system was first introduced in 2010 in Jeju with an attempt to induce foreign investors and vitalize the local economy on this island.

Thanks to this policy, the number of investment from foreigners became 1,909 from 2010 to last year, recording a whopping KRW 1.2586 trillion.

On the other hand, it came with some issues such as a red-hot real estate market, Chinese land-buying spree, oversupply of accommodations, and environmental destruction.

The provincial government of Jeju, therefore, called for the Ministry of Justice to come up with measures several times to increase the efficiency in the system operation.

atoz@yna.co.kr

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Source: Yonhap News (May 1, 2023)