JEJU-DO < invest Korea

According to Yonhap News,

Jeju Province and Jeju Free International City Development Center will aggressively promote investment from Greater China which includes mainland China, Hong Kong, and Singapore.

Jeju Province said on March 17th that it would participate in investment seminars hosted by the Ministry of Knowledge Economy and KOTRA at Beijing in April, followed by other mainland cities, Hong Kong, Singapore, and Seoul along with JDC.

The Ministry of Knowledge Economy, KOTRA, and the Ministry of Commerce of the People’s Republic of China will jointly host ‘a seminar on Korea’s investment policies 2011’ on April 26th where JDC will give a presentation on its project to develop Jeju Healthcare Town and have investment consultations.

On April 27th, KOTRA will host ‘a seminar on investment in Korea’ in Shanghai where JDC will promote the major projects of Jeju Free International City: English education city; Jeju Healthcare Town; high-technology complex; resort-type residential complex; Mythology & History Park; and Seogwipo Tour Port.

Jeju Province and JDC will introduce the investment environment of Jeju and investment success stories such as Yerae resort-type residential complex, in which Berjaya Group of Malaysia has invested USD 1.8 billion.

Especially, they will promote investment by presenting various benefits such as the grant of permanent residency to foreigners who acquire real estate in Jeju and the tax reduction or exemption in Jeju Investment Promotion Zone and Foreign Investment Zone.

The Province and the Center will take part in seminars on investment in Korea held at China and Seoul in June, Xiamen in September, and Wenzhou in November. In the second half of this year, they will hold investment seminars tailored to companies in medical and bio sectors in Hong Kong and Singapore.

Also, their schedule includes investment seminars in Germany and the Netherlands (May), Russia (June), the U.S. (September), France (October), and India (November) to draw investment in Jeju’s new and renewable energy and health care industry.

Jeju Province designates development projects with investment of over USD 5 million as investment promotion zones, and offers exemption of tariffs, acquisition, registration, and property tax, and development charge for ten years, exemption of corporate and income tax for three years and reduction tax by 50% for the next two years, and reduction or exemption of rental fees for public and national properties.

Corporate tax is exempted for the first five years and then reduced by 50% for the following two years, and acquisition, registration, and property tax is exempted for 15 years for projects designated as foreign investment zones.

Moreover, foreigners who purchase resorts worth over USD 500,000 in Jeju are given 5-year residence visas and permanency residency (including family members) after five-year period.

Source Text

Source: Yonhap News (March 17, 2011)

**This is an English translation of a Korean news article.