Investment in Korea.

Investment in Korea.

Foreigners who want to come to

Korea next year will go through stricter verification procedures

than before. More funds must be invested to

 qualify for investment immigration, and criminal

experience and sources of funds must

 also be thoroughly proven.

The Ministry of Justice announced

on the 23rd that it had discussed a plan to improve

the investment immigration system

at the 10th Investment Immigration Council held

on the 22nd.

 Investment immigration is a system

 in which foreigners pay a residence visa (F-2)

 if they invest more than a certain amount in an area designated

 by the Minister of Justice,

and permanent residence (F-5) is granted

 if they maintain their qualifications

 for the next five years.

It has been in effect since February 2010.

At the council meeting,

 the Ministry of Justice has decided to raise

the investment immigration standard

 from the current 500 million won to 700 million won.

It is explained that it reflected inflation for 11 years

since 2010 when the system was introduced.

 During this period, the consumer price index rose 22%

 and the producer price index rose 16%.

It also considered that foreign investment

 immigration thresholds such as

 the U.S. 1.2 billion won and Australia 2.1 billion won are

 higher than those of Korea.
It has also decided to more thoroughly verify foreign

 investors’ criminal careers of foreign investors.

 Currently, when obtaining permanent residency,

 it checks the criminal experience,

 but in the future, it will be checked at the time of investment

 when it becomes residential. In addition,

 it plans to introduce a procedure for verifying

the source of investment.

 Contrary to the original intention,

it is evaluated that the investment immigration system

reflects the criticism that it has side effects such as

 “eat and run” that only acquires foreign criminals’ escape or

permanent residency and recovers their investments.

The number of investment attractions

 in the real estate investment immigration system decreased

from 193 cases (10.6 billion won)

in 2016 to 7 cases (5.6 billion won) last year.

 By the end of November 2021,

 there were four cases (KRW 3.45 billion).

 The Ministry of Justice plans to improve

the investment immigration system

in the first half of next year.