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Hyeon Een
Joined: 24 Jun 2005
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 Posted: Mon Sep 21, 2009 9:40 pm Post subject: Buy property, get F2 / F5 |
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You may soon be able to get an F visa without getting married or going through the ridiculously convoluted process that immigration puts you through.
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Korea may give permanent residency to foreigners who buy local real estate as part of efforts to build up the country�s weak tourism infrastructure, the government said yesterday.
The Ministry of Strategy and Finance said the incentive could be extended to relatively large-scale purchases of resorts and recreational facilities exceeding $500,000. At a meeting of regional government administrators, the ministry said owners of Korean property could first be given F-2 residential visas, which can be upgraded to F-5 permanent residency permits if the person resides in the country for more than five years. |
Link: http://joongangdaily.joins.com/article/view.asp?aid=2910376
It might take a while to save up 500k though I guess. |
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Forward Observer
Joined: 13 Jan 2009
Location: FOB Gloria
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| Posted: Mon Sep 21, 2009 9:43 pm Post subject: |
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Group buy!!  |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Mon Sep 21, 2009 10:05 pm Post subject: Re: Buy property, get F2 / F5 |
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| Hyeon Een wrote: |
You may soon be able to get an F visa without getting married or going through the ridiculously convoluted process that immigration puts you through.
| Quote: |
Korea may give permanent residency to foreigners who buy local real estate as part of efforts to build up the country�s weak tourism infrastructure, the government said yesterday.
The Ministry of Strategy and Finance said the incentive could be extended to relatively large-scale purchases of resorts and recreational facilities exceeding $500,000. At a meeting of regional government administrators, the ministry said owners of Korean property could first be given F-2 residential visas, which can be upgraded to F-5 permanent residency permits if the person resides in the country for more than five years. |
Link: http://joongangdaily.joins.com/article/view.asp?aid=2910376
It might take a while to save up 500k though I guess. |
Years. And then add to that another five years on top if you want the F-5 visa.
However with 500,000 dollars or more it has been possible for a long time to get a investor visa (D-class...I think) which was quite long term in itself.
But really if I had more than $500,000, I'd bank it then retire somewhere cheap and live off the interest. |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Mon Sep 21, 2009 10:27 pm Post subject: |
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I already thought it was possible to get an F5 simply by investing 500,000. 50,000 gets you the D8 doesn't it?
There was also a story last year about getting the F5 if you ran a business that employed 20 or more koreans.
Bassexpander had a podcast in July that described the F5, if you teach in Korea for 5 years you can apply for it without being married or investing anything.
A couple of years ago I actually had a document that detailed the possible scenarios that could get you an F5, but I've misplaced it.I did find this:
http://english.mofe.go.kr/interaction/catch_view.php?bbsNo=11
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| You may also be interested to know that foreign residents who have invested more than US$5 million are now eligible for an F-5 visa with the approval of the MOJ. Similarly, foreign residents that have invested more than US$ 500,000 and remained in Korea longer than 3 years with a D-8 visa are also eligible for an F-5 visa if Korean jobs have been created as a result of this investment. |
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PeteJB
Joined: 06 Jul 2007
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| Posted: Mon Sep 21, 2009 11:41 pm Post subject: |
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Time to start buying some lotto tickets.  |
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