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raewon
Joined: 16 Jun 2009
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 Posted: Tue Sep 22, 2009 3:13 am Post subject: resident visa for buying property |
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Just last week martinpil asked
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| can you stay in korea if you are not married and buy an apartment there? |
Like everyone else who replied, I responded "No". My response is still the same, but here's a small update.
There was an article in a Korean paper today (not sure which paper, a Korean friend showed me) about a "push" or "drive" to grant an F-2 visa to foreigners who invest 500 million won (or five hundred thousand dollars as the article stated - although with the exchange rate these amounts obviously aren't equivalent) to purchase "a condo". After maintaining this status for 5 years, the F-5 visa would then be granted. Nothing has been decided, but someone is thinking of granting an F-2 visa for purchasing property in South Korea. I tried to find word of this in the English papers here, but didn't see anything. I honestly expected a "Korea welcomes more foreigners who invest half a million bucks" (fine print).
Of course this may take years to pass - and that's assuming that it even does. If anyone hears/reads anything about this - please update here. |
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Goon-Yang
Joined: 28 May 2009
Location: Duh
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| Posted: Tue Sep 22, 2009 4:35 am Post subject: |
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That has been here for years. You can get an F-visa by investing $$ into the country, but no immigration oficer that I've known has done this. Most don't know the rule and they have no clue "how much".
It's to make Korea look friendly towards foreigners by allowing them perm status in the country, but the reality is...you're not going to get it. |
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nobbyken
Joined: 07 Jun 2006
Location: Yongin ^^
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| Posted: Tue Sep 22, 2009 5:13 pm Post subject: |
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| There is an investors counter at Incheon passport checking, has been since 2006 and probably long before. |
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rooster_2006
Joined: 14 Oct 2007
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| Posted: Sat Sep 26, 2009 5:20 am Post subject: |
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Korea has had all kinds of "foreigner-friendly" laws on the books for years.
For example, did you know that all you have to do to get an F-5 is live in Korea for five continuous years on a working visa? Wow, so multicultural and foreigner-friendly!
Funny thing is, I lived in Korea for five years and never knew a single person who had this.
It's completely common and acceptable practice in Korea to make up laws and stick them in the law books, then never follow them.
And besides, who would be stupid enough to buy a 500,000,000-won residence in Korea without having at least an F-2 first?
No foreigner on a non-F visa has the legal right to be in Korea. Korean immigration can refuse entry to any foreigner for any reason, unless said foreigner has an F-visa. So why any foreigner would invest $400,000 in property in Korea BEFORE having an F-2 visa is beyond me. He or she could get stuck with a $400,000 inaccessible paperweight. |
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