Property buyers could get new resident status
Published: 22 Sep. 2009, 01:29
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.
The ministry in charge of the country’s economic policies said no deadline has been set for the implementation of this policy, which will have to be coordinated with other government agencies like the Ministry of Justice.
Korea has taken steps to build up the tourism industry as a future growth engine to augment the country’s manufacturing sector and exports. Such efforts may require money flows into the tourism, travel, recreational and hotel businesses.
It also said that examinations are underway on lifting the current ban on hiring foreigners in tourism and alcohol retail businesses while easing rules on the percentage of Korean children allowed to enroll in international schools.
Yonhap
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.
The ministry in charge of the country’s economic policies said no deadline has been set for the implementation of this policy, which will have to be coordinated with other government agencies like the Ministry of Justice.
Korea has taken steps to build up the tourism industry as a future growth engine to augment the country’s manufacturing sector and exports. Such efforts may require money flows into the tourism, travel, recreational and hotel businesses.
It also said that examinations are underway on lifting the current ban on hiring foreigners in tourism and alcohol retail businesses while easing rules on the percentage of Korean children allowed to enroll in international schools.
Yonhap
with the Korea JoongAng Daily
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