More foreign investors get to skip airport lines

The Financial Services Commission will simplify the procedures by which foreign financial investors and executives with certain visas can receive financial investor express cards, which grant them access to fast-track immigration lanes at airports in Korea, the regulator said on Friday.

The FIEx Card was created in February 2010 for high-level executives and investors holding D-7 visas at local branches of foreign financial firms with an operating capital of 7 billion won ($6.1 million)?and?to draw more investment to Korea.

Currently, eligible foreign financial executives who want to obtain the card have to go through prequalification screening conducted by five examiners, a process that takes 21 days on average.

Starting from later this month, however, the screening process will be abolished and the cards issued within 10 days for applicants who meet two stated requirements, provided they have no record of violating local immigration laws.

By Kim Mi-ju [mijukim@joongang.co.kr]