Obtaining a residence permit in South Korea when buying real estate will be available for at least 3 more years until April 30, 2026, reports IMI. The investment residence permit program, which was closed last month, is being revived under a new name and with changed conditions. This is the decision of the Ministry of Justice of the state.
The limit of real estate investments for participation in the program has been doubled and amounts to $788,000 (1 billion Korean won).
The scheme for issuing a long-term visa in exchange for investments appeared in South Korea in 2000. However, the side effect of attracting foreign capital was overheating in the housing market, and since 2015 the range of objects under the program has been significantly narrowed.
Since the launch of the program, 23,500 foreign investors have received a residence permit under it.Most of the participants are from Japan and China.
