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Immigrant Investor Scheme for Real Estate(IISRE) of South Korea
Introduction to IISRE
The Immigrant Investor Scheme for Real Estate (IISRE), introduced for Jeju Island in February 2010, is a government program which gives F-2 Residential status to foreigners investing a certain amount money in real estate designated by the Minister of Justice, and the foreign investors will get F-5 Permanent Resident, if they hold onto the purchased real estate for at least five years.
Investments for the Application of IISRE
Resort condominium business as prescribed in Article 3 (1) 2 (b) of the Tourism Promotion Act and in Subparagraph 15 (b) of Attached Table 1 of the Enforcement Decree of the Building Act;
Accomodations business in Subparagraph 15 (a) of Attached Table 1 of the Enforcement Decree of the Building Act;
Villa business as prescribed in Article 28 of the Enforcement Decree of the Local Tax Act, in Article 168 (3) of the Enforcement Decree of the Income Tax Act, and in Article 92 (10) of the Enforcement Decree of the Corporate Tax Act;
Tourist pension business as prescribed in Article 3 (1) 7 of the Tourism Promotion Act and in Subparagraph 15 (d) of Attached Table 1 of the Enforcement Decree of the Building Act;
Housing construction in connection with sports facilities as prescribed in Article 9 (3) of the Special Act on Designation and Management of Free Economic Zones, in Article 3 (2) 8 (e) of the Housing Supply Regulations, and in Administrative Act NO. 2012-323 of the Ministry of Knowledge Economy.
Real Estates Designated for the Application of IISRE
Regions that fall under the IISRE are Pyeongchang in Gangwon-do, the Incheon Free Economic Zone, Jeju-do, Yeosu in Jeollanam-do, Haeundae and the East Busan Tourism Complex in Busan, Paju in Gyeonggi-do according to Administrative Act NO. 2015-317 of the Ministry of Justice as of 2015.
Regions under the IISRE
Pyeongchang Gangwon-do ㅡ Incheon Free Economic Zone ㅡ Jeju-do ㅡ Yeosu Jeollanam-do ㅡ Busan Paju Gyeonggi-do
Investments
Alpensia Resort ㅡ Songdo International City, Yeongjong District, Cheongna International City ㅡ Jeju Special Self-governing Province ㅡ Yeosu Gyeong-do Ocean Tourist Resort Haeundae Tourist Resort, East Busan Tourism Complex Tongil Dongsan Zone
Minimum Investment Amounts
500 million KRW ㅡ 700 million KRW ㅡ 500 million KRW 500 million KRW ㅡ 500 million KRW for East Busan Tourism Complex700 million KRW for Haeundae 500 million KRW
Investment Period
’13.05~’18.04 ㅡ ’13.05~’18.04 ㅡ ’13.05~’18.04 ㅡ ’13.05~’18.04 ㅡ
’13.05~’18.04 ㅡ ’15.11~’20.10
Source : Administrative Act NO. 2015-317 of the Ministry of Justice (2015); Subparagraph 27 of Attached Table 1 of the Enforcement Decree of the Immigration Control Act.
Investment Incentives
Investors who wishes to reside in Korea can enjoy the same benefits as Korean citizens do, including eligibility for public education, health care, employment, and welfare, as well as permanent residency through the IISRE.
Incentives of the IISRE
Permanent residency: Investors can gain F-2 if they invest up to 700 million KRW in a real estate designated by the Ministry of Justice, and then acquire the right of permanent residence (F-5) after 5 years.
Guarantee of Mobility: Investors can freely visit to or reside in other regions beside ones under the IISRE after reporting a change in their place of temporary residence.
Education: Investors can get public education as Korean citizens do or register the International School in Juju’s Global Education City.
Medical insurance: Investors have health insurance coverage as Korean citizens do.
Real estate transactions: Investors can freely divest real estate holdings after getting permanent residency.
Employment: Investor’s spouse or family members can get a job or engage in any commercial activities.
Visas Issued to Foreign Investors and Their Accompanying Family Members
C-3 ㅡ F-1 ㅡ F-2 ㅡ F-5
Type
Business visa ㅡ Visiting visa ㅡ Resident visa ㅡ Permanent visa
Validity Period
Three years on condition of a stay of no more than 90 days ㅡ One year ㅡ Two years in the initial visa application, Three years in case of applying for the extension ㅡ Permanent
Requirements
ㅡ Purchase or possession (registration completed) of recreation facilities (condominiums, etc.) worth more than 500 million KRW
ㅡ More than 100 million KRW is paid for a deposit and interim payments.
ㅡ Purchase or possession (registration completed) of recreation facilities (condominiums, etc.) worth more than 500 million KRW
ㅡ Having maintained the qualification of F-2 visa for over 5 years with no grounds for disqualification
Recipients
ㅡ Investor and his/her accompanying family member (parents, spouse, children, parents-in-law)
ㅡ Investor
ㅡ Investor
※ Investor’s accompanying family member (spouse/underage children) can apply only for F-1 visa of 2 years.
ㅡ Investor
※ Investor’s accompanying family member can apply only for it after the investor gets permanent residency.
Advantages
ㅡ It allows you freely to visit to Korea without applying for foreigner registration.
ㅡ It allows small investors to stay.
ㅡ Even if you reside in Korea, it allows you to visit to Korea and to apply for the visa renewal.
ㅡ It allows you to engage in real estate transactions and to change your residence place in Korea.
Document
ㅡ Application & copy of passport
A certified copy of the registration of real estate
A contract for the purchase of real estate
A certificate of the purchase of foreign exchange
A certificate of family relations
ㅡ Application & copy of passport
A contract for the purchase of real estate
A certificate of the purchase of foreign exchange
A certificate of family relations
ㅡ Application & copy of passport
A certified copy of the registration of real estate
A contract for the purchase of real estate
A certificate of the purchase of foreign exchange
A certificate of family relations
ㅡ Application & passport
A certificate of alien registration
Visa fee
A certified copy of the registration of real estate
Notes
ㅡ It is useful if you do not need a F-2 visa or permanent residency.
ㅡ It allows an investor to visit even before real estate is registered.
ㅡ Application for permanent residence is possible after keeping investment for 5 years
ㅡ F-2 extension is possible just in case of denial of permanent residence
Source : The brochure of the Permanent Residency under the Immigrant Investor Scheme for Real Estate by courtesy of the department of Investment Attraction, Jeju Special Self-governing Province.
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고도의 국제법 전문가 그룹
국제법률연구원 International Law Research Institute.
Website. www.ilri.co.kr
Tel. [Korea +82]
• Information Dept. (0)507-1350-0621 / info@ilri.co.kr
• Law Dept. (0)507-1351-0621 / law@ilri.co.kr
• Education Dept. (0)507-1352-0621 / education@ilri.co.kr
• Finance Dept. (0)507-1353-0621 / finance@ilri.co.kr
• Press Dept. (0)507-1354-0621
• Korea Court Auction Dept. (0)507-1420-0621
• Paid counsultation. (0)2-557-3476 / (0)10-5295-0621 |
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