Gov't considers giving permanent residency to foreign real estate investors

SEOUL, Sept. 21 (Yonhap) -- South 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 Monday.
The Ministry of Strategy and Finance said the incentive could be extended to
relatively large-scale purchases of resorts and recreational facilities exceeding
US$500,000.
At a meeting of regional government administrators, the ministry said owners of
South 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.
South 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.
At present, only 10 percent of all students attending such schools can be Korean
nationals, but under proposed revisions, the ceiling would be lifted to 30
percent, with schools permitted leeway to increase this to half of all enrolled
students if the need arises.
International schools are needed to improve living conditions in the country for
foreign businessmen, who are vital for attracting overseas investment.
yonngong@yna.co.kr
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