Complete Guide to South Korea Permanent Residency: Requirements and Benefits – From Income Criteria to Investment Immigration

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A Comprehensive Guide to Korean Permanent Residency: From Income Requirements to Investment Immigration

What is Korean Permanent Residency?

Korean permanent residency, reflected by the F-5 visa, grants foreigners the right to reside in South Korea long-term. As a permanent resident, you enjoy the freedom to work without restrictions and can exercise your voting rights in local elections after three years. However, it’s important to note that participation in presidential or national assembly elections isn’t allowed.

Requirements for Applying for Korean Permanent Residency

To obtain Korean permanent residency, you must meet three main requirements:

1. Income Condition

  • General Permanent Residency (F5-1): You must have an annual income that is at least double the Gross National Income (GNI), which is approximately 90 million KRW.
  • Marriage-based Residency (F5-2): The combined family income should be at least equal to the GNI, around 45 million KRW.
  • Overseas Korean Residency (F5-6): Similar to marriage-based residency, the family’s total income must also meet or exceed the GNI benchmark.

2. Cultural Knowledge Condition

You need to demonstrate proficiency in the Korean language and understanding of Korean culture. This can be done by completing the Korean Immigration and Integration Program (KIIP) at Level 5 or scoring at least 60 points on the comprehensive test for permanent residency.

3. Conduct Condition

You must not have any criminal records, either domestically or internationally, and must have adhered to laws and regulations throughout your residency.

Attaining Permanent Residency through Investment Immigration

Since 2010, the South Korean government has implemented an investment immigration program aimed at stimulating economic growth.

  • This program is applicable in areas such as Jeju Island, Incheon Free Economic Zone, Gangwon’s Pyeongchang, and Busan’s Haeundae.
  • While the initial investment requirement was set at 500 million KRW, it has now been raised to 1 billion KRW.
  • After maintaining your investment for more than five years, you may qualify for permanent residency under the F5-17 category.

Current Status of Korean Permanent Residents

As of 2023, there are approximately 202,000 permanent residents in South Korea. The distribution by country of origin is as follows: 18.5% from China, 5.1% from Taiwan, 3.4% from Japan, 1.5% from Uzbekistan, 1.2% from Vietnam, and 0.9% from the United States.

Grounds for Revocation of Permanent Residency

Your permanent residency may be revoked if you commit a serious crime within the country or if you negatively impact national security, foreign relations, or the economy.

Immigration Policy as a Solution to Low Birth Rates and Aging Population

With the issues of low birth rates and an aging population becoming increasingly pressing, the government is adjusting its permanent residency policies to attract skilled foreigners. However, there is a need for policy balance to consider job competition between locals and foreigners.

This information is current as of the time of writing, and government policies may change. Please note this is intended for informational purposes and does not provide legal advice or interpretation. For further inquiries, you can reach out for a consultation through our 1:1 Consultation Board.