Everything You Need to Know About the F-2-99 Visa
The F-2-99 visa is designed for foreigners looking to make a long-term residence in South Korea. This visa requires that the applicant’s income meets certain criteria, and it offers the benefit of allowing combined income from spouses.
Visa Application Requirements
To apply for the F-2-99 visa, there are several essential requirements that must be met. First, applicants are required to complete a social integration program. Secondly, demonstrating financial stability is crucial, which will involve providing proof of income and assets. Typically, this involves submitting bank balance statements, though specific criteria may vary based on the types of assets held.
Asset Conditions
The asset requirements for the F-2-99 visa are divided into financial assets and real estate assets. Financial assets are primarily assessed based on the balance in the bank account, which must meet a minimum threshold. There remains some debate about whether funds tied to real estate, such as deposits or leasehold amounts, can be recognized. While rental deposits are typically acknowledged, if the actual rent amount is low, it may render the deposit insufficient for recognition.
Guidelines for Asset Recognition
When it comes to asset recognition, the following criteria apply:
- Financial Assets: Deposits or savings in the bank must be held for at least six months prior to application.
- Real Estate: Rental and leasehold deposits are also considered. Full recognition is given to leasehold deposits, while rental deposits must exceed a certain amount. For instance, if you reside alone as a foreigner, you would typically need a deposit of at least 15.6 million KRW to meet this requirement.
View F-2-99 Change Permission Manual
Important Considerations When Applying
Throughout the visa application process, it is important to note that the interpretation and standards of submitted documents may vary among immigration officials. If there are any uncertainties in your paperwork, you may be required to prove your financial stability. Consulting a professional from the outset is highly advisable to prevent potential issues.
Having accurate information at your disposal and confidently demonstrating your preparedness to the officers will significantly enhance your chances of a successful application. Given the complexities surrounding the asset requirements for the F-2-99 visa, it’s wise for prospective applicants to seek professional guidance. Additionally, familiarizing yourself with the required conditions before gathering documents is essential for a smooth application process.